Best Canadian Cannabis Stocks 2023
Which marijuana stocks should you buy in April 2023? Due to the significant volatility of the stock market in 2023, long-term investments may be more challenging. Short-term trading is a popular tactic investors use to make money under these challenging circumstances. If the market picks up steam in the first quarter, cannabis companies could profit from this resurgence.
As more companies and products are produced, and the sector matures, significant growth in the Canadian cannabis market is projected. Yet, the industry faces regulatory compliance, supply chain issues, and black-market competition challenges. In addition, as more states authorize cannabis usage for both medical and recreational uses, it is projected that the US cannabis sector will develop over the following years. As of February 2023, 19 states and 38 states, respectively, had legalized the use of cannabis for recreational reasons. This pattern is expected to persist as more states explore their legalization laws.
Some of the market’s most volatile penny stocks are held by some of the biggest cannabis companies. A penny stock is any share of stock that is offered for sale for less than $5. These cannabis penny stocks, in particular, are renowned for having high daily and monthly price volatility. Cannabis investors eager to participate in these high-risk/high-reward transactions have benefited from some of these equities’ recent double-digit percentage returns. Many seasoned traders are currently opening positions in some of the best penny marijuana stocks, taking advantage of the cheaper price points. Let’s look closer at 2 of the top marijuana penny stocks on your list.
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Best Canadian Cannabis Stocks April 2023
- Canopy Growth Corporation (NASDAQ: CGC)
- Cronos Group Inc. (NASDAQ: CRON)
Canopy Growth Corporation
Canopy Growth, one of the leading makers of cannabis and goods manufactured from it, is well-known across Canada. The US, Canada, and Germany are the key markets for the company’s hemp- and cannabis-based products. Canopy and Southern Glazers Wine & Spirits will start selling CBD-infused alcoholic beverages in the US in 2021. Canopy purchased Supreme Cannabis Company, Inc., a high-end cannabis company, in order to increase the assortment of goods it offers for sale in Canada. Whisl, a cutting-edge CBD vape that can help you keep control of your mood all day, has been introduced by the firm.
For the third quarter of fiscal 2023, Canopy reported net revenue of $101 million, a 28% decrease from the third quarter of fiscal 2022. The sale of C3 Cannabinoid Compound Company GmbH (“C3”), a decline in our U.S. CBD sales, increasing competition for adult-use cannabis in Canada, a drop in our U.S. CBD sales, and unsatisfactory performance from This Works and Storz & Bickel were the main drivers of the loss. When the consequences of the sales of C3 and our Canadian retail company were taken into account, the third quarter of FY2023 saw a 23% decline in revenues compared to the third quarter of FY2022.
The corporation wants to strengthen its position in Canada’s high-end industries for the fiscal year 2023. The company also intends to sell its products abroad, mostly to Canadian leisure enterprises. The business anticipates that these actions will result in positive Adjusted EBITDA in FY2024 after excluding US-related charges.
CGC Stock Performance
CGC stock closed at $1.52 on April 12th, down 25.85% in the past month of trading. Currently, the stock has a 52-week price range of $1.51-$7.04, down 34.20% year to date. According to analysts at CNN Business, CGC stock has a 12-month median price target of $1.91 per share. This estimate would be a 25.14% increase from its last trading price of $1.52.
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Cronos Group Inc.
Cronos Group Inc. is one of the biggest cannabis distributors in the world, with operations spread across five continents. Canadian customers have nothing but admiration for the cannabis enterprises run by Cronos. Cronos also disclosed that a 10.5 percent stake in PharmaCann cost $110.4 million. The US government’s legalization of marijuana will affect purchases, among other things. 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 particular sweets are undoubtedly popular among adult clientele. In June, the company partnered with Geocann to employ the VESIsorb delivery technology for quicker absorption.
In comparison to Q4 2021, Cronos’ produced net revenue fell by $2.9 million to $22.9 million in Q4 2022. Moreover, Q4 2022’s gross profit of $(0.2) million decreased from Q4 2021’s gross profit by $2.2 million. In Full-Year 2022, the company generated Net Revenue of $91.9 million, an increase of $17.5 million from Full-Year 2021. Full-Year 2022’s gross profit of $12.0 million increased from Full-Year 2021 by $29.5 million.
The Spinach® brand maintained its organic market share growth in Canada’s edibles category during the fourth quarter of 2022. According to Hifyre data, during the fourth quarter of 2022, Spinach® edibles had a market share of about 15.9%, which increases to about 20.9% within the gummy category. Also, five SOURZ by Spinach® candies were among the top-10 selling SKUs in Canada based on market share. According to research from Hifyre, Spinach® was the top edible brand in Canada as of January 2023.
CRON Stock Performance
On April 12th, CRON stock closed at $1.82, with a 52-week price range of $1.80-$3.616. According to CNN Business analysts, CRON stock has a 12-month consensus forecast price target of $2.83 per share. In this case, this projection represents a 55.34 increase from the stock’s most recent trading price of $1.82.
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Trading Canadian Pot Stocks For April 2023
At the present time, several upcoming developments in the upcoming months may raise the value of these marijuana stocks in 2023. In addition, by reviewing their financials and press announcements, you may find out which cannabis businesses are the best. In an effort to profit from the current market turmoil, a number of seasoned investors are actively exchanging short-term stakes in the leading cannabis companies. Before taking a position, use technical indicators and chart patterns to determine the ideal entry points and take-profit zones. By actively seeking out favorable setups, you can improve your capacity for closing profitable agreements. Because of their infamous volatility, the most well-known Canadian marijuana stocks to watch in 2023.
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