Top Canadian Marijuana Stocks For March 2023
Are you trying to find the best marijuana stocks for March? As additional companies and products are introduced and as the industry develops, it is anticipated that the Canadian cannabis market will grow even more. Nonetheless, the industry must contend with regulatory compliance, supply chain problems, and black-market rivalry.
Some of the largest cannabis companies presently have the most volatile penny stocks. A penny stock is any share of stock that is offered for sale for less than $5. These cannabis penny stocks may present an opportunity due to their well-known high daily and monthly price volatility. Cannabis investors ready to participate in these high-risk/high-reward transactions have benefited from some of these stocks’ recent double-digit percentage returns.
Federal banking and cannabis reform legislation may make some progress in 2023, despite numerous setbacks in 2022. Taking advantage of the lower price points, many seasoned traders are currently opening positions in some of the top penny marijuana stocks. Examine three of the top Canadian marijuana stocks for the third week of March in more detail.
Best Canadian Cannabis Penny Stocks
- Neptune Wellness Solutions Inc. (NASDAQ: NEPT)
- Cronos Group Inc. (NASDAQ: CRON)
- HEXO Corp. (NASDAQ: HEXO)
Neptune Wellness Solutions Inc.
Last year, Neptune Wellness Solutions Inc. merged entirely with a company producing consumer goods. The business will offer a selection of CBD-infused drinks in the US, including flavored teas and lemonades. Neptune is transitioning from a large consumer goods company to a B2B hemp and cannabis extraction enterprise. Currently, the business offers its customers cannabis, nutraceuticals, cosmetics, personal care products, organic food, beverages, and cannabis. The organization promoted Jessica Adkins to Senior Vice President of Corporate Communications in October. Neptune expanded their December Mood Ring product line in Ontario and Alberta to include pre-rolls.
Net sales for the fiscal second quarter of 2023 revenue totaled $12 million, down from $12.5 million for the same period last year. Nevertheless, the fiscal year’s second quarter saw a gross profit of $1.1 million as opposed to a $(1.2) million loss in the same quarter the previous year. The company’s net loss during the second quarter increased from $12.1 million in the comparable first quarter of fiscal 2022 to $37.3 million. The annual revenue of Vital Sprout increased by 19% to $8.4 million.
NEPT Stock Performance
NEPT stock closed at $0.5001 on March 10th, down 16.65% in the last month of trading. The stock has a 52-week price range of $0.23-$10.85 and is up 58.71% year to date.
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Cronos Group Inc.
With operations on five continents, Cronos Group Inc. is one of the largest cannabis distributors in the world. The Cronos-run cannabis businesses have received nothing but praise from Canadian consumers. Cronos also revealed that it spent $110.4 million to purchase a 10.5 percent stake in PharmaCann. The legalization of marijuana by the US government will impact the purchase, among other things. The arrangement would apply to PharmaCann’s six production facilities and 23 dispensary locations. Earlier this year, the business unveiled a new line of cannabis candies in two flavors. Adult customers enjoy these particular treats, according to a survey. In June, the company teamed up with Geocann to use the VESIsorb delivery technology for faster absorption.
Cronos’ net revenue increased by $0.5 million to $20.9 million in the third quarter of 2022. The gross profit rose by $1.9 million to $1.2 million in the third quarter of 2022. The main drivers of the increase year over year were rising cannabis flower sales in Israel, a wide selection of cannabis extract products with greater profit profiles than other product categories, and falling cannabis biomass prices. Also, from Q3 2021 to Q3 2022, Adjusted EBITDA grew by $25.1 million to $(21.7) million. The company reported that in January 2023, the award-winning Spinach® brand of gummies sold the most edibles in Canada and had a 15.8% market share of the entire edibles category.
CRON Stock Performance
On March 10th, CRON stock closed at $1.93, with a 52-week price range of $1.90-$4.31. According to CNN Business analysts, CRON stock has a 12-month consensus forecast price target of $2.56 per share. This projection represents a 32.64 increase from the stock’s most recent trading price of $1.93.
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HEXO Corp.
Several accolades have been given to Canadian company HEXO Inc. for their cannabis products. The company offers a wide range of brands to the Canadian leisure industry and has a global footprint. HEXO offers a range of pharmaceutical products in Israel, Malta, and Canada. The company has also been increasing its market share in the American marijuana industry. Truss CBD USA, a partnership between HEXO and Molson Coors, provides service to Colorado. The business recently acquired Zenabis Global Inc., a licensed cultivator of cannabis for both medical and recreational use in Canada. Both contracts will aid HEXO’s upcoming US, Canada, and Europe growth.
The first quarter financial results for HEXO’s fiscal 2023 were made public in December. For the quarter, the company’s Adjusted EBITDA loss was $(0.6) million. The improvements totaled $6.9 million and $11 million in the fourth and first quarters of FY22. In contrast 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, the company recorded a total net loss before taxes of $(57.1) million in the first quarter of 23. The company reported Q1’23 net revenues of $35.8 million, a decrease of 29% and 16%, respectively, from Q1’22 net revenues of $50.2 million and Q4’22 net revenues of $42.5 million.
Moreover, HEXO used a wholly owned subsidiary to buy its first American manufacturing facility. In the 50,000-square-foot plant in Fort Collins, Colorado, premium goods will be made and distributed nationwide. HEXO unveiled five new cannabis strains on January 9 under the market-dominating Redecan and Original Stash Brands. In February, HEXO launched improved inhalation technology and boosted manufacturing of its well-liked Straight Edge pre-rolls.
HEXO Stock Performance
On March 10th, HEXO closed at $1.41, down 2.08% percent in the last month of trading. The stock is presently trading in a 52-week price range of $0.901-$10.50, up 39.60% year to date. According to CNN Business experts, HEXO stock has a 12-month average price objective of $1.56 per share. This would be a 10.64 percent increase from the last transaction price of $1.41.
Canadian Pot Stocks To Watch In March
Finding the top cannabis companies on the market might be made simpler by looking at their financials and press releases. Numerous seasoned investors actively trade short-term positions in the top cannabis stocks to benefit from the current market volatility. Use chart patterns and technical indicators to ascertain the ideal entry points and take-profit zones before establishing a position. You can increase your chances of closing a profitable deal by actively seeking favorable setups. These might be some of the top cannabis penny stocks to watch in 2023, given the high volatility of the most well-known Canadian marijuana companies.
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