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Are These Cannabis Stocks At The Bottom Right Now?
The best marijuana stocks to buy are currently reaching fresh 2022 lows. Cannabis stocks have recently seen a decline to new lows along with the broader market. Long-term investing becomes difficult in a market situation like this one when rallies appear to be followed by further losses. Trading short-term is one way to profit from the present market volatility.
Numerous marijuana development strategies in short-term trading of US pot stocks. Some long-term cannabis investors choose to use short-term trading strategies to improve their long-term positions. As a result of this, they may now profit from daily fluctuations in the stock price. Making a list of the top marijuana stocks for 2022 could help you determine the best entry opportunities for trading short-term or making long-term investments.
The cannabis market could become more volatile this upcoming week. Cannabis stock prices may have reached their bottom this summer due to the steep decrease they have seen in 2022. Additionally, potential legislation in Congress may propel the price of marijuana stocks in the coming months. Here are a few of the top cannabis stocks to add to your watchlist for July 2022.
Top Cannabis Stocks To Watch In July 2022
- Curaleaf Holdings, Inc. (OTC: CURLF)
- Cresco Labs Inc. (OTC: CRLBF)
- Ascend Wellness Holdings, Inc. (OTC: AAWH)
- Agrify Corporation (NASDAQ: AGFY)
Curaleaf Holdings, Inc.
Curaleaf Holdings, Inc., a multi-state cannabis merchant with 134 retail locations in the US, produces packaged cannabis products. Medical cannabis products are now being marketed in Germany by Adven GmbH, a fully owned subsidiary of Curaleaf International. Curaleaf’s Select is one of the most well-known brands in the United States. By purchasing Tryke Companies in November, Curaleaf expanded into three additional states. The corporation currently has assets in Arizona, Nevada, and Utah in its portfolio. The company unveiled its 50th site in Florida on May 6. In May, Curaleaf revealed that Matt Darin will succeed as CEO.
According to the company’s May 9 results statement, revenue for the first quarter of 2022 was $313 million, a 20% increase over the same time in the previous year. Additionally, in the first quarter of 2022, cash flow from operations totaled $57.4 million and Adjusted EBITDA was $73 million. The company’s overall cultivable land now totals 4.4 million square miles with the addition of Los Suenos Farms. Curaleaf is a well-known cannabis retailer in New Jersey. The company expanded its Fab 5 Freddy B Noble cannabis brand to New Jersey in June and established its 17th outlet in Pennsylvania.
On July 1st CURLF shares closed at $5.00, down 17.90% in the last month of trading. The stock is currently trading in a 52-week range of $4.80-$14.80 and is down 44.44% year to date. According to analysts at Tip Ranks CURLF stock has a 12-month average price target of $13.61 per share. In this case, this would represent an upside of 172.20% from its last trading price of $5.00.
Cresco Labs Inc.
The American cannabis company Cresco Labs has one of the largest vertically integrated business structures in the US. The company is presently the nation’s top manufacturer of branded cannabis products. Cresco is the preferred marijuana brand in Illinois and Pennsylvania, per a BDSA poll. Cresco operates in 11 states and has 50 retail outlets, 20 production facilities, and 47 retail licenses. Sunnyside has launched its fourth dispensary in Pennsylvania as a part of its growth plan. The Good News product line will expand to include additional consumables and vaping substitutes, according to the business. In California, the company will stop using third parties and transition to owned brand distribution in order to boost profitability.
The company’s first-quarter sales increased by 20% year over year to $214 million. Additionally, gross profit is $113 million, or 53% of revenue, up 29% year over year after deducting the fair value markup for purchased products. In the first quarter, adjusted EBITDA, which represents 24 percent of revenue, climbed by 45 percent year over year to $51 million. Retail revenue increased by 44 percent over the prior year to $119 million, or $2.5 million per typical shop open during the quarter, while same-store sales increased by 9 percent.
At the conclusion of the quarter, Cresco had $179 million in cash on hand and 50 retail sites, with three in Florida and one in Pennsylvania. They had also established four additional stores. Additionally, during the first quarter, the company launched its branded product line in Florida, which includes Sunnyside* Chews, High Supply(R), Good News(R), and RemediTM. Columbia Care Inc. (OTC: CCHWF), which Cresco just acquired, has a $2 billion valuation and is now the market leader in the cannabis sector.
[Read More] 3 Marijuana REITS To Watch In July
CRLBF Stock Performance
CRLBF shares finished on July 1st at $2.605, down 28.77% in the past month. The stock is presently trading in a 52-week price range of $2.42-$11.947, showing a 61.02 percent decline year to date. According to analysts at CNN Business CRLBF stock has a 12-month median price target of $9.6 per share. In this case, this represents an upside of 274.66% from its last trading price of $2.605.
Ascend Wellness Holdings, Inc.
AWH is a vertically integrated cannabis corporation with operations in Massachusetts, New Jersey, Ohio, Illinois, Michigan, and Michigan. Owning and operating growing facilities that produce award-winning strains and a carefully curated product line is the core business of AWH. Typically, the company manufactures and markets goods under the Ozone brand. The company’s cannabis product categories include flowers, pre-rolls, concentrates, vapes, edibles, and other cannabis-related items. AWH sells to authorized cannabis merchants and has 17 retail locations. On May 11, Ascend Wellness and MedMen Enterprises Inc. (OTC: MMNFF) reached an agreement to increase the acquisition price of MedMen NY Inc., a division of that company, from $73 million to $88 million, subject to the initiation of adult-use sales at a MedMen NY facility.
The company’s entire gross sales for the first quarter of 2022 were $101.2 million, down 0.8 percent from the previous quarter but up 33.4 percent from the previous year. Net revenue also decreased by 3.8 percent quarter over quarter but climbed by 28.7 percent year over year to $85.1 million when intercompany wholesale goods sales were excluded. In the first quarter of 2022, the company lost $27.8 million as opposed to $16.5 million in the previous quarter. Ascend’s adjusted EBITDA was $16.4 million, which is a 19.2 percent margin. The company has $89.9 million in net debt as of March 31, 2022, and $143.8 million in cash and cash equivalents. Earlier this year, the business started distributing in Massachusetts and Michigan after coming to an exclusive arrangement with Lowell Smokes.
AAWH Stock Performance
AAWH stock closed on July 1st at $1.99 down 33.67% in the past month of trading. Currently, the stock has a price range of $1.86-$15.81 down 69.69% year to date. According to analysts at CNN Business AAWH stock has a 12-month median price forecast of $8.50 per share. In this case, this would represent an upside of 327.14% from its last trading price of $1.99.
Precision gear and software for the indoor farming industry are provided by Agrify Corporation, a US-based company. The business presently sells integrated grow racks, LED grow lights, and vertical farming systems. Modern software and technology solutions from Agrify enable companies to operate with the highest levels of consistency, efficiency, and quality at the most affordable prices. Consulting, engineering, and construction are among the services offered by the business. The company recently purchased Precision Extraction Solutions and Cascade Sciences, two well-known producers of cannabis and hemp extraction, post-processing, and testing tools and solutions. Due to a relationship with Olive El Mirage, the company declared its arrival into the Arizona cannabis market in October. On February 2nd, the business acquired Lab Society, a pioneer in cannabis extraction distillation and solvent separation solutions with a $10 million annual revenue.
Agrify reported first-quarter 2022 results on May 11th, with $26 million in revenue, up 271 percent from the same period last year. Additionally, contract backlogs grew by $77 million in the first quarter. Additionally, first-quarter critical gross profit came to $4.2 million, or 16% of revenue. The business experienced a net loss of $8.9 million, or $0.36 per diluted share, in the first quarter. In Q1 2022, adjusted EBITDA lost $6.1 million as opposed to $4.2 million the year before. On May 10, Agrify revealed a $2 million agreement with Michigan’s Boone Labs to supply its new production facility with the entire Agrify product line, which includes 72 VFUs running Agrify InsightsTM software, solventless extraction, hydrocarbon extraction, and ice water hash cleaning solutions.
AGFY Stock Performance
AGFY stock closed on July 1st at $1.82 down 25.41% for the last month of trading. The stock has a price range of $1.76-$35.94 and is down 74.57% year to date. According to analysts at CNN Business AGFY stock has a 12-month average price target of $11.00 per share. In this case, this would be an increase of 511.11% from its last trading level of $1.82.
Using Multiple Strategies To Trade Top Pot Stocks In July
Before purchasing top cannabis stocks, it is essential to carry out your own study on a company. By examining their financials and press releases, you may identify the market’s top performers. Additionally, increasing your winning trades may be accomplished by understanding how to utilize technical indicators to identify the ideal positions for entry. Various trading strategies are used by numerous cannabis investors to navigate the volatile cannabis industry. In certain cases, they build a long-term core position and then trade around it to capitalize on short-term price fluctuations. These top marijuana stocks could be added to your list in July as the market volatility continues to be rather high.