Top 4 Undervalued Stocks to Watch in 2024

Smart investors are always trying to get the best possible deal on whatever security or asset they are buying. The better the deal, the higher the chance of generating a substantial ROI. To do so, we use a wide array of tools to try and analyze today's top undervalued stocks. Within this report you'll find 4 stocks selling below intrinsic value with growth potential.

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March Sales Top $288M In Another Record-Breaking Month For Michigan Cannabis Industry

Patricio Liddle
April 12, 2024

Michigan’s cannabis industry achieved a new record in March, with sales soaring to approximately $288.8 million. This figure represents a remarkable 15.7% increase compared to March 2023’s total sales of about $249.7 million. 

A Closer Look At Sales Dynamics

According to Michigan's Cannabis Regulatory Agency statistical report, the dynamics of adult and medical cannabis sales between March 2023 and 2024 underwent notable shifts. Adult-use cannabis sales soared from approximately $239.9 to $286.8 million, marking an impressive yearly growth of nearly 19.6%.

Conversely, medical cannabis sales experienced a drastic downturn, plunging from around $9.8 to $2.1 million, a fall of approximately 79.1%. This stark highlights the growing consumer tilt in preferences towards the adult-use market.

Interested in the latest cannabis policy updates? Join us at the highly-anticipated Benzinga Cannabis Capital Conference in Florida this April 16-17.

Factors Driving Growth

The remarkable growth in March is mainly attributed to the licensing of 31 new dispensaries earlier in the year, according to Crain's Detroit, enhancing consumer access. This expansion, along with fewer than 10% of communities permitting sales suggests untapped potential for further growth. Despite predictions of market saturation, the continued increase in sales indicates the market has not yet reached its peak.

Comparison With Other States

Projected to surpass last year’s total of $3.1 billion, Michigan’s cannabis industry is on an upward trajectory, with expected sales exceeding $3.1 billion this year. In contrast, established markets like Colorado and Washington are experiencing a downturn, highlighting Michigan’s robust growth amid a national trend of slowing sales.

The impending launch of legal recreational sales in Ohio’s cannabis market poses a significant challenge for Michigan, with up to 30% of border dispensary sales coming from Ohioans, as noted by Crain's Detroit. With the adult-use market being the primary engine of growth in the U.S. cannabis industry, Michigan’s sustained growth is a testament to its potential.

The Benzinga Cannabis Capital Conference is returning to Florida at a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.

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