Best Canadian Marijuana Stocks To Watch Under $2

Investing In Cannabis For Short Term Gains In 2023

Are you trying to find the top cannabis stocks to watch in March? The marijuana industry had a dramatic decline due to cannabis banking’s exclusion from the federal funding package passed by Congress in 2022. The cannabis industry has expanded dramatically over the past several years, and this expansion is anticipated to continue. Many people believe that marijuana can be used for both medicinal and recreational purposes and that it has the potential to grow into a huge industry.

Trading cannabis penny stocks is one method cannabis investors are profiting from the current decline in the industry. Penny stocks are any shares of stock that are traded for less than $5. These marijuana stocks, renowned for their high market volatility, may offer substantial returns to short-term investors. One area that has the potential to grow significantly is the Canadian cannabis market. Several cannabis investors are actively trading marijuana stocks utilizing short-term trading strategies to benefit from the current volatility. Below is a list of the top marijuana stocks in Canada to watch this week in March.

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Top Canadian Marijuana Penny Stocks To Watch Right Now

  1. Aurora Cannabis Inc. (NASDAQ: ACB)
  2. HEXO Corp. (NASDAQ: HEXO)

Aurora Cannabis Inc.

Aurora Cannabis Inc. is a Canadian company that cultivates and exports medical marijuana to countries all over the world. To gain entry into the US cannabis industry, the company purchased Reliva, a company that manufactures CBD in the country. Three more San Rafael ’71 cultivars have been added to the Aurora stock. The business sent marijuana to Israel for $8 million. The company expanded its market dominance in Germany in May by opening its first production and manufacturing facility with EU-GMP accreditation.ACB

The company reported total net revenue of $61.7 million during the second quarter of Fiscal 2023 on February 9. In comparison to the prior quarter’s net revenue of $49.3 million and the same time the year before, which was $60.6 million, this represents an increase. A full-quarter contribution of $6.6 million from Bevo, acquired in August 2022, and growth in all cannabis business categories was responsible for the increase from the previous quarter. In addition, net revenue from medicinal cannabis increased by 25% to $39.5 million in the prior quarter. Delivering 64% of Aurora’s Q2 2023 consolidated net revenue and 87% of its adjusted gross profit before fair value adjustments, the period also saw a 14% reduction from the prior year.

The company’s development mainly brought on the growth in net revenue starting in Q1 2023 into overseas export markets like Australia, Poland, the UK, and the Cayman Islands and its ability to work out complex import/export licensing procedures. The net loss for the three months ending on December 31, 2022, was $67.2 million as opposed to the loss of $51.9 million for the prior quarter and the loss of $75.1 million for the same period the previous year. Valour – Created for Veterans by Veterans, was a new medical flower product unveiled in March.

ACB Stock Performance

ACB stock closed at $0.8321 on March 6th, down 20.75% in the last month of trading. Currently, the stock has a 52-week price range of $0.8060-$4.56, down 9.81% year to date. According to analysts at CNN Business, ACB stock has a median price target of $1.12` per share. This would be an upside of 34.70% from its last trading price of $0.8321.

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HEXO Corp.


HEXO Inc., a Canadian corporation, has won multiple honors for its cannabis products. The company offers a wide range of brands to the Canadian leisure industry and has a global footprint. HEXO provides pharmaceutical products in Israel, Malta, and Canada. The company has also been increasing its market share in the American marijuana industry. Truss CBD USA, a partnership between HEXO and Molson Coors, provides service to Colorado. The business recently acquired Zenabis Global Inc., a licensed cultivator of cannabis for both medical and recreational use in Canada. Both contracts will aid HEXO’s upcoming US, Canada, and Europe growth.

In December, the financial results for the first quarter of HEXO’s fiscal 2023 became available. For the quarter, the company’s Adjusted EBITDA loss was $(0.6) million. The improvements totaled $6.9 million and $11 million in the fourth and first quarters of FY22. In contrast 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, the company recorded a total net loss before taxes of $(57.1) million in the first quarter of 23. The company reported Q1’23 net revenues of $35.8 million, a decrease of 29% and 16%, respectively, from Q1’22 net revenues of $50.2 million and Q4’22 net revenues of $42.5 million.

In addition, HEXO used a fully owned subsidiary to buy its first American manufacturing facility. In the 50,000-square-foot plant in Fort Collins, Colorado, premium goods will be made and distributed nationwide. HEXO unveiled five new cannabis strains on January 9 under the market-dominating Redecan and Original Stash Brands. In February, HEXO introduced improved inhalation technology and increased its well-liked Straight Edge pre-rolls manufacturing.HEXO Stock Performance

HEXO Stock Performance

On March 6th, HEXO closed at $1.62, down 7.43% percent in the last month of trading. The stock is presently trading in a 52-week price range of $0.901-$10.50, up 60.40% year to date.  According to CNN Business experts, HEXO stock has a 12-month average price objective of $2.04 per share. This would be a 26.22 percent increase from the last transaction price of $1.62.

[Read More] Top Cannabis Stocks With Dividends? 3 Marijuana REITs On Watch

Pot Stocks In March And Short Term Trading

Examining their financials and press releases may make it easier to identify the best cannabis companies. To take advantage of the current market volatility, many seasoned investors are actively trading short-term positions in the leading cannabis stocks. Before opening a position, determine the best entry points and take-profit zones using chart patterns and technical indicators. You can raise your chances of closing a successful trade by actively looking for favorable setups. With the extreme volatility of some of the most well-known Canadian marijuana companies, these might be some of the top cannabis penny stocks to watch in 2023.

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