Top Canadian Marijuana Stocks to Watch in June 2023
Since its legalization in 2018, the Canadian cannabis industry has grown extraordinarily, and Canadian marijuana stocks have experienced extreme volatility. Legal recreational cannabis sales in Canada hit CAD 4.5 billion in 2022 alone, according to Statista reports. This figure could rise as more stores open nationwide, and more products enter the market.
The growth potential for the Canadian cannabis industry is enormous. With a population of over 37 million people, Canada represents a significant market for cannabis companies looking to expand their operations. Additionally, as more countries worldwide legalize cannabis for medical and recreational use, Canadian companies are well-positioned to export their products and expertise.
Investors seeking exposure to this fast-expanding market can choose Canadian cannabis companies such as Tilray and Village Farms International. These companies have established themselves as market leaders and are well-positioned to benefit from continuing expansion in the coming years.
Tilray and Village Farms International are well-positioned to benefit from the growing Canadian cannabis market. With a strong presence in the medical and recreational markets, these two companies are well-positioned to capitalize on Canada’s growing demand for cannabis products. Let’s look at the top Canadian cannabis stocks in mid-June.
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Best Canadian Marijuana Stocks To Watch In June 2023
- Tilray Brands, Inc. (NASDAQ: TLRY)
- Village Farms International, Inc. (NASDAQ: VFF)
Tilray, Inc.
Tilray, Inc. is a cannabis consumer packaged goods firm with operations in South America, Europe, Australia, and the United States. The company has established itself as one of the world’s most successful cannabis businesses due to its dominance in the Canadian market. Tilray has expanded its operations by entering the US market. Tilray was Germany’s first company to develop and commercialize medical marijuana. According to the company, CBD-infused meals and beverages are particularly popular in the US and Canadian markets. The agreement between Tilray and Great North Distributors in 2021 aims to speed up the expansion of Canada’s legal marijuana market.
Tilray reported net revenue of $144.1 million, or $157.6 million in constant currency, in the second quarter of fiscal 2023. Tilray also produced $25.4 million in free cash flow and $29.2 million in operating cash flow. For the fifteenth straight quarter, the company’s Adjusted EBITDA was positive. Tilray retains its supremacy in the European medical and recreational marijuana markets. Gross profit climbed by 22% year on year to $40.1 million. The adjusted gross margin was maintained at 29% compared to last year.
TLRY Stock Performance
On June 12th, the shares of TLRY closed at $1.67, down 30.71% in the past month of trading. The 52-week price range for the stock is $1.56-$5.12 and is down 37.92% year to date. According to CNN Business experts, TLRY stock has a 12-month consensus price objective of $3.0 per share. This represents an 80.18 percent increase over the last trading price of $1.67.
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Village Farms International, Inc
Village Farms International, Inc. and its subsidiaries grow, sell, and distribute greenhouse-grown cucumbers, bell peppers, and tomatoes throughout North America. In addition, the company operates CBD and cannabis-related businesses in the United States and Canada. Pure Sunfarms, a completely owned subsidiary of Village Farms, is one of North America’s largest cannabis businesses. Pure Sunfarms has a Delta 2 greenhouse with a cannabis production license, doubling its output capacity. Village Farms developed a new website and logo last year at www.villagefarms.com.
Consolidated revenues declined 8% year on year to $64.7 million from $70.2 million, according to the company’s first-quarter 2023 results. Furthermore, net sales in the cannabis segment increased 4% year on year to $30.1 million, representing 47% of overall Village Farms revenues. Furthermore, its entire cannabis segment net loss was ($0.5 million), compared to net profits of $1.3 million. The cannabis segment’s adjusted EBITDA increased from $2.7 million to $3.8 million. Cannabis net sales in Canada increased by 23% (in constant currency) to $25.1 million (C$34.0 million) from $21.8 million (C$27.6 million). Overall, retail branded cannabis sales in Canada increased by 40%, while foreign (export) sales increased by 943%.
VFF Stock Performance
VFF stock closed at $0.6840 on June 12th, down 7.57% in the last month of trading. Currently, the stock has a 52-week price range of $0.5580-$3.53 and is down 48.97% year to date. According to analysts at CNN Business, VFF stock has a 12-month median price target of $1.88 per share. In this case, this would represent an upside of 174.16%.
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Navigating the Green Wave: Must-Watch Canadian Cannabis Stocks for June
Cannabis stocks may be an intriguing short-term investment because of the high market volatility. Marijuana equities have a higher risk-to-reward ratio than other stocks. You should perform your research on the firm before placing an investment. Corporate news releases and financial reports can help you find the most successful businesses in any industry. Using technical indicators and becoming more familiar with chart patterns may help enhance your trading outcomes. With the help of today’s top marijuana stocks, investors can brace themselves for additional volatility in 2023.
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