Top Cannabis Stocks For March Watchlist
In March 2023, which marijuana stocks should you buy? In 2023, severe stock market volatility can make it more challenging to make long-term investments. Investors frequently employ short-term trading to generate money in these difficult situations. When the market picks up steam in the first quarter, cannabis stocks may profit from this recovery.
Further growth in the Canadian cannabis industry is anticipated as more brands and products are created and as the sector continues to mature. Yet, the industry still has to deal with obstacles like supply chain problems, regulatory compliance, and black-market rivalry.
Also, there has been a recent wave of industry consolidation, with many sizable mergers and acquisitions among the most prominent cannabis producers. As the market develops and businesses seek to acquire a competitive edge through scale and efficiency, it is anticipated that this tendency will persist.
In general, some of the biggest cannabis companies have some of the most volatile penny stocks. A penny stock is any share of stock that is offered for sale for less than $5. These cannabis penny stocks are renowned for having high daily and monthly price volatility. Cannabis investors who are prepared to take part in these high-risk/high-reward transactions have benefited from the double-digit percentage returns that some of these stocks have recently experienced.
Federal banking and cannabis reform legislation may still be passed in 2023 after several setbacks in 2022. Taking advantage of the lower price points, many seasoned traders are currently opening positions in some of the greatest penny marijuana stocks. As we start March, look closer at 2 of the top Canadian marijuana stocks for March.
[Read More] The Best Marijuana Stocks For Your 2023 Portfolio
Top Canadian Cannabis Stocks March 2023
- Canopy Growth Corporation (NASDAQ: CGC)
- Tilray Brands, Inc. (NASDAQ: TLRY)
Canopy Growth Corporation
Canopy Growth, one of the biggest manufacturers of cannabis and products made from it, is well-known across Canada. The US, Canada, and Germany are the main 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, to broaden the selection 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 company. 
Canopy reported net revenue of $101 million for the third quarter of fiscal 2023, a 28% drop from the third quarter of fiscal 2022. In addition, the sale of C3 Cannabinoid Compound Company GmbH (“C3”), a drop in our U.S. CBD sales, increasing competition for adult-use cannabis in Canada, a reduction in our U.S. CBD sales, and weaker results from This Works and Storz & Bickel are the main causes of the loss. The third quarter of FY2023 experienced a 23% decrease in revenues compared to the third quarter of FY2022 when the effects of the sales of C3 and our Canadian retail company were taken into consideration. The company’s net loss increased by $151 million from Q3 FY2022 to Q3 FY2023, principally due to non-cash fair value adjustments, an increase in asset impairment costs, and restructuring costs.
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, mainly to Canadian leisure enterprises. After deducting US-related expenses, the Company anticipates these actions will result in positive Adjusted EBITDA in FY2024.
CGC Stock Performance
CGC stock closed at $2.25 on March 1st, down 26.95% in the past month of trading. Currently, the stock has a 52-week price range of $2.09-$8.79, down 2.60% year to date. According to analysts at CNN Business, CGC stock has a 12-month median price target of $2.03 per share. This estimate would be a 9.96% decline from its last trading price of $2.25.
[Read More] Best Cannabis Stocks To Buy In March? 3 Ancillary Stocks To Watch
Tilray, Inc.
Tilray, Inc. is a cannabis CPG company operating in South America, Europe, Australia, and the United States. Being a market leader in Canada, the company has developed a reputation as one of the most successful cannabis businesses worldwide. Tilray is preparing to enter the American market to expand its business. Tilray was the first business to grow and sell medical marijuana in Germany. According to the company, the US and Canadian markets are particularly popular for foods and drinks containing CBD. Tilray and Great North Distributors’ partnership in 2021 aims to speed up the growth of Canada’s legal marijuana market.
For the second quarter of fiscal 2023, Tilray reported net revenue of $144.1 million, or $157.6 million, when measured in constant currency. Tilray also produced $29.2 million in operating cash flow and $25.4 million in free cash flow. The company also produced positive Adjusted EBITDA for the fifteenth straight quarter. Tilray still commands the largest market share in Europe for medical and recreational marijuana. The gross profit climbed by 22% to $40.1 million from the prior year. The adjusted gross margin stayed at 29% as compared to the same quarter the previous year.
TLRY Stock Performance
On March 1st, the shares of TLRY closed at $2.75, down 17.42% in the past month of trading. The 52-week price range for the stock is $2.52-$9.08 and is up 2.23% 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 24.09 percent increase over the last trading price of $2.75.
[Read More] Top Marijuana Stocks To Buy? 3 To Watch In March
Top Canadian Pot Stocks For March 2023
Due to the high level of market volatility, cannabis stocks may be a better short-term investment. Cannabis stock volatility has a higher risk-to-reward ratio. Before investing, you should do your research on the company. One could discover the top companies in a specific industry by studying a company’s press releases and financial records. In general, your trading results could be enhanced by using technical indicators and understanding more about chart patterns. These are the top Canadian marijuana stocks to watch right now, as they will help investors prepare for increased volatility in 2023.
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