2 Canadian Marijuana Stocks You Should Trade?
When it comes to investing in marijuana stocks in 2023 it’s different than once before. Specifically, the trading average and upward consistency are almost nonexistent as it once was. Now when new sectors emerge it can have this type of effect where excitement and speculation can carry the market. This is what essentially happened to marijuana stocks over the last several years. Back in 2018-2019, the level of momentum and upward trading was immense.
Meaning if there was a decline of any kind during this time most of the sector would have strong recoveries. Yet as time went on this consistency died down. From 2020 to now in 2023 the trading average of the cannabis sector has dropped down. Now the level in which most of the sector is trading could be seen as a chance to find marijuana stocks to buy. Some feel that the lack of federal reform and the failed attempts to establish such legislation has been the main cause of this volatile decline.
Still, great success and progress are happening outside of the market. The cannabis industry has whole is growing and developing day by day. So for those who are looking to invest in cannabis marijuana stocks could be the easier way to do so. Below are a few marijuana stocks to watch if you are looking to invest in legal cannabis.
Top Marijuana Stocks To Watch
- Tilray Brands, Inc. (NASDAQ:TLRY)
- Aurora Cannabis Inc. (NASDAQ:ACB)
Tilray Brands, Inc.
Tilray Brands, Inc. engages in the research, cultivation, production, marketing, and distribution of medical cannabis products in Canada, the United States, Europe, Australia, New Zealand, Latin America, and internationally. In the company’s most recent news, the reported its Q2 fiscal year 2023 financial results.
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- Strong financial position with $433.5 million in cash and marketable securities.
- Maintained #1 leadership position in Canada with 8.3% cannabis market share.
Beverage-alcohol sales increased 56% to $21.4 million, over the prior-year quarter, including revenue from acquisitions.
- Gross profit rose to $40.1 million, a 22% increase, year over year. Adjusted gross margin held at 29% compared to the year-ago quarter.
- Cannabis gross profit increased 37% to $18.6 million from $13.5 million in the prior year’s quarter, while the gross margin percentage increased to 37% from 23%.
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Aurora Cannabis Inc.
Aurora Cannabis Inc. together with its subsidiaries, produces, distributes, and sells cannabis and cannabis-derivative products in Canada and internationally. The company produces, distributes, and sells medical and consumer cannabis products in Canada.
In recent news, the company announced it will host a Q2 fiscal year 2023 investors conference call. The conference call is set for Thursday, February 9, 2023, at 5:00 p.m. Eastern Time | 3:00 p.m. Mountain Time. The Company will report its financial results for the second quarter of the fiscal year 2023 after the close of markets that same day.
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