7 Marijuana Penny Stocks to Take Seriously in 2023

The marijuana sector has witnessed tremendous growth in recent years. In fact, newfound support has allowed cannabis companies to gain access to capital, which has helped fuel further growth. Additionally, as more and more states legalize cannabis, the market will only get bigger. One way to capitalize on the sector is by investing in marijuana penny stocks, which allows investors to gain exposure to this rapidly growing industry without putting up a lot of capital.

With all of this positive momentum, it seems safe to say that the best is yet to come for the marijuana sphere and the companies involved. Thanks to continued research and advocacy, it is very likely that the cannabis sector will continue to thrive in the years to come. Some of the most promising marijuana stocks took a hammering at the stock market last year and now trade in marijuana penny stock territory.

HITI	High Tide	$2.33
PLNHF	Planet 13 Holdings	$1.42
MRMD	Marimed	$0.52
OGI	OrganiGram	$1.19
CRLBF	Cresco Labs	$3.80
SNDL	SNDL. Inc.	$3.13
JUSHF	Jushi Holdings	$2.18

Marijuana Penny Stocks: High Tide (HITI)

High Tide (NASDAQ:HITI) is a leading cannabis retail company with a strong international presence. The company operates in Canada, Europe, the United States, and other countries worldwide. It’s been on a tear lately, thanks partly to its strong focus on building up its THC and CBD brands. This has helped to diversify the company’s revenue stream immensely, and we believe it should continue to pay off in the future. Moreover, the firm has been delivering double-digit growth across its top line over the past several quarters, a testament to its superior execution.

The company has already built up strong brand equity and, with its active merger and acquisitions policy, expects to close out the year with at least 150 retail locations in Canada. While it is mainly focused on Ontario at the moment, it is also looking to enter the British Columbian market in the near future. This expansion should help to drive even more growth for High Tide making it a stock worth watching closely.

Marijuana Penny Stocks: Planet 13 Holdings (PLNHF)

Planet 13 Holdings (OTCMKTS:PLNHF) is a leading Nevada-based cannabis grower and dispensary operator. Thanks to its innovative growing and retailing methods, the company has earned a reputation for high-quality products and exceptional customer service. It is a robust presence in the Las Vegas strip, where it operates massive superstores where customers can pick up top-selling cannabis products. Over the past couple of years, though, it has suffered due to the drop in tourist volumes in the strip due to the pandemic. However, the situation has improved immensely. A record 5 million passengers traveled through Las Vegas airport in October.

With its strong presence in Nevada and increasing foothold in California, Planet 13 is well-positioned to become a major player in the burgeoning US cannabis market. As the cannabis industry continues to evolve, Planet 13 is poised to remain a leading player for years to come.

Marijuana Penny Stocks: Marimed Inc. (MRMD)

Marimed Inc. (OTCMKTS:MRMD) is a small but rapidly growing medical marijuana company. Though it has a market cap of $176.4 million at this time, it is laying the foundation for up to $500 million in annual revenues. Its robust operating structure and stellar track record of growing its sales make it a highly attractive bet at current prices.

MariMed has multiple dispensaries in some of the most attractive states in the U.S. However, it’s still not operating at full capacity, with plans to open up several dispensaries next year. Adding new stores positions the company incredibly well for the future with significant upside potential. Moreover, the firm is already EBITDA profitable, which is a rare sight for cannabis businesses.

OrganiGram Holdings (OGI)

OrganiGram Holdings (NASDAQ:OGI) is a leading medical and adult recreational cannabis provider. It boasts an incredibly diverse portfolio of brands that have recently gained immense traction. Moreover, its expertise in inorganic expansion has helped grow the business remarkably. Also, it has a remarkably strong balance sheet, where its cash balance dwarfs its total debt burden.

Recent results from the firm have been spectacular, where it’s generated over 120% growth in sales in the past five years. Despite the weaknesses in the market this year, it has performed remarkably well, generating over 84% year-over-year revenue growth. With its quality fundamentals and significant expertise in expansion, OrganiGram will continue to grow in the years to come.

Cresco Labs (CRLBF)

Cresco Labs (OTCMKTS:CRLBF) is a leading vertically integrated cannabis company based in Chicago. It’s grown its business at a superb pace growing its sales with stellar profitability margins. Its colossal footprint has increased its sales volume and market share in multiple states across the U.S.

The company is in the process of executing a mega-takeover of Columbia Care, which is a cannabis company that is based in New York. If the takeover goes through, Cresco Labs could have the largest footprint of all vertically integrated businesses in the marijuana sector. The potential for profits exists because of the increased revenue and marketing presence that will come with the consolidation of the two companies. For Cresco Labs to realize these potential profits, management must effectively absorb Columbia Care in growing the firm’s overall revenue base.

SNDL Inc. (SNDL)

This company (NASDAQ:SNDL) was once a popular meme stock and used its status to grow its operations. It is now the top distributor of cannabis and liquor in the Great White North, with over 350 retail outlets.

With its massive cash infusion, SNDL has significantly expanded its operations resulting in fantastic revenue growth in recent quarters. In its third quarter, its cannabis retail segment brought in $66.2 million, a 985% increase from the prior year. Moreover, adjusted EBITDA for the period shot up 74%, narrowing its EBITDA loss to $0.6 million. Moreover, its balance sheet is incredibly strong, putting it in an advantageous position when economic conditions improve.

Jushi Holdings (JUSHF)

Jushi Holdings (OTCMKTS:JUSHF) is a cannabis company quickly making a name for itself as a leading multi-state operator (MSO). The company has seen triple-digit sales growth over the past few years and is on track to set a new sales record in 2022. Jushi has achieved this impressive growth by expanding its operations into new states, increasing its product offerings, and investing in marketing and advertising.

It’s been aggressively expanding its presence in the Virginia market by opening up new retail locations and acquiring other businesses, such as NuLeaf, to expand its presence in the state. This move puts Jushi in a prime position to benefit from the substantial growth expected from the Virginia market, which will legalize recreational cannabis in 2024. Additionally, the firm has multiple key assets in other states, such as Ohio, Massachusetts, and Nevada. Thanks to these intelligent investments, Jushi is poised for success in the rapidly growing cannabis industry.

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Read More: Penny Stocks — How to Profit Without Getting Scammed

On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines