The Best Cannabis Stocks To Watch During December’s Lows
Looking for the best marijuana stocks to invest in before 2022? In December, most of the best cannabis stocks to buy fell to the lowest trading levels seen in 2021. This was mainly due to delays in the Senate over federal marijuana legalization and banking reform. This month, the SAFE Banking Act was struck down by NDAA Senate leaders.
This appears to be the last chance for the cannabis industry to get some form of cannabis reform in 2021. Although the cannabis industry has not performed well in the market this year, the major cannabis companies have continued to push back. generate strong profits in 2021. As new states develop businesses in recreational markets are growing rapidly using mergers and acquisitions to develop a larger presence.
In 2021, the cannabis industry rallied around the possibility of legalization, attracting many new investors to cannabis stocks. Right now, the cannabis industry is expected to almost double cannabis sales over the next five years. Making a watchlist of the best cannabis stocks for 2022 could help you keep track of the best cannabis stocks. Let’s take a closer look at 3 US marijuana stocks for your list in 2022.
[Read More] 3 best marijuana stocks for your 2022 watchlist
Marijuana stocks to watch in Q1 2022
- Cresco Labs Inc. (OTC: CRLBF)
- Planet 13 Holdings Inc. (OTC: PLNHF)
- Columbia Care Inc. (OTC: CCHWF)
Cresco Labs Inc.
Cresco Labs Inc is a vertically integrated cannabis company based in the United States. The company is currently the largest wholesaler of branded cannabis products in the United States. Cresco is the leading cannabis brand in Illinois and Pennsylvania, according to a recent BDSA report. Cresco now has 45 outlets in 11 states, as well as 20 manufacturing facilities and 47 retail licenses. As part of its expansion into new markets, the company recently opened its fourth Sunnyside dispensary in Pennsylvania. Additionally, the company said its Good News brand will expand its portfolio to include new consumables and vaping options. To increase profitability and eliminate third-party distribution, the company will transition to private label distribution in California in October. Another Cresco acquisition is Blair Wellness Center, a Maryland dispensary. In November, the company announced that it had completed the acquisition of three high-performance dispensaries in Pennsylvania.
The company reported third quarter 2021 revenue of $ 215.5 million, up 40.6% year on year. As a result, Cresco achieved gross profit of $ 116.7 million or 54.2% of its revenue. In addition, Cresco’s adjusted EBITDA increased 24% quarter over quarter to $ 56.4 million. For the remainder of 2021, the company reiterated its previous projection, forecasting gross profit margins of over 50% and fourth-quarter revenue of $ 235 million to $ 245 million. Another significant item contributing to Cresco’s loss is an impairment charge of $ 291 million related to changes in intangible assets related to the company’s change in strategy for its California operations.
CRLBF share performance
CLRBF closed at $ 6.66 on December 17, down 12.37% over the previous five trading days. The stock is currently trading in a 52-week price range of $ 6.62 to $ 17.49, which is a loss of 32.49% year-to-date. CRLBF stock has a 12-month average price target of $ 19.11 per share, according to analysts at Tip Ranks. This analysis reflects an increase of 186.94% over the previous trade price of $ 6.66.
[Read More] 2 Top Cannabis Penny Stocks For Your List Before 2022
Planet 13 Holdings Inc.
Planet 13 announced the grand opening of its Orange County hypermarket, which is now California’s largest dispensary complex, earlier this year. The company is based in Nevada and has won awards for its cultivation, production, and dispensary activities on the Las Vegas Strip. Planet 13 is well known for its 112,000 square foot Superstore dispensary on the larger than life Las Vegas Strip. Currently, Planet 13’s two large-area dispensaries are said to be the largest in the world. In addition, the Medezin store, a smaller version of the company’s main store that merges the larger store format into a compact dispensary, was created.
Planet 13 reported third quarter 2021 revenue of $ 33 million in November, up 45% year on year. In addition, the company recorded $ 3.5 million in adjusted EBITDA for the third quarter of 2021. As a result, gross profit before adjustments of $ 17.6 million, or 53.5% of revenue, was generated. The company lost $ 10.2 million in the third quarter of 2021, compared to profit of $ 0.2 million in the previous quarter. Tinley’s products will be launched as a line of cannabis-infused drinks, according to the company. Planet 13 has also completed the process of obtaining a cannabis license in Florida.
PLNHF share performance
PLNHF stock closed at $ 3.0526 on December 17, down 8.05% in the past five trading days. The stock is down 45.44% year-to-date, with a 52-week price range of $ 2.894 to $ 8.67. PLNHF stock has a consensus price target of $ 7.00 per share, according to Market Beat analysts. This would indicate an increase of 129.3% from the last price of $ 3.05. As the cannabis industry remains around all-time lows for this year, these could be the best cannabis penny stocks to watch this week.
[Read More] The best stocks of marijuana to buy? 2 Things to watch out for for better trading
Columbia Care Inc.
Columbia Care Inc. is positioning itself for massive expansion in New York City. The company just acquired a 34-acre grow facility on Long Island, giving it one of the largest cannabis footprints on the East Coast. Columbia Care now has 130 sites in 18 US markets, including 99 dispensaries and 31 cultivation and production facilities. In October, the company established its first site in Missouri, a cannabis dispensary. The company announced the opening of its third gLeaf dispensary in Virginia earlier this month. According to Columbia Care, the highly anticipated Tyson 2.0 Cannabis brand from heavyweight champion Mike Tyson will also be arriving in Colorado. The company announced a rebranding in the Florida market and on its retail locations on December 8. Cannabist’s new design and retail experience will be coming soon.
Columbia Care reported record quarterly revenue of $ 132 million in the third quarter of 2021, up 144% year-over-year. The company reported quarterly adjusted gross profit of $ 64.5 million, a 205% increase from the prior quarter. In addition, the company hit a new high with an adjusted gross margin of 49% and adjusted EBITDA of $ 31 million, up 634% year-over-year. The revenue forecast for 2021 has been raised to $ 470-485 million, with Adjusted EBITDA expected between $ 85 and $ 95 million. The company gained state authority in September to rename its business footprint at its 14 locations in Florida. Columbia Care, the UK’s first company to manufacture extract vaporizers, unveiled the UK’s largest range of medical cannabis extract vaporizer pens in the UK on December 14.
Performance of CCHWF actions
CCHWF stock was selling for $ 2.91 on December 17, down 6.75% in the past 5 trading days. The company is currently trading in a 52-week price range of $ 2.79 to $ 7.89, with a year-to-date loss of 51.90%. According to analysts at Tip Ranks, CCHWF stock has a 12-month median price target of $ 10.86 per share. This is an increase of 273.26% from the previous trading price of $ 2.91.
Article 3 Best Marijuana Stocks To Add To Your Watchlist Right Now Appeared First On Marijuana Stocks | Cannabis investments and news. Roots of a budding industry. (TM).
COMTEX_399239157 / 2683 / 2021-12-19T10: 01: 11
Is there a problem with this press release? Contact the source supplier Comtex at [email protected]