2024-03-04 09:34:08 ET
Top Marijuana Stocks For Cannabis Investors To Know 2024
Marijuana stock investors have been riding the moment wave. What this means is that since the start of the new year, there have been several reasons why momentum is building. To start it is the speculation of what will take place in the future. Legal cannabis has taken the world by storm as more states and global regions have legalized marijuana. Companies are seeing the profits being made in large quantities. This is largely due to the demand for more cannabis products.
The more success a company has the better the odds of seeing that success turn into a market moment. Now the progress of a company whether it’s a new product or financials has only done so much for the publicly traded side of the sector. Currently, with increased efforts surrounding cannabis reform, there have been more moments because of it. The cannabis industry needs some type of federal reform to push forward.
At this rate the growth and progress of legal operators need it to continue to thrive as a legitimate business. This has also led to volatile trading making it tougher to take profits due to declines. But when this does happen it should be seen as a moment to find top marijuana stocks to buy. Almost 3 months into 2024 and things are just getting started for investors and those who work in legal cannabis. Below are some marijuana stocks to watch this month.
Top Marijuana Stocks To Watch 2024
- Trulieve Cannabis Corp. ( OTC:TCNNF )
- Curaleaf Holdings, Inc. ( OTC:CURLF )
- Verano Holdings Corp. ( OTC:VRNOF )
Trulieve Cannabis Corp.
Trulieve Cannabis Corp., together with its subsidiaries, operates as a medical cannabis company. The company cultivates and produces products in-house and distributes its products to Trulieve branded stores in Florida.
As well as through home delivery. In recent news, the company reported its Q4 and 2023 full-year earnings.
Q4 2023 Financial and Operational Highlights
- Revenue of $287 million increased 4% sequentially, with 95% of revenue from retail sales.
- Achieved GAAP gross margin of 54%, with gross profit of $154 million.
- Reported net loss of $33 million. Adjusted net loss of $23 million* excludes non-recurring charges, asset impairments, disposals, and discontinued operations.
- Generated cash flow from operations of $131 million and free cash flow of $122 million*.
- Achieved EBITDA of $73 million*, or 25% of revenue, and adjusted EBITDA of $88 million*, or 31% of revenue.
- Outperformed the third quarter as a result of consumer strength and holiday sales, driven by higher traffic, basket size, and units sold.
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Curaleaf Holdings, Inc.
Curaleaf Holdings, Inc. operates a cannabis operator in the United States. It operates through Domestic Operations and International Operations segments.
Recently the company announced it celebrated its new Phoenix Airport dispensary location. Curaleaf Phoenix Airport is the closest dispensary from highly trafficked 44th St., a major roadway to the Sky Harbor Airport.
Words From The Company
“Curaleaf has proudly served over 1.2 million customers and sold over 24 million products in Arizona over the past three years, with seven bustling locations in Phoenix alone,” said Luke Flood, Regional Sr. Vice President at Curaleaf.”
Verano Holdings Corp.
Verano Holdings Corp. operates as a vertically integrated multi-state cannabis operator in the United States.
The company engages in the cultivation, processing, wholesale, and retail distribution of cannabis around the United States. On February 29th the company reported its Q4 and 2023 full-year financial results.
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Fourth Quarter 2023 Financial Highlights
- Revenue of $237 million, an increase of 5% year-over-year, and a decrease of 1% versus the prior quarter.
- Gross profit of $118 million or 50% of revenue.
- SG&A expense of $86 million or 36% of revenue.
- Net loss of $(73) million or (31)% of revenue.
- Adjusted EBITDA2 of $73 million or 31% of revenue.
- Net cash provided by operating activities of $32 million.
- Capital expenditures of $10 million.
- Free cash flow of $23 million.
