4 Top Marijuana Stocks For Your September 2022 Watchlist
Cannabis stocks have been on the rise in recent years as more and more states legalize marijuana for both medicinal and recreational use. For starters, cannabis stocks are shares of companies that are involved in some way in the legal marijuana industry. This can include growers, processors, retail outlets, and even businesses that provide services to the industry such as financing and security. Because marijuana is still illegal at the federal level in the United States, most cannabis companies are based in Canada. However, as more states legalize marijuana, there is an opportunity for U.S.-based companies to get involved as well.
Cannabis companies are now publicly traded on major stock market exchanges, and investors are starting to take notice. While there are still some risks associated with investing in cannabis stocks, the potential rewards are significant. For example, many experts believe that the cannabis industry is still in its early stages of growth, which means there is huge potential for investors to see dramatic returns. In addition, as more states legalize marijuana, the cannabis industry is expected to continue to grow at a rapid pace. As a result, cannabis stocks could remain an attractive investment opportunity for years to come. With this in mind, here are four U.S.-based cannabis stocks to watch in the stock market today.
Cannabis Stocks To Watch Today
Trulieve Cannabis (TCNNF Stock)
First up, Trulieve Cannabis Corp. (TCNNF) is a leading provider of medical cannabis in the United States. In brief, Trulieve Cannabis is a vertically integrated company. This means that they cultivate, process, manufacture, distribute, and sell medical cannabis products through its network of over 180+ medical dispensaries throughout the United States.
In August, Truelieve reported its most recent Q2 2022 financial results. In the report, the company reported revenue of $320.3 million for the 2nd quarter. This is a 49% jump on a year-over-year basis. In addition, the company completed the second quarter with operations throughout 11 states throughout the U.S. What’s more, they reported that they produced over 10 million finished goods units in Q2. This reflects a 79% increase during the same period, in 2021.
Though shares of TCNNF have been beaten down by over 49% so far in 2022. Shares have started to rebound in the last month by over 3% at $13.40 per share as of Friday afternoon’s trading session. With this in mind, could now be a good time to invest in Trulieve stock for your long-term portfolio?
Source: TD Ameritrade TOS
Cresco Labs (CRLBF Stock)
Next, Cresco Labs Inc. (CRLBF) is one of the leading cannabis companies in the United States. For starters, the company produces and sells a variety of cannabis products, including flower, pre-rolled joints, edibles, and concentrates. In addition, Cresco Labs also operates over 1,000 dispensaries across the United States. In addition to selling products, the company also provides services such as cultivation and manufacturing. Just last month, Cresco labs reported a miss for its second quarter 2022 financial results.
Getting straight to it, the company reported a second quarter 2022 loss of $0.05 per share, along with revenue of $218.2 million for Q2. Revenue was in line with analysts’ consensus estimates. Aside from that, wholesale revenue came in at $95 million, while retail revenue advanced 22% to $123 million on a year-over-year basis.
Charles Bachtell, CEO, and Co-Founder of Cresco Labs commented in his letter to shareholders, “We reported solid results in the face of an unprecedented macro environment. We generated $218 million in revenue, representing 4% year-over-year growth, and maintained our industry position as the no. 1 wholesaler of branded cannabis2, the no. 1 branded product portfolio chosen by consumers2, and the no. 1 most productive per-store national retailer.” Shares of Cresco Labs are down over 45% year-to-date at $3.65 per share going into Friday’s closing bell. Given the results of its recent quarterly financials, do you think CRLBF stock deserves a spot on your marijuana stocks watchlist?
Source: TD Ameritrade TOS
Innovative Industrial Properties (IIPR Stock)
Following that, Innovative Industrial Properties Inc. (IIPR) s a publicly traded real estate investment trust (REIT) in the United States. The company focuses on the development, acquisition, and management of industrial properties leased to state-licensed operators of medical-use cannabis facilities. For a sense of scale, Innovative Industrial Properties has a portfolio of approximately 110 properties located throughout different states within the United States. As of today, the company has an annual dividend yield of 7.68% for shareholders. Just last month, IIPR announced its second quarter 2022 financial results.
Diving into the report, Innovative Industrial Properties reported earnings per share of $2.14. Meanwhile, the company posted a revenue of $70.5 million. For context, Wall Street’s consensus estimates for the quarter were earnings of $1.86 per share, along with revenue of $69.7 million. Additionally, IIPR reported an increase in revenue of 44.3% on a year-over-year basis. Moving along, as of Friday’s power hour trading session, IIPR stock is up over 2% at $94.57 per share. All in all, do you think IIPR stock is a good buy right now?
Source: TD Ameritrade TOS
Green Thumb Industries (GTBIF Stock)
Rounding off the list, Green Thumb Industries Inc. (GTBIF) is a vertically integrated multi-state cannabis operator in the United States. For a sense of scale, the company owns and operates 16 manufacturing facilities and licenses for 111 retail locations across 14 U.S. markets. In August, Green Thumb Industries announced its Q2 2022 financial results.
In detail, GTBIF reported earnings of $0.10 per share, with revenue of $254.3 million. This quarter’s revenue reporting represents a 14.6% increase on a year-over-year basis. In addition, in the first 6 months of 2022 revenue jumped 19.4% to $496.9 million compared to the same period, in 2021. Aside from that, this represents the 8th consecutive quarter the company has reported positive GAAP net income. The company said they contribute to its growth in Q2 mainly due to increased retail sales in New Jersey and Illinois.
With that, Shares of GTBIF stock have recovered over 21% in the last month of trading, while trading at $12.61 per share as of Friday afternoon. With this momentum, is now a good time to be watching Green Thumb Industries?
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