Best Ancillary Marijuana Stocks To Watch Before August

Top Cannabis Stocks On The Nasdaq Summer 2022

Are you looking for the top marijuana stocks to buy in 2022? In 2022, the cannabis market as a whole has drastically declined, hitting new lows at the start of July. One industry that has seen significant declines to start the year is the ancillary marijuana stock market. For those who are unaware, ancillary cannabis companies are businesses that aid the cannabis sector without dealing with the plant itself. In general, a wide range of companies assists the cannabis industry. – MarijuanaStocks

Several ancillary cannabis stocks that list on the Nasdaq have had a considerable decline in value throughout the first half of 2022. As a result, investors may presently purchase some of these marijuana stocks at much cheaper rates. Some of these stocks could provide a starting point for long-term cannabis investment or an opportunity to profit from significant short-term losses. Many analysts believe that the stock market has finally reached its bottom and will shortly rise again. The best 2 marijuana stocks for July are listed below for you to add to your watchlist.

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Ancillary Marijuana Stocks For Q3 2022

  1. The Scotts Miracle-Gro Company (NYSE: SMG)
  2. GrowGeneration Corp. (NASDAQ: GRWG)

The Scotts Miracle-Gro Company

The biggest producer of branded consumer lawn and gardening goods in the world, Scotts Miracle-Gro, has joined the cannabis industry. Hawthorne Gardening, a wholly owned subsidiary of the business, sells cannabis fertilizers, lighting, and hydroponic equipment. On January 6th, Scotts added True Liberty Bags and Luxx Lighting to the Hawthorne portfolio. The acquisition will bolster Hawthorne’s already-competitive lighting portfolio. Hawthorne’s sales have dropped, but the business hasn’t changed its full-year projection.smg stock

In May, Scotts announced record consumer sales for the first half of 2022, citing rising demand for lawn and gardening supplies as the cause. GAAP earnings from continuing operations for the three months ended April 2, 2022, were $4.94 per diluted share, down from $5.44 per diluted share the prior year. Non-GAAP adjusted diluted earnings per share decreased from $5.64 to $5.03 from the previous year. Sales for the second quarter of the fiscal year were $1.68 billion, an 8% decrease from $1.83 billion the year before. Additionally, sales in the consumer market in the US increased slightly to $1.38 billion. Sales in the Hawthorne sector dropped by 44% to $202.6 million. In June, Scotts revised its forecast for fiscal 2022 to adjust earnings per share from $4.50 to $5. Hawthorne sales are expected to fall 40-45% for the year ending Sep 30, 2022.

SMG Stock Performance

SMG stock closed at $81.03 on July 18th up 5.66% in the last month. Currently, the stock has a 52-week price range of $72.58-$183.65 and is down 49.67% year to date. According to analysts at CNN Business SMG stock has a 12-month price target of $102.50 per share. This forecast represents an increase of 26.43% from its last trading price of $81.03.

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GrowGeneration Corporation

A well-known supplier and manager of hydroponic and organic growing facilities in the US are GrowGeneration Corp. The company sells a range of materials for cannabis growers, including organics, lighting, and hydroponic tools. GrowGen now owns and runs 64 organic garden shops across the US. The business has concentrated on increasing its internet presence ever since began. The website has evolved into a one-stop e-commerce destination with over 10,000 goods, spanning from nutrition to lighting technology. Over the next five years, the business intends to open more than 100 locations around the US. During the third quarter of 2021, the company constructed the largest hydroponic garden facility in Los Angeles County.GRWG

According to the company’s May reports, GrowGen’s net sales for the first quarter of 2022 decreased to $81.8 million as a result of reduced industry demand. Additionally, comparable store sales dropped 35.5 percent in the third quarter. The results for the quarter were a net loss of $5.2 million, or a loss of $0.09 per share. The company’s overall adjusted EBITDA loss was $0.7 million. In May, GrowGeneration unveiled Drip Hydro, a selection of liquid fertilizer blends made for industrial planters. Revenue estimates for 2022 were formerly $415 to $445 million, but they have now been lowered to $340 to $400 million. The business obtained agreements to extend GrowGen into Virginia and Missouri in June, and it also launched a new store in Mississippi.

GRWG Stock Performance

On July 18th, the shares of GRWG finished at $4.26, up 12.07% in the past month. GRWG stock is down 67.36% year to date, with a 52-week price range of $3.42-$44.00. According to CNN Business analysts, GRWG stock has a 12-month median price target of $6.25 per share. This would forecast a 47.06 percent increase over the last transaction price of $4.26.

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Ancillary Cannabis Stocks And Investing In July 2022

A company’s financial reports and news announcements are important places to start if you want to determine whether an asset is a suitable fit for your portfolio and trading strategy. Understanding technical indicators and chart patterns may improve your ability to make market decisions. The recent market volatility in marijuana in July may have presented an opportunity for seasoned traders. In 2022, a number of things might ignite the cannabis stock market. The price of marijuana stocks might significantly change in the near future depending on whether federal cannabis legalization legislation is passed. These cannabis-related stocks may now be some of the best to add to your watchlist.

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