2 Top Canadian Marijuana Stocks To Add To Your September Watchlist
A good amount of marijuana stocks are still dealing with the up and down trading that’s taking place. Now even with some cannabis stocks showing good entry levels investors want to see a bigger rise in the sector. From November 2020 through the first month and a half of 2021, many cannabis stocks were able to see a consistent climb in trading.
During this time many cannabis companies would see nice recoveries after dipping in the market. In fact, at this time some marijuana stocks would dip and recover to new highs. Yet right after the middle of February, the entire sector began to lose a large amount of its upward momentum. From this downtrend, many cannabis companies also lost the consistency they once had. But even with the market side of the sector down the progress outside of the market for most of the companies continued to take place.
Yet this progress has not resonated in the market the same way it used to before mid-February. Now it seems that the only real catalyst for the sector is ending cannabis prohibition. When news is released about further progress on federal cannabis reform it most times has helped some cannabis stocks climb.
Cannabis Industry And Market Updates
For many who work in the cannabis industry federal reform is the last major hurdle for the US cannabis industry. This would allow for business deals to take place that were once federally illegal. With federal reform in place, some feel it will be will what’s needed to see a big run in the sector. Yet there is no way to know for sure but hopes remain high for the future trading of marijuana stocks and the growth of the industry. For now many are keeping watch to see what changes will occur as more people are looking to invest in cannabis.
Canadian Marijuana Stocks To Watch In 2021
- Canopy Growth Corporation. (NASDAQ:CGC)
- Cronos Group Inc. (NASDAQ:CRON)
Canopy Growth Corporation
Canopy Growth Corporation is said to be one of the top Canadian marijuana stocks to watch. The company together with its subsidiaries engages in the production, distribution, and sale of cannabis and hemp-based products for recreational and medical purposes primarily in Canada, the United States, and Germany. It operates through two segments, Global Cannabis, and Other Consumer Products.
The company’s products include dried cannabis flowers, oils, and concentrates, and soft gel capsules. During the first week of August, the company released its first-quarter fiscal 2021 financial results. In this, time Canopy maintained the #1 market share1 in tracked Canadian recreational cannabis market. As well the company also achieved 23% revenue growth in Q1 2022 versus Q1 2021.
Words From The Company
“With the right strategy and strong foundation in place we are confident in our ability to deliver long-term success as Canopy’s products and brands continue to demonstrate their appeal to consumers in our core markets,” said David Klein, CEO, Canopy Growth. “While we’re encouraged by regulatory advancement in the U.S., Canopy is not waiting as we continue to scale our business on both sides of the border with an exciting product pipeline planned for the coming quarters.”
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CGC Stock Performace And Market Update
In the last 4-6 weeks of trading CGC stock has been on a volatile downtrend. Even before the start of August right before the end of July, the company was losing its upward momentum. Now from the 4th to the 10th of August CGC stock started to show some upward trading. But this climb was short-lived. The rest of August CGC stock has had issues rising back up. But with the company still yielding positive operational results it’s possible to see this top Canadian marijuana stock rise once more.
Cronos Group Inc.
Cronos Group Inc. operates as a cannabinoid company. It manufactures, markets, and distributes hemp-derived supplements and cosmetic products through e-commerce, retail, and hospitality partner channels. In the company’s most recent update Cronos Group and Ginkgo Bioworkds have achieved an equity milestone in partnership.
This is for being able to produce cultured cannabinoids. Using Ginkgo’s platform for organism design and development, Cronos Group has successfully achieved the productivity target for cannabigerolic acid. Which will support the Cronos Group’s planned CBG product launch this fall.
Words From The CEO
“As leading companies in our respective industries, Cronos Group and Ginkgo are uniquely positioned to elevate the cannabis industry through cannabinoid and product innovation to unlock the next generation of its potential,” said Kurt Schmidt, President and CEO of Cronos Group. “Ginkgo’s platform enables companies across a multitude of industries to reach their customers with better products. We are proud to use our combined capabilities to make the benefits of cannabinoids more accessible to consumers.”
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CRON Stock Performance And Market Update
From the middle of July CRON stock was facing a bit of up and down trading. But still was able to sustain a decent market-level towards the close of the month. However, at the start of August CRON stock started to lose its momentum. CRON stock from the 10th of August to the 20th saw a significant drop in trading. Although since then a small bit of momentum has helped the marijuana stock. Hopefully with a new month soon to start things will soon start to recover for CRON stock.
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