Cannabis stocks are a type of equity that refers to public companies involved in the legal marijuana industry. This includes growers, processors, retailers, and ancillary businesses that provide goods and services to the industry. Cannabis stocks have been on the rise in recent years as more countries legalize marijuana for medicinal and recreational use.
According to Grandview Research, the global legal cannabis market is expected to grow at a compound annual growth rate of 25.3% from 2022 to 2030 to reach $134.4 billion by 2030. So there is significant potential for growth in this sector.
For these reasons, investing in cannabis stocks can be a smart way to diversify your portfolio and take advantage of the growing legal marijuana industry. With this in mind, let’s check out three top cannabis stocks to watch in the stock market today.
Cannabis Stocks To Buy [Or Sell] Right Now
- Cresco Labs Inc. (OTCMKTS: CRLBF)
- Curaleaf Holdings Inc. (OTCMKTS: CURLF)
- GrowGeneration Corp. (NASDAQ: GRWG)
Cresco Labs (CRBLF Stock)
First, Cresco Labs Inc. (CRLBF) is a leading provider of high-quality, innovative cannabis products and services. The company offers a wide variety of products, including flower, pre-rolls, vaporizers, edibles, and topicals. Additionally, Cresco Labs is the largest wholesaler of branded cannabis products in the United States.
CRLBF Recent Stock News
On Tuesday of this week, Cresco Labs reported its third-quarter 2022 financial results. In detail, the company posted a loss of $0.03 per share, to go along with revenue of $210.5 million for Q3 2022. For context, Wall Street’s consensus estimates for the quarter were a loss of $0.01 per share and revenue of $210.0 million. What’s more, the company also announced it generated $26 million in operating cash flow and finished Q3 2022 with $130 million of cash on hand.
Charles Bachtell, CEO, and Co-Founder of Cresco Labs commented, “It’s an exciting time for the cannabis industry as we get closer to a clear inflection point. In the face of multiple industry headwinds and an unprecedented macro environment, our team did an incredible job of taking everything that the quarter had to give and maintained our industry position as the No. 1 wholesaler of branded cannabis.“
CRLBF Stock Price
In the last month of trading, shares of Cresco Labs stock has recovered by 11.46%. While, on Thursday morning, shares of CRLBF are set to open the trading day at $3.38 a share.
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Curaleaf Holdings (CURLF Stock)
Next, Curaleaf Holdings (CURLF) is a vertically integrated cannabis operator in the United States. Curaleaf cultivates, processes, markets, and dispenses a range of cannabis products through its branded Curaleaf dispensaries. Curaleaf’s national retail footprint consists of 142 dispensaries across 21 states.
CURLF Recent Stock News
Earlier this month, Curaleaf reported its 3rd quarter ending September 30, 2022, financial results. In the report, Curaleaf reported a loss of $0.07 per share and revenue of $339.7 million for Q3 2022. These revenue figures are compared to Q3 2021’s which was $317 million.
Furthermore, Boris Jordan, Founder and Executive Chairman of Curaleaf stated, “Our record third quarter was punctuated by the close of our landmark acquisition of a majority stake in Four20 Pharma. Since quarter end, we also closed on the Tryke acquisition one I expect will further strengthen our position in Arizona, Nevada, and Utah.“
CURLF Stock Price
In the last month of trading, shares of Curaleaf stock bounced back 31.09%. Meanwhile, on Thursday, CURLF stock is set to open the trading day at $7.00 a share.
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GrowGeneration Corp (GRWG Stock)
Last but not least, GrowGeneration Corp (GRWG) owns and operates specialty retail hydroponic and organic gardening stores. With more than 60+ locations across the country, GrowGeneration is able to meet the needs of both commercial and home growers.
GRWG Recent Stock News
Just this month, GrowGeneration announced a beat for its third-quarter 2022 financial results. Getting straight to it, the company reported a loss of $0.12 per share and revenue of $70.9 million. This is compared to the street’s consensus estimates which was a loss of $0.12 per share, and revenue estimates of $57.2 million. These revenue figures represent a 38.9% increase during the same period, in 2021.
In addition, GrowGeneration also said it expects Fiscal Year 2022 revenue estimates of $270 to $280 million. This is revised higher from the company’s previous FY 2022 estimates, which were $250 to $275 million.
Moreover, Darren Lampert, GrowGeneration’s Co-Founder and CEO, commented, “I am proud of how resilient our team has been throughout this year as GrowGen – and the entire hydroponics category – has faced significant industry and economic headwinds. In the third quarter of 2022, net sales of $70.9 million outpaced our internal expectations, bolstered primarily by stronger-than-expected demand within our distribution and private label business.“
GRWG Stock Price
In the last month of trading, GRWG stock has rebounded a whopping 81.82%. While, on Thursday pre-market, shares of GrowGeneration Corp are set to open at $6.34 a share.
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