Top Canadian Cannabis Stocks For Q1 2023
Are you searching for the best marijuana stocks for January? The marijuana industry had a significant decline because cannabis banking was excluded from the federal funding package passed by Congress in 2022. A second attempt to pass the law was attempted during the lame-duck session, but it was unsuccessful. Congress’s resistance to lifting the federal prohibition on cannabis has caused the industry substantial damage.
In recent years, the cannabis market has grown significantly, and this trend is expected to continue. Many people believe that marijuana has numerous therapeutic and recreational uses and has the potential to grow into a very lucrative industry. Since recreational marijuana use became legal in Canada in 2018, the cannabis industry has been steadily developing. Regulations for the production, delivery and retail sale of cannabis products are set forth by Health Canada, which also supervises the enterprise. The industry has created a lot of jobs and has the potential to greatly strengthen the country’s economy.
When the market declines, cannabis investors may have a great buying opportunity. In order to profit from the current volatility, many cannabis investors are actively trading marijuana stocks using short-term trading tactics. However, certain cannabis ventures can pay out in the long run. Even if recessions occur, the cannabis market could see significant growth. Let’s look at 3 top Canadian cannabis stocks to watch In January.
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Canadian Cannabis Stocks For Your Watchlist
- Village Farms International, Inc. (NASDAQ: VFF)
- SNDL Inc. (NASDAQ: SNDL)
- Organigram Holdings Inc. (NASDAQ: OGI)
Village Farms International, Inc.
Village Farms International, Inc. and its subsidiaries cultivate, sell, and distribute greenhouse-grown tomatoes, bell peppers, and cucumbers throughout North America. The business also conducts CBD and cannabis-related business in the US and Canada. One of the biggest cannabis businesses in North America is Pure Sunfarms, a fully-owned subsidiary of Village Farms. A delta two greenhouse with a cannabis production license has been granted to Pure Sunfarms, doubling its output capacity. At www.villagefarms.com, Village Farms introduced a brand-new website and logo last year.
Village Farms released its third quarter 2022 financial results in November. Sales decreased by (2)%, from $72.4 million to $71.1 million. As opposed to a net income of $0.8 million, or $0.01 per share, the firm recorded a consolidated net loss of $8.7 million, or $0.10 per share. In comparison to a favorable adjusted EBITDA of $6.9 million in the third quarter of 2021, Village Farms’ overall adjusted EBITDA was negative ($2.2 million). The total net sales of the cannabis sector rose 14% year over year to $35.5 million, or 50% of Village Farms’ total revenue. Starting in 2023, Village Farms International will start sending marijuana to Israel.
VFF Stock Performance
VFF stock closed at $1.54 on January 19th, up 7.69% in the last month of trading. Currently, the stock has a 52-week price range of $1.211-$6.55 and is up 14.92% year to date. According to analysts at CNN Business, VFF stock has a 12-month median price target of $4.50 per share. In this case, this would represent an upside of 192.21%.
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Sundial Growers Inc.
In Canada, SNDL Inc. manufactures, distributes, and sells cannabis products. Cannabis activities and retail operations are the two main sections of the organization. Through corporate-owned and franchised retail cannabis businesses, it operates in the manufacture, distribution, and sale of cannabis for adult use markets and the private selling of cannabis for recreational purposes. Additionally, the company manufactures and markets inhalable goods like flower, pre-rolls, and vapes. Under the brand names Top Leaf, Sundial Cannabis, Palmetto, and Grasslands, it sells its goods.
Net revenue for the company reached a record $230.5 million in the third quarter of 2022, an increase of 3% sequentially and 1,501% annually from $14.4 million in the third quarter of 2021 and $223.7 million in the second quarter of 2022. For the third quarter of 2022, SNDL reported a net loss of $98.8 million, primarily because of non-cash impairment losses of $86.5 million and adjustments to estimates of the fair value of derivative warrants of $8.5 million. Adjusted EBITDA for the third quarter of 2022 was $18.3 million, up 169% and 74% from the second and third quarters of 2022 and 2021, respectively.
SNDL Stock Performance
SNDL stock closed at $2.22 on January 19th, up 7.69% in the past month of trading. The stock has a 52-week price range of $1.96-$8.91 and is up 14.93% year to date. According to analysts at CNN Business, SNDL stock has a 12-month consensus price target of $3.44 per share. In this case, this would represent an increase of 53.23% from its last trading price of $2.22.
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OrganiGram Holdings Inc.
OrganiGram Holdings Inc. is well-known for the cannabis- and cannabis-derived product lines it offers. The company is renowned for producing top-notch marijuana that may be smoked recreationally and for therapeutic purposes. In order to strengthen its position in the international cannabis industry, Organigram is extending its most crucial foreign contacts. The wholesale cannabis distribution market is expanding rapidly for the company. The premium addition to Organigram’s SHRED product line, SHRED’ems Gummies, is currently offered. The Edison JOLTS are also the nation’s first delicious, potent THC edible extracts.
OrganiGram’s Q4 fiscal 2022 data show that net revenues increased at a record rate and hit $45.5 million, a record high for the business. This represents an increase of 19% over Q3 Fiscal 2022’s $38.1 million and 83% over the $24.9 million from the same quarter a year earlier. Additionally, Adjusted EBITDA1 was $3.2 million, the third consecutive quarter with positive Adjusted EBITDA, as opposed to $4.8 million in negative Adjusted EBITDA at the same time the previous year. In the fiscal year 2022, the company’s net sales increased by 84 percent, from $79.2 million to $145.8 million. OrganiGram’s fiscal 2021 loss was $27.6 million despite their adjusted EBITDA1 being $3.5 million.
OGI Stock Performance
OGI stock closed at $0.9220 on January 19th, up 8.98% in the past month of trading. The stock has a 52-week price range of $0.70-$1.87 and is up 15.25% year to date. According to analysts at CNN Business, OGI stock has a 12-month median price target of $1.39 per share. In this case, this would represent an upside of 49.28% from its last trading price of $0.9220.
Canadian Pot Stocks For 2023 Trading
The value of these marijuana stocks in 2023 could rise as a result of a number of expected events in the coming months. Finding the top cannabis companies on the market might be made simpler by looking at their financials and press releases. Many seasoned traders are aggressively making short-term bets in the top cannabis companies in an effort to profit from the recent market volatility. Technical indicators and chart patterns are utilized to select the ideal parameters before opening a position. You can increase your ability to complete profitable transactions by actively looking for favorable possibilities. These might be some of the top cannabis penny stocks to watch in the cannabis business, given the volatility of the main marijuana companies this month.
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