Top Cannabis Stocks to Watch Now
With ETFMG currently trading at less than 50% of last years high – cannabis stock investors see the sector suffering. However, there is still plenty of profit to be made in the sector by leveraging the everpresent volatility. Algorithmic trading is the answer and CanninBot is the solution. In the following, we’ll discuss the 3 best cannabis stocks to day trade this week and how you can turn a profit.
#1: Green Thumb
The stock price of Green Thumb Industries (OTC: GTBIF) has increased by more than 15% in February 2023, marking a solid start to the year. This substantial rise followed the company’s announcement that its fourth quarter and full year 2022 results conference call will be held on February 28, 2023. The company is anticipated to give an update on its operations, financial performance, and outlook for the future during this call.
Analysts are expecting Green Thumb to report strong earnings growth for the quarter and full year, driven by continued strong demand for its products and services. They are forecasting the company to report fourth quarter revenue of $263 million, up from $202 million in the same period last year. This would represent an over 24% year-over-year increase in revenue. In addition, analysts are expecting Green Thumb to report full year 2022 revenue of $1.1 billion, up from $845 million in 2021. This would represent a 30% year-over-year increase in revenue.
On the bottom line, analysts are expecting Green Thumb to report fourth quarter earnings per share (EPS) of $0.02, down from $0.11 in the same period last year. And for the full year 2022, analysts are expecting the company to report EPS of $0.36, up from $0.34 in 2021. This would represent almost 6% year-over-year increase in EPS.
Overall, analysts are expecting Green Thumb to report strong fourth quarter and full year 2022 earnings, driven by continued strong demand for its products and services.
#2: High Tide
High Tide Inc. (NASDAQ: HITI), an Alberta-based, retail-focused cannabis corporation, reported its fourth quarter and full year 2022 earnings results on Tuesday, January 30, 2023. The company reported a record fourth quarter revenue of $108.2 million and record adjusted EBITDA of $5.0 million. As for the full year, ended October 31, 2022, the company reported revenue of $356.9 million, which represented an increase of 97% year-over-year. According to the company, this record revenue was driven by strong performance in both the retail and wholesale divisions of the Company.
High Tide also achieved record Adjusted EBITDA of $5.0 million in the fourth quarter of 2022, an increase of $2.2 million or 77% over the prior year quarter. For the year ended December 31, 2022, the Company reported record Adjusted EBITDA of $14.8 million, an increase of $7.3 million or 97% over the prior year.
“High Tide’s record fourth quarter and full year 2022 financial results demonstrate the strength of our business model and the success of our strategic initiatives,” said Raj Grover, President and Chief Executive Officer of High Tide. “We are proud of our accomplishments in the past year, and we are well positioned to continue to deliver strong financial performance in the future.”
Looking ahead, High Tide Inc. expects to continue to benefit from its strong growth in the retail and wholesale segments. The company also plans to continue to invest in its e-commerce capabilities and expand into new markets.
#3: SNDL
SNDL Inc. (NASDAQ: SNDL), a leading cannabis and hemp-derived products company, announced the completion its acquisition of The Valens Company, a leading manufacturer and distributor of cannabis products.
The acquisition of The Valens Company is a strategic move for SNDL, as it will enable the company to expand its product offering and reach new markets. The combined company will have a presence in Canada, the United States, and Europe, with the potential to expand into other markets. The acquisition will also provide Valens with access to SNDL’s extensive distribution network, allowing them to reach more customers. Additionally, the companies will benefit from shared expertise and resources, as well as a larger customer base.
#4: Columbia Care
Columbia Care Inc. (OTC: CCHWF), a leading medical cannabis company, announced that it has opened a new cannabist dispensary in Hampton, Virginia. The new store is located at the Hampton Town Center. The store will offer a variety of cannabis products, including flower, edibles, concentrates, and topicals.
The opening of Columbia Care’s new cannabist in Hampton, Virginia marks a major milestone in the state’s medical marijuana program. According to the company, the new facility will provide access to medical marijuana products to qualified patients in the Hampton Roads area and will be the first of its kind in the state.
The company also stated that the new facility will provide a safe and secure environment for patients to access medical marijuana products. It will also provide education and support to patients and their families, as well as provide a safe and secure environment for the purchase and use of medical marijuana products. The facility will also be staffed by highly trained and knowledgeable staff, who will be able to answer questions and provide guidance to patients.
Top Cannabis Stocks to Watch Now
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