3 To Watch Now Best Canadian Cannabis Stocks For 2023
The stock market’s excessive volatility may make long-term investing more difficult in 2023. Investors frequently turn to short-term trading as a strategy to profit in these trying times. Cannabis stocks could benefit from this rebound as the market gains momentum in February. The most volatile penny stocks on the market include some of the biggest cannabis companies. Any share of stock that is sold for less than $5 is referred to as a penny stock.
Particularly these cannabis penny stocks are well known for having significant daily and monthly price volatility. A number of these equities have recently had double-digit percentage returns, which has benefited cannabis investors who are ready to participate in these high-risk/high-reward transactions.
Despite multiple failures in 2022, federal banking and cannabis reform legislation may still be passed in 2023. 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 more closely at three of the top marijuana penny stocks on your list as we get closer to mid-February.
Best Canadian Marijuana Stocks To Watch Now
- Canopy Growth Corporation (NASDAQ: CGC)
- Tilray Brands, Inc. (NASDAQ: TLRY)
- Village Farms International, Inc. (NASDAQ: VFF)
Canopy Growth Corporation
Canopy Growth Corporation One of the largest producers of cannabis and goods derived from it, Canopy Growth, is well-known throughout Canada. The company’s hemp- and cannabis-based goods are mostly sold in the US, Canada, and Germany. Beginning in 2021, Canopy and Southern Glazers Wine & Spirits will offer CBD-infused alcoholic beverages for sale in the US. Canopy acquired Supreme Cannabis Company, Inc., a premium cannabis business, in order to increase the variety of products it sells in Canada. The business has unveiled Whisl, a cutting-edge CBD vape that can assist you in maintaining control of your mood all day. The Martha Stewart CBD subsidiary increased its supply of Tropical CBD Wellness Gummies in March.
In the third quarter of fiscal 2023, Canopy reported net revenue of $101 million, a 28% decrease from the third quarter of fiscal 2022. The loss is principally caused by increased competition in the Canadian market for adult-use cannabis, the sale of C3 Cannabinoid Compound Company GmbH (“C3”), and a decline in our U.S. CBD sales, and softer
performances from This Works and Storz & Bickel. When the effects of the sale 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. A $151 million rise in net loss from Q3 FY2022 to Q3 FY2023 was recorded by the company, which was primarily due to non-cash fair value adjustments, an increase in asset impairment expenses, and restructuring expenditures.
For the fiscal year 2023, the company hopes to improve its standing in Canada’s high-end industries. Additionally, the business plans to market its goods overseas, mostly to Canadian leisure businesses. After subtracting US-related expenses, the company predicts that these activities will produce positive Adjusted EBITDA in FY2024.
CGC Stock Performance
CGC stock closed $2.28 on February 10th down 5% in the past month of trading. Currently, the stock has a 52-week price range of $2.09-$9.24 down 1.30% year to date. According to analysts at CNN Business CGC stock has a 12-month median price target of $2.10 per share. This estimate would be a 8.30% decline from its last trading price of $2.28.
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Tilray, Inc.
Tilray, Inc. is a cannabis consumer packaged goods (CPG) company with operations in Latin America, Europe, Australia, and the United States. The corporation has established a reputation as one of the most prosperous cannabis businesses globally as a market leader in Canada. To grow its business, Tilray is getting ready to enter the US market. The first company to cultivate and market medical marijuana in Germany was Tilray. Foods and beverages containing CBD, according to the business, are particularly popular in the US and Canadian markets. The cooperation between Tilray and Great North Distributors in 2021 aims to hasten the expansion of Canada’s legal marijuana market. 
Tilray reported net revenue of $144.1 million for the second quarter of fiscal 2023 or $157.6 million on a constant currency basis. Additionally, Tilray generated $25.4 million in free cash flow and $29.2 million in operating cash flow. Additionally, the business generated positive Adjusted EBITDA for the 15th consecutive quarter. Tilray continues to hold the top market share position for both medicinal and recreational cannabis in Europe. Over the previous year, the gross profit increased by 22% to $40.1 million. Compared to the same quarter last year, the adjusted gross margin remained at 29%.
Words From The CEO
“During the second quarter, Tilray Brands took decisive, effective actions to manage operating cash flow and focus the business on accretive acquisitions and a path to long-term profitability. And we have certainly done so – even amid an evolving retail environment – by removing costs and driving efficiencies across the platform in the supply chain, procurement, packaging, and labor. We are close to achieving our increased annualized cost savings target of $130 million, consistent with our commitment to building a lean, efficient, and dynamic business that will realize tangible and immediate benefits as the market improves.”
Irwin D. Simon, Tilray Brands’ Chairman and Chief Executive Officer
TLRY Stock Performance
On February 10th the shares of TLRY closed at $2.84, up 11.79% in the past month of trading. The 52-week price range for the stock is $2.52-$9.08 and is up 5.58% year to date. According to CNN Business experts, TLRY stock has a 12-month consensus price objective of $3.40 per share. This represents a 19.72 percent increase over the previous trading price of $2.84.
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Village Farms International, Inc.
Village Farms International, Inc. In North America, greenhouse-grown tomatoes, bell peppers, and cucumbers are farmed, sold, and distributed by Village Farms International, Inc. and its affiliates. Additionally, the company operates in the US and Canada in relation to CBD and cannabis.
Pure Sunfarms, a wholly owned subsidiary of Village Farms, is one of the largest cannabis companies in North America. Pure Sunfarms has been given a delta 2 greenhouse with a cannabis production license, doubling its output capacity. Last year, Village Farms unveiled a brand-new website and logo at www.villagefarms.com.
In November, Village Farms announced its financial data for the third quarter of 2022. Overall sales dropped from $72.4 million to $71.1 million by (2)%. The company reported a consolidated net loss of $8.7 million, or $0.10 per share, as opposed to net income of $0.8 million, or $0.01 per share. Village Farms’ overall adjusted EBITDA was negative ($2.2 million) compared to a favorable adjusted EBITDA of $6.9 million in the third quarter of 2021. The cannabis industry contributed $35.5 million, or 50% of Village Farms’ overall revenue, an increase of 14% from the previous year. Israel will begin receiving marijuana shipments from Village Farms International in 2023.
VFF Stock Performance
VFF stock closed at $1.08 on February 10th down 22.86% in the last month of trading. Currently, the stock has a 52-week price range of $0.91-$6.55 and is down 19.40% year to date. According to analysts at CNN Business VFF stock has a 12-month median price target of $3.00 per share. In this case, this would represent an upside of 177.78%.
Top Pot Stocks To Watch Mid-February
Making long-term investments may be challenging for investors right now given how volatile the market is. Cannabis stocks’ high level of market volatility may make them a better short-term investment. Cannabis stocks are thought to have a higher risk-to-reward ratio. You should conduct your own research about the company before investing. Press releases and financial reports from a company may refer to the top firms in a particular industry. Using technical indicators and learning more about chart patterns could improve your trading outcomes. The best marijuana stocks to watch right now are those listed above, which will help investors get ready for further volatility in 2023.
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