Cannabis stocks are gaining more and more reputation in the market. Many companies are developing amazing products for either medicinal or recreational use. Either way it benefits the company’s growth, reputation and attractiveness to investors. Here are the three best cannabis stocks to buy in December
Leafly (LFLY)
Leafly Holdings (NASDAQ:LFLY), a major player in the cannabis industry, is recognized for its role as a go-to platform. They pride themselves in their ability to connect cannabis enthusiasts with retailers and licensed brands.
In its recent third-quarter financial report, Leafly showed revenues of $10.6 million. This was down slightly from the prior year, but exhibited improved financial discipline by reducing operating expenses by 33% to $10.9 million. Despite a net loss of $2.2 million in Q3 2023, the company maintained stability with $14.5 million in cash, excluding restricted funds.
A notable achievement for them, is the recognition of Permanent Marker as Leafly’s 2023 Strain of the Year. This indica-dominant hybrid, known for its vibrant buds and potent THC levels, has quickly become a favorite. The hybrid went from being sold in 10 stores to 587 in one year.
Leafly’s strain of the year award carries significant weight in the industry. It is influencing market trends, consumer preferences, and Permanent Marker’s track record points to a lasting impact.
Its success goes beyond strains, the company was awarded “Best Cannabis Technology Platform: B2C” at the Benzinga Cannabis Awards. This achievement cemented the company’s status as a pioneer in cannabis technology.
Another contribution to its operational efficiency is its expanded partnership with GetGreenline ULC in Canada. This collaboration streamlines processes for Canadian cannabis operators by integrating Leafly’s pickup and delivery orders seamlessly into Greenline’s point-of-sale system.
This integration provides real-time menu synchronization, unified sales data and enhanced order management. These innovations all help to increase efficiencies for cannabis retailers.
OrganiGram (OGI)
OrganiGram Holdings (NASDAQ:OGI), a major player in the Toronto-based cannabis industry, has been making waves as an attractive investment option. Recently, the company reported a notable increase in recreational net revenues. The company reached $92.5 million for the nine months ended May 31, 2023.
This success is attributed to a 7% growth in the Canadian recreational business in the second quarter. All of this was driven by strong hashish sales and a resurgence in flower sales. Impressively, they secured the No. 3 position in national market share. OrganiGram maintained it through June with a 6.7% share and excelling in specific product categories.
In their pursuit of innovation, they launched a range of THCV products derived from whole flowers through popular brands such as SHRED and Trailblazer. The company’s commitment to differentiating user experiences led it to obtain exclusive rights in Canada to Phylos THCV cultivars. These cultivars offer unique strains known for their high THCV concentrations.
The relaunch of Trailblazer further positions Organigram to connect with an important consumer segment that represents substantial market potential.
Looking ahead, Organigram is poised for growth by converting its grow rooms with custom-designed F1 hybrid seeds. The company aims to achieve low-cost production of terpene-rich, high-potency cultivars. These innovations will help curb cultivation costs and improve efficiency.
Philip Morris (PM)
Philip Morris International Inc (NYSE:PM) stands out for its recent financial success in the third quarter of 2023. Its reported earnings per share (EPS) of $1.32 and adjusted earnings per share of $1.67 reflect impressive currency-neutral growth of 20.3%. Looking ahead, PMI sets ambitious targets for the full year, anticipating continued growth in the range of 10.0% to 10.5%.
Beyond the financial data, they are making waves in the tobacco sector by submitting innovative applications to the United States Food and Drug Administration for their IQOS ILUMA heated tobacco products.
Furthermore, these products, unlike traditional cigarettes, heat the tobacco instead of burning it. AS a result, the end product is a substantial reduction of harmful constituents. IQOS ILUMA has gained popularity among adult smokers around the world. Furthermore, this highlights improved consumer satisfaction.
It is not limited to financial success; it is committed to sustainability. Verification of its Forest, Land and Agriculture (FLAG) emissions reduction targets by the Science Based Targets initiative underscores PMI’s dedication to reducing greenhouse gas emissions associated with land use.
Its science-based targets, which aim for zero net emissions by 2040, set a high standard for environmental responsibility within the industry.
Moreover, the company’s goal of reducing absolute Scope 3 emissions related to forestry, land and agriculture by 33.3% by 2030 is in line with leading practices. This commitment reflects PMI’s broader pledge to achieve net zero emissions in line with a 1.5 degree scenario.
As of this writing, Gabriel Osorio-Mazzilli did not hold (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.