Best Marijuana Stocks to Watch 2nd Week of August
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Top Cannabis Stocks and Recent Momentum
Are you looking for best marijuana stocks to invest in for 2022? The cannabis industry has seen an increase since July, which continued through the first week of August. The possibility of reaching agreements in the Senate on federal cannabis policy is one of the factors contributing to this trend. Many bills have passed the House, but the Senate continues to oppose them. The Cannabis Administration and Opportunity Act was officially introduced by Senator Chuck Schumer last month in the Senate, while the CLIMBING Act was introduced in the House in May.
Senator Cory Booker recently said he would be open to a SECURE Bank measure that contains a provision for commercial marijuana banks and criminal justice reform. Big cannabis companies could see significant gains if any of these pieces of legislation gain traction. Using swing and short-term trading strategies is a method that many cannabis investors take advantage of in current market conditions.
Many active traders are currently opening positions in some of the best marijuana stocks taking advantage of the lowest prices. Let’s take a closer look at 3 of the top marijuana stocks for your list next week as global markets continue to maintain current levels.
Best Marijuana Stocks to Watch Right Now
- Grow Generation Corp. (NASDAQ: GRWG)
- Planet 13 Holdings Inc. (OTC: PLNHF)
- Tilray Brands, Inc. (NASDAQ: TLRY)
The American company GrowGeneration Corp. is well known for managing and supplying hydroponics and organic growing facilities. For cannabis growers, the company offers a range of organic, lighting and hydroponic solutions. GrowGen now owns and operates 62 organic gardening businesses across the United States. Since launching GrowGeneration.com, the company has focused on expanding its online presence. The website has grown into a one-stop e-commerce destination with over 10,000 products, ranging from nutrition to lighting technology. Over the next five years, the company plans to build more than 100 sites across the United States. During the third quarter of 2021, the company built the largest hydroponic garden facility in Los Angeles County.
GrowGen released its second quarter 2022 results on August 4. Due to weaker industry demand, net revenues fell 44% to $71.1 million during this period. Similarly, comparable store sales for the quarter fell 56.9%. Unlike last year’s net gain of $6.7 million, the company recorded a net loss of $136.4 million, including a $127.8 million impairment charge for goodwill and other intangible assets. Importantly, the company has revised its 2022 revenue forecast from a range of $340 million to $400 million to $250 to $275 million. In May, GrowGeneration unveiled Drip Hydro, a line of liquid fertilizer blends created for industrial planters.
Performance of GRWG shares
August 4e, shares of GRWG ended at $4.85, up 13.32% last month. GRWG stock is down 62.84% year-to-date, with a 52-week price range of $3.42 to $44.00. According to CNN Business analysts, GRWG stock has a 12-month median price target of $5.00 per share. This predicted a 3.52% increase from the last trade price of $4.85.
Planet 13 Holdings Inc.
Planet 13 is well known for its 112,000 square foot Superstore dispensary on the Las Vegas Strip. The company is well known for its manufacturing, dispensary and culture operations near the Las Vegas Strip. It is located in Nevada. California’s largest cannabis dispensary complex, the Planet 13 megastore, debuted in Orange County in 2021. Two of the largest supermarket dispensaries in the world are owned by Planet 13. The Medezin store is a scaled-down version from the company’s main site and includes a more condensed dispensary retail section. The company completed the vertically integrated purchase of Next Green Wave in California in March.
According to corporate data released in May, sales for the first quarter of 2022 were $25.7 million, an increase of 8% from the previous quarter. Additionally, the company’s adjusted EBITDA for the first quarter of 2022 was $2.6 million. As a result, the company lost $2.1 million in the first quarter of 2022 rather than $6.0 million in the same period a year earlier. Gross profit decreased from the prior year’s gross profit by $13.0 million, or 54.7%, by $12.9 million, or 50.2%.
PLNHF stock performance
The company has reportedly signed a lease for its second and third dispensaries, which will open in Florida in May and June. On July 5, the company completed the acquisition of a 23-acre property in Florida with a 10,500 square foot building. Additionally, Planet 13 is preparing an application to expand its SuperStore in Vegas with a consumer lounge. The company will release its second quarter 2022 results on August 15e secondary market. PLNHF stock closed August 5e at $1.95 up 4.84% over the past five trading days. Currently, the stock has a 52-week price range of $1.08 to $5.69 and is down 34.12% year-to-date.
Tilray, Inc. is a global cannabis consumer packaged goods (CPG) company with operations in Canada, the United States, Europe, Australia and Latin America. The company has built a reputation as a market leader in Canada and one of the largest cannabis companies in the world. Tilray is preparing to enter the US market to increase its global reach. Tilray was the first company to grow and sell medical marijuana in Germany. The company believes that the markets in Canada and the United States offer significant opportunities for CBD-infused products and beverages. Tilray and Great North Distributors have decided to collaborate in 2021 to support the expansion of the legal cannabis industry in Canada.
Tilray announced a record performance for fiscal year 2022 at the end of July. Specifically, full-year 2022 net revenue increased 22% to $628 million, while fourth-quarter revenue increased 8% to $153 million. The organization now expects its operating business units to produce between $70 million and $80 million of adjusted EBITDA and have positive free cash flow in fiscal 2023. Importantly, Tilray recorded a net loss of 457, $8 million in the fourth quarter, compared to net income of $33.6 million in the same period a year earlier. The company began selling medical marijuana products in Malta in February. Tilray increased its involvement in the US cannabis market by acquiring the bulk of the convertible notes issued by MedMen. August 3rd the company announced a US distribution agreement with Southern Glazer’s Wine & Spirits for CBD beverages.
TLRY Stock Performance
August 5e TLRY shares closed at $3.90, up 6.85% over the past five trading days. The 52-week price range for the stock is $3.00 to $15.21 and is down 44.52% year-to-date. According to CNN Business experts, TLRY stock has a 12-month consensus price target of $4.00 per share. This represents a 2.70% increase from the previous trading price of $3.90.
Make the Best Investments in the Best Cannabis Stocks in 2022
You should always do your own research before investing in any business. The most effective technique for choosing the best companies to invest in is to review their financial statements and press releases. These could be the best cannabis stocks to buy right now in August as the cannabis market develops.
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