Top Marijuana Stocks To Watch Now In February
Are you trying to find the top marijuana stocks to purchase in February? As of 2022, the value of the stocks of Canadian cannabis companies has significantly decreased. Many cannabis stocks just dropped to new lows in December 2022. New investors who are interested in the marijuana industry might want to start looking for companies to invest in for 2023. Several well-known Canadian cannabis companies are trading at penny stock levels as the US continues to put off banking and cannabis federal regulation.
Congress is now delaying the federal cannabis reform and SAFE Banking laws, which has had a detrimental impact on the cannabis sector. The Senate has, in fact, disregarded marijuana legalization for a second consecutive year. Due to the significant volatility of the best cannabis stocks to purchase, many cannabis investors have begun short-term trading. Active traders generally use day trading and swing trading strategies to profit from marijuana stocks. The cannabis sector may experience rapid growth despite potential recessions. Let’s examine 2 of the best pot stocks to watch in Canada now that they are more affordable.
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Best Canadian Marijuana Penny Stocks 2023
- Cronos Group Inc. (NASDAQ: CRON)
- HEXO Corp. (NASDAQ: HEXO)
Cronos Group Inc.
Cronos Group Inc. is one of the largest cannabis distributors in the world, with operations spread across five continents. Customers in Canada have solely praised the cannabis businesses operated by Cronos. Cronos also revealed that it spent $110.4 million to purchase a 10.5 percent stake in PharmaCann. Among other things, the US government’s legalization of marijuana will affect the purchase. The arrangement would also apply to PharmaCann’s six production facilities in addition to its 23 dispensary locations. Earlier this year, the business unveiled a new line of cannabis candies in two flavors. According to a survey, these particular treats are unquestionably favored by adult customers. The business teamed up with Geocann in June to use the VESIsorb delivery technology for faster absorption.
Net revenue for Cronos 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 improvement year over year were rising cannabis flower sales in Israel, a wide variety of cannabis extract products with greater profit profiles than other product categories, and falling cannabis biomass prices. Furthermore, compared to Q3 2021, Q3 2022’s Adjusted EBITDA improved by $25.1 million to $(21.7) million. The company declared in February that the award-winning Spinach® brand of gummy, 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 13th, CRON stock closed at $2.29, with a 52-week price range of $2.24-$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 29.10% increase from the stock’s most recent trading price of $2.29.
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HEXO Corp.
The Canadian company HEXO Corp.’s cannabis products have won numerous awards. The company now has a considerable global presence because of its varied brand portfolio, which serves the Canadian leisure sector. HEXO sells a lot of medical goods in Israel, Malta, and Canada. The business has also been expanding its presence in the US marijuana market. Colorado is served by Truss CBD USA, a joint venture between HEXO and Molson Coors. Zenabis Global Inc., a licensed grower of cannabis for both medical and recreational purposes in Canada, was recently bought by the business. Both agreements will support HEXO’s future expansion in the US, Canada, and Europe.
HEXO disclosed its financial results for the first quarter of its fiscal 2023 in December. The company’s Adjusted EBITDA loss for the quarter was $(0.6) million. The fourth and first quarters of FY22 had improvements of $6.9 million and $11 million, respectively. The company reported a total net loss before tax 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. In comparison 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.
Additionally, HEXO used a fully owned subsidiary to buy its first American production facility. The 50,000-square-foot plant in Fort Collins, Colorado, will produce high-quality goods that will be sold all across the nation. Five new cannabis strains were launched by HEXO on January 9 under the market-dominating Redecan and Original Stash Brands.
HEXO Stock Performance
On February 13th, HEXO closed at $1.37, down 6.16% percent in the last month of trading. The stock is presently trading in a 52-week price range of $0.901-$10.50, up 35.64% year to date. According to CNN Business experts, HEXO stock has a 12-month average price objective of $2.05 per share. This would be a 47.82 percent increase from the last transaction price of $1.37.
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Top Canadian Cannabis Penny Stocks For Mid-February
Several expected occurrences in the next months could increase the value of these marijuana stocks in 2023. Examining their financials and press releases could make it easier to identify the top cannabis businesses on the market. In an effort to benefit from the recent market volatility, many seasoned traders are aggressively making short-term bets in the leading cannabis stocks. Before initiating a position, use technical indicators and chart patterns to choose the best parameters for entry and exit. By actively seeking out advantageous arrangements, you can improve your capacity to close profitable deals. Given the volatility of the major cannabis companies this month, these might be some of the top penny stocks to follow in the industry.
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