2 Canadian Marijuana Stocks To Watch In 2023
A fair amount of marijuana stocks have shown better momentum over the last month. Some of this current trading can be attributed to speculation. Yes, when there is positive speculation inside the sector the idea of what may happen motivates some to get prepared. Yet this preparation took place back in 2022. Over the last year of trading marijuana stocks have shown a lack of upward consistency.
So during this time, there was a lot of up-and-down trading making it a good time to find top marijuana stocks to buy. Now things seem to be turning around for the sector based on the current trading. Still, no one knows how long this momentum will last which is why some shareholders are taking profits along the way. Nevertheless, the cannabis industry as a whole stands a good chance of seeing major changes.
Not just in the way some companies are expanding and bringing innovation to the industry but through better cannabis reform. Right now more than half of the United States has some type of legal market. Once more states vote to legalize cannabis it will create new markets and investment opportunities. The companies below are a few marijuana stocks as a better moment has entered the sector.
Top Marijuana Stocks To Watch Today
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 recent news, the company released its second quarter fiscal year 2023 financial results.
- 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.
- Achieved $119.6 million in annualized cash cost savings since the closing of the Tilray-Aphria transaction in May 2021, up from $108 million as of August 31, 2022.
- Adjusted EBITDA of $11.7 million, marking the 15th consecutive quarter of positive adjusted EBITDA.
[Read More] What Will We See In The Cannabis Industry 2023
Words From The Company
Irwin D. Simon, Tilray Brands’ Chairman, and Chief Executive Officer stated, “During the second quarter, Tilray Brands took decisive, effective actions to manage operating cash flow and focus the business on accretive acquisitions and a path to long-term profitability.
[Read More] 3 Marijuana Stocks To Buy At The End Of January
Canopy Growth Corporation
Canopy Growth Corporation 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.
Back on January 19th, the company announced it will release its third quarter fiscal 2023 financial results on February 9th. Following the release of its third quarter fiscal year 2023 financial results, Canopy Growth will host an audio webcast with David Klein, CEO, and Judy Hong, CFO on February 9, 2023, at 10:00 AM Eastern Time.
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