Top 3 Cannabis Stocks to Buy in July
The cannabis sector is currently hitting all time lows in June. The US MSOs’ moderate revenue growth in the first quarter of 2022 did not translate into market gains. With several cannabis stocks now “on sale” what are the top 3 cannabis stocks to buy now?
Top Cannabis Stock to Buy Now #1: Greenlane
Greenlane Holdings, Inc. (NASDAQ: GNLN) announced update on a plan to generate more than $30 million in non-dilutive liquidity. Part of the company’s strategy to achieve this goal includes getting a loan to cover its working capital needs, selling the company’s headquarters building in Boca Raton Florida, and getting rid of non-sore and lower-margin inventory.
Greenlane said in a statement that for the past three months it has been engaged in an intensive and comprehensive process to select the ideal partner for an asset-based loan that can support its working capital needs. The company said it expects to execute an agreement by the early third quarter of 2022, which is expected to result in more than $10 million of liquidity. As of the last quarter, the company has current liabilities of $77 million and total liabilities of $91 million.
In addition, Greenlane has listed its headquarters building for sale in May 2022 and that it has gotten significant interest from several buyers amidst a strong Florida commercial real estate market.
Finally, the Company said it’s working to sell through its excess & obsolete (E&O) inventory of lower-margin, non-strategic products, along with reducing the overall level of inventory on hand. In May, the Company commenced its official E&O sales program internally and has since sold more than $1 million of previously reserved E&O inventory. Management anticipates that the proceeds from these E&O sales, combined with a general sell-down of other non-core third-party brand inventory, is expected to generate more than $10 million of liquidity for the Company.
With all of these moves, Greenlane said that it anticipates that it can generate more than $30 million of liquidity on a non-dilutive basis by the end of 2022.
Investors responded positively to Greenlane’s update on its strategy to generate more than $30 million in liquidity. And as a result of this announcement, the stock price of the company surged by over 29% pre-market on Friday, Jun 24, 2022.
Top Cannabis Stock to Buy Now #2: iAnthus
iAnthus Capital Holdings, Inc. (OTCPK: ITHUF) (CSE: IAN), which owns, operates and partners with regulated cannabis operations across the United States, announced on Friday, June 24 2022, that it had completed its previously announced recapitalization transaction. According to the company, the implementation of the recapitalization transaction resulted in various changes to the corporate governance and capital structure of the Company.
Following the Recapitalization Transaction’s completion, a number of the Secured Lenders and Consenting Unsecured Debentureholders purchased 8% senior secured debentures with a maturity date of June 24, 2027, and an aggregate principal amount of $25 million. The company stated that it will utilize the money raised from the sale of the additional secured notes for working capital, general corporate expenses, and charges and fees associated with the completion of the recapitalization transaction.
Top Cannabis Stock to Buy Now #3: Sundial
Sundial Growers Inc. (NASDAQ: SNDL) announced on Monday, June 20, 2022, that it had entered into a purchase agreement, in the form of a “stalking horse bid, pursuant to which the shares of Zenabis Global Inc. and the business and assets of its direct and indirectly wholly-owned subsidiaries would be acquired by Sundial. Earlier this month, Zenabis Global, which is a subsidiary of Quebec-based licensed cannabis producer HEXO Corp. (NASDAQ: HEXO), filed for creditor protection under Canada’s Companies’ Creditors Arrangement Act (CCAA) to restructure the business.
Top 3 Cannabis Stocks to Buy in July
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