Marijuana Stocks In 2021 And Market Performance
Will top marijuana stocks continue to see upward momentum in May? In the last week of April, some of the best cannabis stocks to invest in have begun to climb higher in the market. After the cannabis sector showed declines for March and April many leading pot stocks are at price points that could see gains in the future. For those investors looking to start a position, it could be time to put some top marijuana stocks on your watchlist.
One area that suffered substantial losses is Canadian cannabis stocks in 2021. At the beginning of 2021 Canadian marijuana stocks rallied on the notion US cannabis reform could be around the corner. Now after months of nothing happening in the political arena these stocks have fallen to December 2020 trading levels. Because of this recent drop and the possibility that the US could implement cannabis reform this year the Canadian cannabis stocks could have a significant rally in 2021.
Canadian Market Growth In 2021
In Canada, sales grew 74% in February to $263 million. Also, Canadian cannabis companies have been growing their presence overseas expanding into those medical cannabis markets. In general, this has given these companies future growth potential in the cannabis industry. Additionally, most top Canadian cannabis companies have already established an entry into the US marijuana market.
Once the policy is changed on Capitol Hill most Canadian companies are in a position to take advantage of the growing market. With the intention of finding Canadian cannabis stocks that could have growth potential in the coming months, we can look deeper into some companies. As things progress in the US these companies could have substantial growth potential for the next few years. With this in mind, let’s take a look at 3 Canadian marijuana stocks for your May watchlist.
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Marijuana Stocks To Watch:
Canopy Growth Corporation
One Canadian cannabis company that could be considered a gauge for how the Canadian market is performing is Canopy Growth Corporation. The company is a leader in both the medicinal and recreational cannabis markets offering an assortment of high-quality products. For some history, Canopy is backed by one of the largest beverage suppliers Constellation Brands, Inc. (NYSE: STZ). In essence, this investment has helped propel Canopy to the top of the Canadian cannabis market. In the company’s Q3 fiscal 2021 results the company saw a record net revenue of $153 million up 23% versus Q3 2020.
The company also expects to become profitable in 2022 giving Canopy a leading role in the Canadian market. In April the company has made some significant moves in the Canadian and US markets. In Canada Canopy entered an agreement to acquire Supreme Cannabis Company, Inc. (OTC: SPRWF) in a deal valued at $435 million. Also, in the US the company inked a distribution agreement with Southern Glazer’s Wine & Spirits for its CBD infused beverage portfolio.
CGC stock has seen declines for the month of April. In fact, in the past 30 days, the stock has lost 15.14% in trading. Closing April at $26.95 the stock is up 9.38% year to date. According to analysts at CNN Business CGC stock has a 12-month median price forecast of $$31.16. This would be a 15.58% increase from current trading levels. With this in mind, CGC stock could be a top Canadian marijuana stock to watch for next week.
As the deal between Tilray, Inc. and Aphria Inc. (NASDAQ: APHA) is approved a new Canadian powerhouse will take the top spot as a cannabis revenue producer. Once the companies merge the company will run under the Tilray banner being led by Aphria management. At the present time, Tilray has been the better performer out of the two with 2020 full fiscal year revenue of $210.5 million increasing by 26% compared to 2019. Currently, Tilray has a global presence with its brand in 1319 stores globally. In 2021 Tilray has also become one of the first cannabis companies to gain approval to ship medical cannabis products to Spain.
On April 27th Tilray was named to Time’s list of the 100 most influential companies making an impact across the world. At the present time, TLRY stock is down 16.79% in the last 30 days closing last week at $18.34 per share. With a high in February of $67.00, the stock is up 122.03% year to date. According to analysts at Tip Ranks TLRY stock has a 12-month average price target of $24.29. In essence, this would be a gain of 32.44% from current levels. For this reason, TLRY stock is a top Canadian pot stock to watch in May.
HEXO Corp. has established its presence in the global market as a consumer-packaged good cannabis company. Currently, the company has been expanding its distribution lines that will deliver new Hexo products to the market in 2021. In the company’s most recent financial Hexo reported Q2 and fiscal 2021 total revenue of C$32.8 million. This is an increase of 94% for the same period in 2019. At the current time, Hexo maintains the number one position in the infused beverage category. Last month Hexo established a partnership with Molson Coors to launch a line of cannabis-infused beverages under the name Truss Beverages Co.
HEXO stock is up 82.61% year to date with a high of $11.04 back in February trading. Closing on April 30th at $6.72 the stock gained 3.70% in trading for the day. According to analysts at CNN Business HEXO stock has a 12-month median price target of $7.90 per share. This would be an increase of 17.53% from current trading levels. As Canadian marijuana stocks continue showing some of their lowest trading levels in 2021 These could be the best cannabis stocks to buy in May.
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