Best Cannabis Stocks For March 2023
Are you trying to find the top marijuana stocks to invest in before March? As of 2022, the value of the stocks of Canadian cannabis companies and related businesses has significantly decreased. Several cannabis stocks just hit fresh lows in December 2022. For new investors interested in the marijuana industry, it would be a good idea to start looking for companies to invest in for 2023. Some well-known Canadian cannabis businesses are trading at prices equivalent to penny stocks while the US continues to put off federal banking and cannabis legislation.
Congress is now delaying the federal cannabis reform and SAFE Banking laws, which has had a detrimental impact on the cannabis sector. Despite this, there have been numerous developments in the cannabis sector that are still happening. The administration’s efforts to alter the “failed approach” to federal marijuana regulation were lauded in an executive order signed last week by President Joseph Biden. The executive order does not directly advance any administrative cannabis changes but promotes equity throughout federal agencies and the White House.
Several cannabis investors have started short-term trading due to the high volatility of the best cannabis stocks to buy. To make money on marijuana stocks, active traders typically employ day trading and swing trading tactics. Even though there can be more downturns in the future, the cannabis market might expand during the next five years. Let’s take a deeper look at 2 of the top Canadian marijuana stocks to watch before March now that they are more affordably priced.
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Top Canadian Cannabis Stocks For List Now
- HEXO Corp. (NASDAQ: HEXO)
- Cronos Group Inc. (NASDAQ: CRON)
HEXO Corp.
HEXO Inc., a Canadian company, has won numerous awards for its cannabis products. The company has a substantial global footprint thanks to its diverse brand portfolio, which serves the Canadian leisure market. HEXO sells various medicinal items in Israel, Malta, and Canada. Also, the business has been growing its market share in the US marijuana market. Truss CBD USA, a joint venture between HEXO and Molson Coors, serves Colorado. Zenabis Global Inc., a licensed grower of cannabis for both medical and recreational use in Canada, was recently bought by the corporation. Both agreements will support HEXO’s future US, Canada, and Europe expansion.
The financial information for the first quarter of HEXO’s fiscal 2023 was made public in December. The company’s Adjusted EBITDA loss for the quarter was $(0.6) million. The fourth and first quarters of FY22 had improvements totaling $6.9 million and $11 million, respectively. The company reported a total net loss before taxes of $(57.1) million in the first quarter of 23 as opposed to net losses before taxes of $(106.2) million in the fourth quarter of 22 and $(117.4) million in the first quarter of 22. Compared to Q1’22 net revenues of $50.2 million and Q4’22 net revenues of $42.5 million, the company recorded Q1’23 net revenues of $35.8 million, a decline of 29% and 16%, respectively.
Furthermore, HEXO purchased its first US manufacturing site through a completely owned subsidiary. High-quality products will be produced at the 50,000-square-foot Fort Collins, Colorado, facility and distributed nationwide. On January 9, HEXO introduced five new cannabis strains under the market-leading Redecan and Original Stash Brands.
HEXO Stock Performance
On February 22, HEXO closed at $1.70, up 13.30% percent in the last month of trading. The stock is presently trading in a 52-week price range of $0.901-$10.50, up 68.32% year to date. According to CNN Business experts, HEXO stock has a 12-month average price objective of $2.04 per share. This would be a 21.35 percent increase from the last transaction price of $1.70.
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Cronos Group Inc.
Cronos Group Inc. is one of the world’s leading cannabis distributors, operating on five continents. Consumers in Canada have only applauded the Cronos-run cannabis enterprises. Cronos also disclosed that a 10.5 percent stake in PharmaCann cost $110.4 million. The purchase will be impacted, among other things, by the US government’s legalization of marijuana. Together with its 23 dispensary locations, PharmaCann’s six production facilities would also be covered by the agreement. The company introduced a new line of cannabis candy earlier this year in two flavors. According to a survey, these specific delicacies are undoubtedly liked by adult clients. In June, the company partnered with Geocann to employ the VESIsorb delivery technology for quicker absorption.
In the third quarter of 2022, Cronos’ net revenue climbed by $0.5 million to $20.9 million. Additionally, in the third quarter of 2022, the gross profit increased by $1.9 million to $1.2 million. Rising cannabis flower sales in Israel, a wide range of cannabis extract products with higher profit profiles than other product categories, and declining cannabis biomass prices were the key factors behind the gain year over year. Moreover, Q3 2022’s Adjusted EBITDA increased by $25.1 million to $(21.7) million from Q3 2021. In February, the firm announced that the award-winning Spinach® brand of gummies, which sold the most edibles in Canada in January 2023, had a 15.8% market share of the whole edibles category.
CRON Stock Performance
On February 22nd, CRON stock closed at $2.17, with a 52-week price range of $2.13-$4.31. According to CNN Business analysts, CRON stock has a 12-month consensus forecast price target of $2.95 per share. This projection represents a 35.94 increase from the stock’s most recent trading price of $2.17.
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Best Canadian Pot Stocks To Watch Before March
Many events predicted to occur in the coming months may raise the value of these marijuana stocks in 2023. Finding the top cannabis companies on the market might be made simpler by looking at their financials and press releases. Several seasoned traders are actively placing short-term wagers in the top cannabis companies in an effort to profit from the recent market turbulence. Use technical indicators and chart patterns to determine the ideal entry and exit criteria before starting a position. You can increase your ability to close successful deals by aggressively looking for favorable arrangements. These might be some of the top Canadian penny pot stocks to watch in the cannabis sector, given the volatility of the leading cannabis companies this month.
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