Are These The Best Cannabis Stocks To Invest In For 2022?
Are you trying to find the top marijuana stocks to invest in before September? Many experts now think that US MSOs will be the most important cannabis companies to watch in 2022. The US cannabis business has grown dramatically since the pandemic, exceeding Canadian LPs as the biggest revenue producer in the industry. Following the revelation that Schumer had presented the CAOA in the Senate last month, many of the most important cannabis stocks to track have begun to gain momentum.
August may typically continue to be good for the cannabis industry as Congress continues to work on legislation to legalize marijuana federally. When trading in a market like this one, day traders and swing traders usually achieve the greatest profits. Some long-term investors decide to use short-term trading tactics in addition to their major long-term investments in the cannabis industry. They, therefore, stand to gain from daily fluctuations in the stock’s price.
Delays in federal cannabis legislation have hurt the US cannabis industry, which generates billions of dollars annually. After the leading cannabis stocks hit fresh lows in July, the market began to recover. Investors may be able to profit from the market’s present momentum by utilizing the sector’s recovery. Let’s take a look at the top 3 marijuana stocks to watch before September begins.
Top US Marijuana Stocks To Watch In September 2022
- Green Thumb Industries Inc. (OTC: GTBIF)
- Verano Holdings Corp. (OTC: VRNOF)
- Trulieve Cannabis Corp. (OTC: TCNNF)
Green Thumb Industries Inc.
A significant player in the US cannabis consumer packaged goods (CPG) market is Green Thumb Industries Inc. There are currently 77 Green Thumb establishments spread throughout 15 states. 111 retail licenses are now held by GTI, and more are anticipated in the future. In 2021, GTI established Cookies on the Las Vegas Strip as part of a unique partnership with the privately held Cookies Brand. After successfully acquiring Dharma Pharmaceuticals, Green Thumb has announced the opening of its marijuana business in Virginia. The business entered the Minnesota market by acquiring Leafline Industries. The business unveiled its 77th Rise location in April.
On August 3, Green Thumb released its results for the second quarter of 2022. $254.3 million in revenue was an increase of 14.6% yearly and 4.8% sequentially. Overall, the first half of 2022 had a 19.4% increase in revenue over the first half of 2021, reaching $496.9 million. For its eighth consecutive quarter of positive GAAP net income, the company has generated $24.4 million, or $0.11 per basic and $0.10 per diluted share, as of this moment. Retail sales increased by 11.7% on a quarterly basis. Comparable sales growth (stores open at least a year) declined by 1.5% on a base of 56 locations. Sequential quarter-over-quarter comparable sales climbed by 9.9% on a base of 73 locations.
GTBIF Stock Performance
On August 26th, GTBIF shares finished at $13.26, up 38.65% in the last month of trading. Currently, the stock has a 52-week price range of $7.72-$30.60 and is down 39.94% year to date. According to analysts at Tip Ranks GTBIF stocks has a 12-month average price target of $23.62 per share. In this case, this would represent an increase of 78.13% from its last trading price of $13.26.
Verano Holdings Corp.
Verano Holdings is a marijuana company, which provides customers with legal marijuana in a number of states. The business sells its top-notch cannabis products under a variety of brand names. At the present time, Verano currently has 104 dispensaries throughout 13 states, along with 12 production and processing facilities. Despite this, the corporation continues to have a substantial presence in Florida, where it operates 55 dispensaries. Zen LeafTM and MÜVTM, two of the company’s retail brands, operate dispensaries that serve both medicinal and adult-use customers. The company opened a drive-through dispensary on Flamingo Road in Las Vegas.
On August 16, Verano reported their second quarter 2022 results, showing a 12% increase in revenue to $224 million from the second quarter of 2021. Additionally, Q2 2022 gross profit was $98 million, or 44% of revenue, up from Q2 2021 gross profit of $69 million, or 35% of revenue. Compared to a loss of $(30) million in the second quarter of 2021, the company saw a net loss of $(10) million in the second quarter of 2022. The business unveiled its 55th site on August 11th in Florida. Verano has currently surpassed the 100-dispensary milestone by increasing the company’s retail footprint through the launch of new stores.
VRNOF Stock Performance
VRNOF shares closed at $6.93 on August 26th up 17.47% in the past five trading days. Currently, the stock has a 52-week price range of $4.75-$15.01 and is down 44.90% year to date. According to analysts at Tip Ranks VRNOF stock has a 12-month average price target of $11.68 per share. This would represent an increase of 68.54% from its last trading price of $6.93.
[Read More] Cannabis Industry Outlook Trends And News 2022
Trulieve Cannabis Corp.
The cannabis company with the most market share in Florida is Trulieve Cannabis Corp., which operates in 11 states. With 175 retail sites, the company dominates the US cannabis market. The company has 4 million square feet of processing and expansion space. Trulieve now obtained a production license from Georgia, strengthening its presence in the Southeast cannabis market. In addition, the business laid the groundwork for future growth by opening its first dispensary in Massachusetts. The business increased its capacity for production in the southwest in February by buying a 64,00 square foot growing facility close to Phoenix. By concluding the acquisition of Greenhouse Wellness West Virginia Dispensaries LLC in April, the company increased its geographic reach in West Virginia.
In its second quarter 2022 results, the company reported revenue growth of 1% sequentially and 49% year over year, from $215.1 million to $320,3 million. The revenue from wholesale, licensing, and other activities decreased by 22% sequentially to $21.7 million, while the income from retail climbed by 3% to $298.6 million. In comparison to the first quarter of 2022, when the company had a gross profit of $178.2 million and a GAAP gross margin of 56%, the second quarter saw a gross profit of $182.2 million and a GAAP gross margin of 57%. Importantly, Trulieve reported a net loss of $22.5 million, an improvement of 30% from the previous period. 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 August 25th at $14.35 up 11.54% in the last five days of trading. Currently, the stock has a 52-week price range of $10.95-$34.75 and is down 44.94% year to date. According to analysts at Tip Ranks TCNNF stock has a 12-month average price target of $33.84 per share. In this case, this represents an upside of 135.98% from its last trading price of $13.15.
Investments In The Cannabis Industry And Top US Pot Stocks In 2022
Before investing in a company, you should always do your own research. Reviewing financial records and news releases of potential investment candidates may be the most effective strategy. As the cannabis sector continues to gain traction, these might be the best marijuana stocks to buy now in August.