Last week, Canadian marijuana stocks were under pressure because of worries connected to multiple provinces not prepared for recreational marijuana on July 1, 2018. Though this weakness is alarming, we believe the legislation will be approved by the deadline. Though, if provinces are not prepared, recreational sales will start with direct orders to licensed Canadian producers.
Here are three licensed Canadian cannabis producers and their most recent update following last week.
Canopy Growth: Reports Earnings Ahead Of The Open
Canopy Growth Corp. (WEED.TO) (TWMJF) Is set to report first quarter financials pre-market today and we anticipate the licensed marijuana producer to report robust figure In comparison to its previous quarter. Canopy growth is the biggest cannabis producer in Canada and is connected to a number of quickly growing marijuana markets in the world.
Organigram: Potential Acquisition Target?
Organigram Holdings (OGI.V) (OGRMF) is a distinctive marijuana investment opportunity as it is the sole licensed medical cannabis producer in the New Brunswick province. The shares have eased from its highs last month and have declined more than 10% from those price levels.
The company has a market cap just under $250 million and is one of the smallest licensed medical marijuana producers in Canada. Organigram recently reported feeble third quarter financial results and this had weighed the shares down. The company is seeking to be an acquisition target for marijuana producers like Aurora or Canopy Growth
With a market cap below $250 million, Organigram is one of the smallest licensed medical marijuana producers in Canada (by market cap). The cannabis producer reported weak third quarter financial results and this has put pressure on the shares. Organigram looks to be an acquisition candidate for cannabis producers like Canopy Growth or Aurora Cannabis (ACB.TO) (ACBFF) because of its strategic location and striking valuation.
DOJA: IPO Does Not Meet Expectations.
DOJA Cannabis Company (DOJA.CN) (DJACF) was not able to break the streak of weak Canadian marijuana IPOs as the offering failed to live up to the expectations. On Wednesday DOJA begin trading and at first were getting a positive response and hit a high of $0.99 after opening at $0.75. Shortly after the stock dropped closing below the offering price. It did not get better from there as over the next two trading days, the trading volume dropped as the shares remained weighed down. The stock is currently trading at $0.62 following a 10% fall last Friday as we are watching this closely to see how DOJA will trade this week.
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