Are Marijuana Stocks A Buy In September?
The top marijuana stocks to watch have been consolidating and climbing higher at the start of September. As the market as a whole recovered from its June low, many of the top marijuana stocks have witnessed gains since July. The cannabis industry had a sharp drop in 2022 as delays in federal cannabis regulation remained. The cannabis sector has largely been able to keep some of that momentum going into September.
Day traders and swing traders typically make the most money when trading in a market like this one. In addition to their significant long-term investments in the cannabis sector, some long-term investors choose to engage in short-term trading strategies. As a result, they stand to benefit from daily changes in the stock’s price. It may be time to start paying attention to the cannabis stocks that are rising as the market continues to decline. We’ll look at two of the greatest marijuana stocks for your list this week because September 2022 is expected to have higher market volatility.
Top US Pot Stocks To Watch In September
Trulieve Cannabis Corp.
Trulieve Cannabis Corp., which has operations in 11 states, is the marijuana business with the most market share in Florida. The business rules the US cannabis market with 175 retail locations. Processing and expansion space for the business totals 4 million square feet. Georgia has recently granted Trulieve a production license, enhancing its position in the Southeast cannabis industry. The company has paved the way for future expansion by establishing its first dispensary in Massachusetts. By purchasing a 64,00 square foot growing facility close to Phoenix in February, the company boosted its capacity for production in the southwest. The business expanded its geographic reach in West Virginia by finalizing the acquisition of Greenhouse Wellness West Virginia Dispensaries LLC in April.
The company recorded revenue growth of 1% sequentially and 49% annually, from $215.1 million to $320,3 million, in its second quarter 2022 results. While the income from retail increased by 3% to $298.6 million, the income from wholesale, licensing, and other activities declined by 22% sequentially to $21.7 million. The second quarter of 2022 saw a gross profit of $182.2 million and a GAAP gross margin of 57%, up from the company’s first-quarter gross profit of $178.2 million and GAAP gross margin of 56%. It’s significant to note that Trulieve reported a net loss of $22.5 million, a 30% improvement from the prior quarter. With an adjusted EBITDA range of $415–450 million, the business revised its 2022 estimate and cut it to $1.25–$1.3 billion.
TCNNF Stock Performance
TCNNF stock closed on September 6th at $13.61 up 3.73% in the last month of trading. Currently, the stock has a 52-week price range of $10.95-$34.75 and is down 44.52% year to date. According to analysts at Tip Ranks TCNNF stock has a 12-month average price target of $33.61 per share. In this case, this represents an upside of 146.95% from its last trading price of $13.61.
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Green Thumb Industries Inc.
Green Thumb Industries Inc. is a key player in the US cannabis consumer packaged goods (CPG) business. Currently, there are 77 Green Thumb locations distributed throughout 15 states. GTI now holds 111 retail licenses, and more are expected in the future. As part of a special collaboration with the privately held Cookies Brand, GTI opened a Cookies in 2021 on the Las Vegas Strip. The launch of Green Thumb’s marijuana business in Virginia has been announced following the company’s successful acquisition of Dharma Pharmaceuticals. Through the acquisition of Leafline Industries, the company entered the Minnesota market. In April, the company revealed its 77th Rise site.
Green Thumb’s second quarter 2022 results were made public on August 3rd. Revenue increased by 14.6% annually and 4.8% sequentially to $254.3 million. Revenue for the first half of 2022 increased overall by 19.4% over the same period the previous year, reaching $496.9 million. As of this time, the company has generated $24.4 million, or $0.11 per basic share and $0.10 per diluted share, for its eighth straight quarter of positive GAAP net income. The quarterly rise in retail sales was 11.7%. On a base of 56 locations, comparable sales growth (stores open at least a year) decreased by 1.5%. Also, on a base of 73 sites, sequential quarter-over-quarter comparable sales increased by 9.9%.
GTBIF Stock Performance
On September 6th, GTBIF shares finished at $12.78, up 28% in the last month of trading. Currently, the stock has a 52-week price range of $7.72-$29.67 and is down 42.24% year to date. According to analysts at Tip Ranks GTBIF stocks has a 12-month average price target of $23.82 per share. In this case, this would represent an increase of 86.38% from its last trading price of $12.78.
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Investments In The Cannabis Industry And Top US Pot Stocks In 2022
You should always conduct your own research before making an investment in a company. The best course of action may be to examine the financial statements and press releases of possible investment prospects. These may be the top marijuana stocks to buy right now in September as the cannabis industry continues to gain traction.