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2 Cannabis Stocks To Watch In October 2023

Are these cannabis stocks on your mid-October 2023 watchlist?

cannabis stocks

The legal cannabis industry has witnessed significant growth and transformation over the past few years. As an increasing number of countries and states move to decriminalize or legalize the use of cannabis for medicinal or recreational purposes. This evolving legal landscape has paved the way for the emergence of a multi-billion dollar industry. This makes up a wide range of businesses from cultivation and processing to distribution, retail, and ancillary services. As public perception shifts and the potential therapeutic benefits of cannabis continue to be researched and recognized, the industry is set to play a pivotal role in the global economy.

Cannabis stocks represent companies that operate within this burgeoning sector. These range from growers and producers of the plant to biotech firms specializing in cannabis-based medical treatments. As well as companies offering ancillary services such as hydroponics or lighting systems tailored for cannabis cultivation. Given the industry’s relative nascence, it’s not uncommon for these stocks to exhibit volatility, with prices influenced by regulatory news, individual state or country legalizations, and broader market sentiment.

Investing in cannabis stocks requires careful consideration and research. As with any emerging market, the cannabis industry has its inherent risks, largely stemming from regulatory uncertainties and the potential for market oversaturation. However, many investors are drawn to the potential for high returns, given the industry’s expansive growth projections. For those considering diving into this sector, it’s crucial to stay updated on legal shifts, understand individual company business models, and diversify investments to mitigate risks. That being said, here are two marijuana stocks to check out in the stock market this week.

Cannabis Stocks To Invest In [Or Avoid] Right Now

Green Thumb Industries (GTBIF Stock)

Leading off, Green Thumb Industries Inc. (GTBIF) is a leading national cannabis consumer packaged goods company and retailer. The company manufactures and distributes a portfolio of branded cannabis products including flowers, concentrates, edibles, and topicals. With a wide-reaching presence, Green Thumb Industries operates numerous retail stores across the U.S.

Earlier this month, Green Thumb Industries announced plans to disclose its financial results for the third quarter of 2023 on Wednesday, November 8, after the market closes. The company will also host a conference call and audio webcast at 5:00 p.m. Eastern Time/4:00 p.m. Central Time on the same day.

Year-to-date, shares of GTBIF stock have increased by 15.99% so far. Meanwhile, as of Monday’s end of the day, Green Thumb Industries stock closed the day down by 1.03% at $9.65 a share.

[Read More] 2 Dow Jones Industrial Average Stocks For Your Mid-October 2023 Watchlist

Curaleaf Holdings (CURLF Stock)

Next, Curaleaf Holdings Inc. (CURLF) stands as one of the largest vertically integrated cannabis companies in the U.S. Curaleaf offers a range of high-quality products, including edibles, tinctures, and vape oils. Their network encompasses cultivation sites, processing facilities, and dispensaries distributed throughout multiple states.

Last week, Curaleaf Holdings reported that they will unveil their financial and operational results for the third quarter, which concluded on September 30, 2023, after the market closes on November 9, 2023. The company, recognized as a leading international provider of consumer products in the cannabis sector, also plans to conduct a conference call and audio webcast at 5:00 p.m. ET that same day.

In 2023 thus far, shares of CURLF stock are down modestly by 0.25% year-to-date. Meanwhile, as of Monday’s closing bell, Curaleaf stock finished the day down by 2.51% at $3.96 a share.

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By Jonathan Phillip

Jonathan Phillip is an up and coming financial contributor in the stock market today. He's found a strong niche in writing about true growth industries. His main focus for the last 5 years has been on the cannabis industry and marijuana stocks. He is one of the top contributors to cannabis media outlets like MarijuanaStocks.com. He also is head of social media management for StockMarket.com.

Since an early age, Jonathan has been an active member of the cannabis culture. Coming from Miami, Florida, he's been able to identify emerging trends in the space including the emergence of cannabis derivatives, vapes, e-liquids, wax, and more. His ability to identify emerging niches has afforded him the ability to source valuable information from top industry names.

Jonathan has also managed to build a strong social media presence for companies. He has worked with hundreds of public companies to develop a digital presence. As an active blogger and social media influencer, his focus is on lifestyle segments of the market. You can find Jonathan reporting on anything from industry conferences and investor events to corporate disclosures and cannabis market movers.

Since the early days of marijuana companies going public, Jonathan has made it a point to find information before the crowd. The main target of his writing is on undiscovered or under-researched companies that could hold true, lasting market potential. Through his research, Jonathan has managed to be one of the early writers to identify the opportunity of cannabis over other things like alcohol and he was one of the first reporters to cover the multi-billion dollar deals that materialized in 2017 and 2018. He has also covered the emergence of multi-state operators in the U.S. after Canada paved the way in late 2018 and 2019 for legalization in North America.

Jonathan is also an active member of the underground hip-hop scene. He has worked with some of the biggest names in the rap community while also gaining valuable insight from top producers and business moguls focused on moving brands forward. In his free time, Jonathan builds social communities and continues to hone his skills as a leading financial writer.

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