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Top cannabis stock to add to tour watch list next month
Major marijuana stocks are trying to hold on to some of the gains made in this latest market rally as August draws to a close. The market as a whole suffered a serious setback at the Jackson Hole meeting, which could signal further decline. Will major marijuana stocks see further declines, is the topic on the agenda? Due to delays in US federal cannabis reform, the cannabis industry has generally declined dramatically. In fact, new attempts at legislation to end cannabis prohibition at the federal level are behind the recent surge in major cannabis stocks.
The extreme volatility of the stock market in 2022 makes it more difficult to make long-term investments. Short-term trading is a strategy that many investors are using to generate income in these turbulent times. Cannabis penny stocks are among the most volatile stocks in the cannabis market. For those unfamiliar, penny stocks are any stocks that trade for less than $5. In particular, these cannabis penny stocks are notorious for having large daily and monthly price swings. Some of these stocks have seen double-digit percentage increases over the past few months, offering profits to cannabis investors who are willing to engage in these high-risk/high-reward trades.
New Updates for the US Cannabis Industry
As the battle for reform and legalization of the US cannabis industry continues, there appears to be progress in Congress. Sen. Cory Booker recently said he would support a SAFE funding measure that includes provisions for criminal justice reform and marijuana business banking. The SAFE Banking Act has passed the House several times but is stalled in the Senate. Legal cannabis businesses could do business with the US banking system through this law.
Many active traders are currently opening positions in some of the best marijuana penny stocks taking advantage of the lowest prices. The cannabis industry is most likely gearing up for a possible surge in August. Let’s take a closer look at 3 of the best marijuana penny stocks for your list next week as global markets experience a downturn.
[Read More] The best US marijuana stocks to buy? 3 For your watchlist before September
Top Marijuana Stocks to Watch This Week
- Neptune Wellness Solutions Inc. (NASDAQ:NEPT)
- SNDL Inc. (NASDAQ: SNDL)
- Fire & Flower Holdings Corp. (OTC: FFLWF)
Neptune Wellness Solutions Inc.
Neptune Wellness Solutions Inc. has now been fully integrated into a consumer packaged goods business. In the United States, the company will provide a variety of CBD-infused beverages, including flavored teas and lemonades. From a major consumer goods company to a B2B hemp and cannabis extraction company, Neptune is in transition. The company currently offers products for sale to consumers, including cannabis, nutraceuticals, cosmetics, personal care items, organic foods and beverages. Jessica Adkins was elevated by the organization to senior vice president of corporate communications in October. In December, Neptune’s added pre-rolls to its inventory of Mood Ring products in Ontario and Alberta.
Neptune has grown its presence in Canada with over 1,600 retailers after securing a supply deal with Alberta Gaming, Liquor and Cannabis earlier this year. In British Columbia, Alberta, Ontario and Quebec, two of the company’s brands, Mood Ring and PanHash, can now offer recreational cannabis products. The company’s first quarter of fiscal 2023 recorded revenue of $16.3 million, an increase of 61% over the corresponding period of the previous year. In its best net sales quarter ever, Neptune’s Sprout segment generated $8.2 million in revenue. The company reported a net loss of $6.5 million in the first quarter, down from a reported net loss of $18.9 million in the prior comparable period of fiscal 2022.
Additionally, the company reported a gross profit loss of $2.9 million for the first quarter of fiscal 2023, as opposed to a gross profit loss of $2.3 million for the same period in 2022. Unlike a loss of $12.9 million for the same period. in fiscal 2022, it recorded an adjusted EBITDA (non-GAAP) loss of $9.8 million for the first quarter of fiscal 2023.
NEPT stock performance
NEPT stock closed at $2.48 on August 26e up 43.35% over the last five trading days. The stock has a 52-week price range of $1.00 to $25.90 and is down 82.74% year-to-date. According to analysts at Tip Ranks, NEPT stock has a 12-month median price target of $0.61 per share. Essentially, this would represent a decline of 75.40% from its current price of $2.48.
[Read More] 3 marijuana stocks to watch before the start of next week
Sundial Growers Inc.
Sundial Growers Inc. is a Canadian company that grows and distributes marijuana for adult use. The company now manufactures and sells inhalable products like flowers, pre-rolls and vapes. Sundial has unveiled the first Canadian caviar cone under the Top Leaf brand. According to the company, Forbidden Lemon Caviar Cones will be the first caviar cone product to hit the Canadian market. As a result of this announcement, Sundial’s specialty innovation pipeline for premium inhalants in the Canadian cannabis market has expanded. Canada’s largest private liquor retailer, Alcanna, has been purchased by Sundial. The company has positioned itself to possibly produce significant quantities in the future. In fact, Sundial is the largest distributor of marijuana and alcoholic beverages in Canada, with 354 retail outlets.
Sundial released its second quarter 2022 financial and operational highlights with record second quarter 2022 net revenue of $223.7 million. Compared to $9.2 million in the second quarter of 2021, which represents an increase of 2,344%. SNDL’s gross margin in the second quarter of 2022 reached $43.1 million, a record since its inception, up 1,627% from its loss of $2.8 million in the second quarter of 2021. The company has suffered a net loss of $74.0 million in the second quarter of 2022, compared to a net loss of $52.3 million in the second quarter of 2021, an increase of 41%.
Performance of SNDL shares
SNDL stock closed at $2.95 on August 26e up 29.39% in the last month of trading. The stock has a 52-week price range of $2.12 to $9.60 and is down 48.99% year-to-date. According to analysts at CNN Business, SNDL stock has a 12-month consensus price target of $3.88 per share. In this case, that would represent a 31.86% increase from its last trading price of $2.95.
[Read More] 2 Top US Marijuana Penny Stocks to Watch Before September
Fire & Flower Holdings Corp.
With over 85 company-operated stores, Fire & Flower Holdings Corp. is a leading adult cannabis retailer in Canada. Hifyre Inc., a wholly owned technical development subsidiary of the company, creates a detailed retail operations strategy. Adding additional high-margin revenue streams to the business. Through a creative licensing agreement with American Acres, Fire & Flower has officially entered the US cannabis market. Specifically, Fire & Flower will be able to enter the cannabis markets in California, Arizona and Nevada through this license agreement and acquisition option with American Acres. Hifyre, a subsidiary of Fire & Flower, also announced a strategic alliance with BDSA, a well-known American analytics company.
Fire & Flower reported consolidated sales for the period of $40.9 million, down 4% from the prior quarter and down 7% from the same quarter a year earlier, after disclosing its financial and operating results for the first quarter of fiscal 2022. Additionally, the company’s consolidated adjusted EBITDA for the quarter was minus $2.3 million, up 4% from the prior quarter. The two companies have entered into a strategic sourcing partnership to make the Humbles collection more readily available to Fire & Flower customers in North America, both online and in-store. When American Acres changed its name to Fire Flower US Holdings, it officially joined the California market.
Performance of FFLWF shares
FFLWF action closed on August 26e, at $2.01 up 28% in the last month of trading. The stock has a 52-week price range of $1.52 to $7.73 and is down 48.96% year-to-date.
The best pot stocks to watch ahead of September
Finding the industries with the best prospects can be greatly improved by reviewing a company’s financial statements and press releases. It is essential to thoroughly investigate a company before choosing a position. If you become more efficient at using technical indicators and chart patterns, you may be able to increase your investment returns. Due to the rapid domestic and global expansion of the cannabis industry, short-term traders can benefit from current market circumstances. During a downturn, you may find it useful to familiarize yourself with a range of trading strategies. In September 2022, these might be some of the best marijuana stocks to add to your watch list.
The post Best Cannabis Stocks to Watch for Q4 2022 appeared first on Marijuana Stocks | Cannabis investments and news. Roots of a budding industry.(TM).
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