Top Marijuana Stocks To Watch In Today’s Cannabis Sector
With the increase in demand for legal marijuana finding ways to invest in the cannabis industry has become more popular. Many want to take advantage of an emerging industry that has people talking. The way most have been investing in cannabis has been through marijuana stocks. If you are not familiar with pot stocks they are publicly traded cannabis companies. The upside to publicly traded companies is anyone can invest in them.
Now before starting your investing journey, there are some things to know. Initially, you should learn about the sector and create a watchlist of possible marijuana stocks to buy. Once you have made your list start to research these companies and see which ones hold the most value. Learn about each company and find out all you can. Things like how their business is run and what new projects are they working on. Not always but when a company does well as a business it can resonate in the market helping with how the company trades.
A large amount of marijuana stocks trade with unpredictable patterns. What this means is at any time a company can either trade up or down depending on the situation. As well you should strategize and have a plan that acts as a guideline for how you invest. When you have a trading plan it can be an advantage when investing in top marijuana stocks. The companies below are some marijuana stocks to watch as the sector tries to build up more momentum.
Top Marijuana Stocks For Your 2023 Watchlist.
- Aurora Cannabis Inc. (NASDAQ:ACB)
- Village Farms International, Inc. (NASDAQ:VFF)
- Canopy Growth Corporation (NASDAQ:CGC)
Aurora Cannabis Inc.
Aurora Cannabis Inc. together with its subsidiaries, produces, distributes, and sells cannabis and cannabis-derivative products in Canada and internationally. It operates through three segments: Canadian Cannabis, European Cannabis, and Plant Propagation. In recent news, the company announced that it has repurchased an aggregate of approximately $12.3 million (US$9.0 million) principal amount of its convertible senior notes.
This was done in multiple transactions between August 16 and September 8, 2023, at a total cash cost of $12.3 million. Which also included an accrued interest, satisfied by the issuance of an aggregate of ~20.1 million common shares of Aurora. Following the completion of these repurchases, Aurora will have approximately $53 million (US$39 million) of Notes outstanding.
Words From The Company
“As of today, Aurora has reduced its convertible debt from US$345 million to below US$39 million,” stated Aurora’s CEO Miguel Martin, “With one of the strongest balance sheets of the Canadian LPs evidenced by our net cash position and continued commitment to prudent fiscal management, we are confident in our ability to achieve our target of positive free cash flow within the calendar year 2024.”
Village Farms International, Inc.
Village Farms International, Inc. together with its subsidiaries, produces, markets, and sells greenhouse-grown tomatoes, bell peppers, and cucumbers in North America. It operates through four segments: Produce, Cannabis-Canada, Cannabis-U.S., and Energy.
Recently the company announced the transition of Pure Sunfarms leadership. Orville Bovenschen, Chief Operating Officier, Pure Sunfarms appointed president. Now Mandesh Dosanjh will step down and will assume a transitional advisory role.
Words From The CEO
“Orville takes on leadership of Pure Sunfarms as we are executing our strategy to meet the evolving preferences of the cannabis market in pursuit of being the long-term, profitable market leader,” said Michael DeGiglio, CEO of Village Farms. “Orville has a strong track record of delivering operational efficiency and has led multiple initiatives that have improved quality and consistency across all Pure Sunfarms’ brands.”
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.
It operates through two segments, Global Cannabis and Other Consumer Products. Back on September 14th, the company announced that it had ceased funding BioSteel Sports Nutrition Inc. including a potential sale of the business unit.
Recent Transformation Plan Highlights
- Since July 1, 2023, reduction of the Company’s overall debt by approximately CAD $349 million, with further reductions totaling approximately CAD $95 million expected over the next two quarters1.
- Agreement to sell Hershey Drive facility for CAD $53 million. Upon the completion of the sale, Canopy Growth will have sold a total of seven properties for an aggregate gross amount of approximately CAD $155 million since April 1, 2023.
- Achieved cost reduction of CAD $47 million in Q1 FY2024, bringing total cost reductions to CAD $172 million since the beginning of FY2023.
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