Top Canadian Pot Stocks For Your List Right Now

Which marijuana stocks should you buy in May 2023? Due to the stock market’s significant volatility, long-term investments may be more challenging in 2023. Investors typically use short-term trading to make money in these turbulent times. If the cannabis industry grows in the second quarter, cannabis companies may benefit.

In general, as more companies are established, more products are produced, and the sector matures, the Canadian cannabis market is anticipated to grow dramatically. However, the industry has challenges like regulatory compliance, supply chain issues, and black-market rivalry. The US cannabis sector is also projected to expand in the upcoming years as more states allow cannabis use for both medical and recreational uses. Cannabis usage for recreational reasons was legal in 19 states and 38 states for medical as of February 2023, respectively. This pattern is expected to continue when more states review their legalization laws.

At the present time, the most volatile penny stocks on the market are some of the largest cannabis companies.  A penny stock is any share of stock sold for less than $5. These cannabis penny stocks are well known for having significant daily and monthly price volatility. In addition, taking advantage of the lower price points, many experienced traders are currently opening positions in some of the best penny marijuana stocks. Some of these stocks have recently posted double-digit percentage returns, which has benefited cannabis investors eager to participate in these high-risk/high-reward transactions. Let’s look more closely at 2 of the top marijuana stocks listed in Canada.

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2 Top Canadian Cannabis Stocks To Watch In May

  1. Canopy Growth Corporation (NASDAQ: CGC)
  2. Tilray Brands, Inc. (NASDAQ: TLRY)

Canopy Growth Corporation

Canopy Growth is a well-known producer of cannabis and cannabis-derived products in Canada. The main markets for the company’s hemp- and cannabis-based goods are 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, to broaden the range of products it sells in Canada. The company has launched Whisl, a cutting-edge CBD vape that can help you maintain control of your mood all day.CGC marijuana stocks

Canopy reported net revenue of $101 million for the third quarter of fiscal 2023, a 28% drop from the third quarter of fiscal 2022. The primary factors contributing to the loss were the sale of C3 Cannabinoid Compound Company GmbH (“C3”), a fall in our U.S. CBD sales, growing competition for adult-use cannabis in Canada, a decline in our U.S. CBD sales, and subpar performance from This Works and Storz & Bickel. The third quarter of FY2023 experienced a 23% drop 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.

For the fiscal year 2023, the company wants to improve its standing in Canada’s high-end industries. Additionally, the business plans to sell its goods overseas, primarily to Canadian leisure businesses. After subtracting US-related expenses, the company believes these steps will provide positive Adjusted EBITDA in FY2024.

CGC Stock Performance

CGC stock closed at $1.22 on May 10th, down 23.75% in the past month of trading. Currently, the stock has a 52-week price range of $1.18-$6.2090, down 47.19% year to date. According to analysts at CNN Business, CGC stock has a 12-month median price target of $1.77 per share. In this case, this estimate would be a 48.60% increase from its last trading price of $1.22.

[Read More] Cannabis Stocks To Watch Now? 3 US Pot Stocks For May 2023

Tilray, Inc.

Tilray, Inc. is a cannabis consumer packaged goods (CPG) company with operations in South America, Europe, Australia, and the United States. Due to its dominance in the Canadian market, the corporation has positioned itself as one of the most successful cannabis businesses worldwide. Tilray has grown its company by breaking into the American market. The first company to cultivate and market medical marijuana in Germany was Tilray. According to the company, meals and beverages containing CBD are especially well-liked in the US and Canadian markets. Also, 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 in the second quarter of fiscal 2023 or $157.6 million in constant currency. In addition, Tilray also made $25.4 million in free cash flow and $29.2 million in operating cash flow. For the fifteenth straight quarter, the company earned positive Adjusted EBITDA. Also, Tilray continues to dominate the European marijuana market for medical and recreational purposes. Overall, the gross profit climbed by 22% year on year to $40.1 million. The adjusted gross margin stayed at 29% compared to last year.

TLRY Stock Performance

On May 10th, the shares of TLRY closed at $2.75, up 0.36% in the past month of trading. Overall, the 52-week price range for the stock is $2.17-$5.17 and is up 2.23% year to date. According to CNN Business experts, TLRY stock has a 12-month consensus price objective of $3.00 per share. This represents a 9.29 percent increase over the last trading price of $2.75.

[Read More] The Best 2 Marijuana Stocks To Watch In 2023

Canadian Pot Stocks For May 2023 Watchlist

Overall, cannabis stocks might be an attractive short-term investment because of the high market volatility. It is considered that marijuana stocks have a higher risk-to-reward ratio. You should conduct your research on the company before investing. Corporate press releases and financial reports can help you find the top companies in any industry. Your trading outcomes could improve by using technical indicators and understanding more about chart patterns. With the help of today’s top Canadian marijuana stocks, investors can brace themselves for increased volatility in 2023.

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