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Top Marijuana Stocks to Watch in August for High Growth
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August 2024: Top Cannabis Stocks for Big Returns
As the cannabis industry continues to evolve, investors keep a close eye on promising stocks. In August, three US marijuana stocks stand out: Cansortium Inc. (CNTMF), Planet 13 Holdings Inc. (PLNH), and Ascend Wellness Holdings Inc. (AAWH). The US cannabis market is projected to grow significantly, reaching $41 billion by 2025. This growth is driven by increasing legalization and consumer demand. Additionally, the US Senate recently passed a bill to expand medical marijuana research. This development is a positive sign for future federal legalization. Furthermore, the growing acceptance of cannabis presents a lucrative opportunity for investors. Consequently, as more states legalize cannabis and consumer interest rises, the potential for significant returns increases. However, it is essential to approach these investments with proper risk management.
Technical analysis is a valuable tool for navigating the volatile cannabis market. Investors can make informed decisions by analyzing stock price movements and trading volumes. Proper risk management strategies are crucial, such as setting stop-loss orders and diversifying portfolios. These measures help mitigate potential losses. Moreover, as the industry grows, these three stocks are worth watching. They have consistently demonstrated strong market presence and financial growth. Therefore, investors should stay updated on industry news and trends. This, in turn, helps in making strategic investment choices. Additionally, monitoring regulatory changes and market dynamics can provide valuable insights for informed decisions. The potential for high returns makes these stocks attractive, but caution is advised.
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Top-Performing Marijuana Stocks to Watch in August 2024
- Cansortium Inc. (OTC: CNTMF)
- Planet 13 Holdings Inc. (OTC: PLNH)
- Ascend Wellness Holdings Inc. (OTC: AAWH)
Cansortium Inc.
Cansortium Inc. (CNTMF) is a leading cannabis company based in Miami, Florida. The company is known for its high-quality products under the Fluent brand. Cansortium has a strong presence in Florida, where it operates 27 dispensaries. This makes it one of the largest cannabis operators in the state. The company’s focus on medical marijuana has helped it build a loyal customer base. Besides Florida, Cansortium has operations in Pennsylvania, Texas, and Michigan. These strategic locations have positioned the company well in the US market.
In its latest financial report, Cansortium reported impressive growth. Revenue increased by 41% year-over-year, reaching $16.5 million in the first quarter. Higher sales in Florida drove this growth. Additionally, the company improved its gross margins, which reached 70%. This is a significant increase from the previous year. Operating expenses were also well-managed, leading to a positive EBITDA of $4.3 million. This shows the company is moving towards profitability. Investors should note the company’s focus on cost management and revenue growth. These factors make Cansortium a promising stock to watch in August.
[Read More] Top US Marijuana Stocks to Watch in August 2024
Planet 13 Holdings Inc.
Planet 13 Holdings Inc. (PLNH) is a vertically integrated cannabis company based in Las Vegas, Nevada. The company is famous for its SuperStore, the largest cannabis dispensary in the world. The SuperStore attracts millions of tourists annually near the Las Vegas Strip. This unique retail experience has set Planet 13 apart from other cannabis companies. In addition to its flagship store, Planet 13 operates a second SuperStore in Santa Ana, California. The company’s focus on providing an immersive experience has helped it build a strong brand.
Financially, Planet 13 has shown robust performance. For example, in its recent quarterly report, the company posted a revenue of $25.7 million. This represents a 21% increase from the previous year. Additionally, gross profit for the quarter was $13.1 million, with a gross margin of 51%. Furthermore, the company’s EBITDA was $3.5 million, indicating healthy profitability. Overall, these financial metrics highlight Planet 13’s strong market position and effective operational strategies. Planet 13 has also been expanding its product offerings and increasing its market share. The company’s focus on innovation and customer experience drives its growth. Investors should consider Planet 13 for its unique market position and financial stability.
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Ascend Wellness Holdings Inc.
Ascend Wellness Holdings Inc. (AAWH) is a multi-state cannabis operator headquartered in New York City. The company operates in several key markets, including Illinois, Michigan, and New Jersey. Ascend Wellness has 24 dispensaries and plans for further expansion. The company is known for its high-quality cannabis products and customer service. Its strategic locations in high-demand markets have contributed to its rapid growth.
In its latest earnings report, Ascend Wellness showed strong financial performance. Specifically, the company reported a revenue of $101.2 million for the quarter. This marks a 20% year-over-year increase. Additionally, gross profit was $42.7 million, with a gross margin of 42%. Furthermore, the company’s adjusted EBITDA was $22.7 million, reflecting solid operational efficiency. Overall, these figures highlight Ascend Wellness’s robust financial health and strategic growth in the competitive cannabis market. Ascend Wellness has also been focused on expanding its cultivation and production capacity. This will support future growth and meet increasing demand. The company’s financial strength and strategic expansion make it a compelling stock to watch in August.
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Investing in Marijuana: Stocks to Watch This August
In conclusion, the US cannabis industry is on a path of significant growth, with projections indicating a market value of $41 billion by 2025. This growth is from increasing legalization and consumer demand. Additionally, recent legislative advancements like the US Senate’s bill to expand medical marijuana research highlight positive signs for future federal legalization. For investors, this presents a lucrative opportunity; however, it is essential to approach these investments with proper risk management and technical analysis.
Cansortium Inc. (CNTMF), Planet 13 Holdings Inc. (PLNH), and Ascend Wellness Holdings Inc. (AAWH) are three marijuana stocks to watch this August. These companies have shown strong market presence and financial growth, making them attractive options in the cannabis sector. Furthermore, investors can navigate the volatile market effectively by staying updated on industry trends and employing strategic investment techniques. While the potential for high returns is appealing, caution and informed decision-making are key to successful investing in the evolving cannabis industry.
The post Top Marijuana Stocks to Watch in August for High Growth appeared first on Marijuana Stocks | Cannabis Investments and News. Roots of a Budding Industry.™.
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August 1, 2024 at 09:36AM
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