Top Marijuana Stocks Starting With Gains For 2022
As this new year begins top marijuana stocks are showing an upside on the first day of trading for 2022. Because many of the best cannabis stocks to invest in saw significant declines in 2021 there is an opportunity for investors to find pot stocks at lower levels currently. One area that took the brunt of the market declines in Canadian marijuana stocks.
After rallying in Q1 2021 top Canadian cannabis stocks spent the rest of last year seeing declines due to delays with US federal cannabis legalization. Some of the pot stocks that’s climbed substantially at the top of 2021 ended up giving most of those gains back by December. Generally speaking, one area that’s known for significant market volatility is marijuana penny stocks. For those investors not familiar with penny stocks these are stocks trading under the $5 price point.
In general, this is a higher risk area of the cannabis sector but has also delivered substantial returns on a short-term basis. Many cannabis investors prefer trading this area of the market using short-term trading methods like day trading and swing trading. Some of these stocks gained popularity last year as a meme stock and became one of Reddit Investor’s favorites in the first quarter. Now as a new year begins these stocks could deliver some upside with certain future catalysts.
Learning How To Find The Best Pot Stocks For Active Traders
Before investing in cannabis stocks, it’s always important to get yourself a proper education in this area of the market. Researching leading companies and studying how a stock performs in the market are key elements in making returns off your investments. As we start the first week of trading many cannabis investors are looking for the best pot stocks for 2022. For this reason, let’s look at 2 top Canadian cannabis penny stocks for your list in January 2022.
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Best Canadian Marijuana Penny Stocks For 2022
- HEXO Corp. (NASDAQ: HEXO)
- Sundial Growers Inc. (NASDAQ: SNDL)
HEXO Corp. is a Canadian company with award-winning cannabis products on the market. Currently, the company holds a solid position in a worldwide sector, with a diversified brand portfolio serving the recreational market in Canada. In Canada, Israel, and Malta, HEXO primarily distributes medical items. Furthermore, the corporation has been expanding its footprint in the US cannabis industry. The Colorado market is served by Truss CBD USA, a joint venture between HEXO and Molson Coors. Zenabis Global Inc., a licensed cultivator of recreational and medical-grade cannabis in Canada, was recently purchased by the company. Both purchases will help HEXO expand in Canada, Europe, and the United States in the future.
HEXO unveiled a new business plan and reported $50.2 million in total sales for the first quarter of 2022 in December. HEXO also bought its first US manufacturing plant through a wholly-owned subsidiary in the United States. The 50,000-square-foot plant in Fort Collins, Colorado, will manufacture high-quality Powered by HEXO goods for distribution across the United States.
Words From The CEO
“We are taking immediate steps through our new strategic plan, The Path Forward, to strengthen our capital position, improve operations, accelerate organic growth and complete our transformation to be cash flow positive from operations within the next four quarters. Having visited all our core sites, and in meeting with our employees and customers, I am more confident than ever in HEXO’s future and our ability to accelerate the creation of short and long-term value for shareholders.”
Scott Cooper, President & CEO, HEXO
HEXO Stock Performance
HEXO closed at $0.7349 on January 3rd up 5.18% for the trading day. The stock is currently trading in a 52-week price range of $0.684-$11.04, representing a year-to-date loss of 81.01%. HEXO stock has a 12-month average price target of $0.81 per share, according to Tip Ranks analysts. Specifically, this would represent a gain of 9.78% over the previous trade price of $0.7349. Also In December HEXO stock saw a significant increase in options trading specifically the January 21st $1.00 calls possibly signaling future implied volatility.
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Sundial Growers Inc.
At the present time, Sundial Growers Inc. is a Canadian company that produces and markets cannabis products for the adult-use market. Currently, the business produces and sells inhalable items including flower, pre-rolls, and vapes. Sundial just announced the debut of the Top Leaf brand’s first Canadian Caviar cone. Specifically, the Forbidden Lemon Caviar Cones will be the first caviar cone product to enter the Canadian market, according to the company. Sundial’s concentrated innovation pipeline around premium inhalable in the Canadian cannabis industry is reinforced by this launch. Sundial stated in October that it will buy Alcanna, Canada’s largest private booze retailer.
Sundial reported net earnings of $11.3 million and Adjusted EBITDA of $10.5 million for the third quarter of 2021 in November. In the third quarter of 2021, net revenue from the cannabis division totaled $14.4 million. The cannabis segments’ gross margins were $1.8 million, compared to a loss of $19.5 million in Q3 2020. In addition, the business generated $3.3 million in investment and fee revenue, $6.0 million in realized gains on securities, and $9.9 million in profit from equity account investees in Q3 2021.
SNDL stock closed at $0.6185 on January 3rd up 6.9514% for the day. The stock has a 52-week price range of $0.47-$3.96 and is up 22.13% in the past year. According to analysts at Tip Ranks SNDL stock has a 12-month average price target of $0.89 per share. In this case, this would represent an upside of 44.18% from its last trading price of $0.6185. The first trading day of the year delivers some green in the cannabis sector. SNDL stock could be a top marijuana stock for your list in 2022.
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