Two Marijuana Stocks With a Troubled Past That Could be Future Winners
The cannabis industry has seen a lot of changes over the past few years. In that time, legal shifts have occurred as well as shifts in the mindset of the general public. Because of this, the state of the current cannabis industry is different from ever before. Some marijuana stocks to watch that have had less than stellar pasts, could now be considered values at their current levels. And with so many pot stocks to watch, it might be beneficial to start from the bottom and work our way up. In the cannabis industry, several marijuana stocks have shown less than stellar results in the past few years.
But, with the changes that have occurred in the past few months alone, these pot stocks seem like they could have higher degrees of value. For this reason, these two marijuana stocks to watch could hold a lot of future potential. Of course, this comes down to what happens in the next few months and beyond. But for now, things do seem to be looking quite good for the whole of the cannabis industry. All we can do is try to locate value where value can be found.
A Leading Cannabis Grower Pot Stock to Watch
HEXO Corp. (NYSE:HEXO) has gotten a lot of slack in the past few years for its underperformance. But, a lot of this had to do with the Canadian cannabis industry and not so much HEXO stock. Despite this, the company has been working to grow larger and larger quantities of marijuana to sell in the open market. Recently, COVID has resulted in a greater market demand for marijuana around North America. With Canada showing this increased demand, HEXO stock has a greater chance of seeing success in the near future.
A lot of this success will depend on whether or not HEXO stock can compete with the other major marijuana stocks in the industry. And with an increasing black market, selling cannabis can have its challenges. In addition, HEXO stock will be able to benefit if the company can push its cannabis prices up in the near future. The company has also been working to delve deeper into the CBD market which could potentially prove fruitful for HEXO stock. For this reason, it remains a pot stock to watch with some slight hesitation.
Another Marijuana Stock to Remain Slightly Skeptical Of
Tilray Inc. (NASDAQ:TLRY) is one of the most popular marijuana stocks in the industry, but one with a not so great past. After shooting up to record highs a few years ago, HEXO stock saw its value shoot down quite dramatically. Since that time, it has been an uphill battle for HEXO stock to regain its fame. Recently, the company reported revenue growth of around 125% year over year. This is quite a substantial gain and shows just how TLRY stock could be bouncing back.
During that time, however, Tilray only showed that its losses had shrunk by around 15% which is not such great news. Despite this, Tilray has an advantageous position in the North American cannabis industry. For this reason, it has remained one of the most prominent marijuana stocks to watch. Although the company still has a long way to go, it is showing a greater amount of value than it has in a long time. Investors should keep an eye on Tilray to see if it can maneuver its losses down even further. With that in mind, Tilray remains a pot stock to watch moving forward.