Best Cannabis Stocks For March Trading
Are you looking for top marijuana stocks for March? The Canadian cannabis market is expected to expand more as more companies and products are launched and the market continues to develop. Yet, the industry faces supply chain issues, regulatory compliance, and black-market competition challenges.
Some of the largest cannabis businesses currently have the most volatile penny stocks. Every share of stock sold for less than $5 is called a penny stock. Because of their well-known significant daily and monthly price volatility, these cannabis penny stocks could offer opportunities. The double-digit percentage returns that some of these stocks have lately experienced have been advantageous to cannabis investors who are willing to participate in these high-risk/high-reward transactions.
After many defeats in 2022, federal banking and cannabis reform legislation may still be passed in 2023. Many seasoned traders are currently opening positions in some of the best penny marijuana stocks, taking advantage of the cheaper price points. Take a closer look at 3 of the best Canadian marijuana stocks for March as we kick off the month.
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Top Canadian Cannabis Penny Stocks To Watch March 2023
- Neptune Wellness Solutions Inc. (NASDAQ: NEPT)
- Organigram Holdings Inc. (NASDAQ: OGI)
- HEXO Corp. (NASDAQ: HEXO)
Neptune Wellness Solutions Inc.
Neptune Wellness Solutions Inc. fully merged with a company that manufactures consumer items last year. In the US, the company will provide a variety of CBD-infused beverages, such as flavored teas and lemonades. From a big consumer goods company to a B2B hemp and cannabis extraction business, Neptune is in transition. The company currently provides cannabis, nutraceuticals, cosmetics, personal care items, organic food, beverages, and cannabis to its consumers. The company elevated Jessica Adkins to Senior Vice President of Corporate Communications in October. Pre-rolls were added to Neptune’s December Mood Ring product range in Ontario and Alberta.
Neptune’s fiscal Q2 2023 revenue fell to $12 million in December from $12.5 million during the same month in 2016. Additionally, the second quarter of the fiscal year had a gross profit of $1.1 million as opposed to a loss of $(1.2) million in the same quarter the year before. The company’s net loss for the second quarter climbed from the first quarter’s comparable period in fiscal 2022, when it was $12.1 million, to $37.3 million. Vital Sprout’s annual revenue climbed by 19% to $8.4 million.
NEPT Stock Performance
NEPT stock closed at $0.55 on March 2nd down 32.93% in the last month of trading. The stock has a 52-week price range of $0.23-$13.65 and is up 74.55% year to date.
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Organigram Holdings Inc.
OrganiGram Holdings Inc offers a well-known product range of cannabis-based and cannabis-derived goods. The company is renowned for manufacturing high-quality marijuana that may be smoked for leisure and medical reasons. Organigram is expanding its most important international contacts to solidify its position in the global cannabis sector. For the business, the wholesale cannabis distribution sector is growing significantly. SHRED’ems Gummies, the premium addition to Organigram’s SHRED product line, are currently available. The Edison JOLTS are also the first tasty, powerful THC edible extracts in the country.
According to OrganiGram’s records, net sales for the first three months of fiscal 2023 were $43.3 million, up 43% from $30.4 million during the same period last year. Also, the company reports Adjusted EBITDA of $5.6 million, marking the fourth straight quarter of positive Adjusted EBITDA as opposed to negative Adjusted EBITDA of $1.9 million at the same time last year. OrganiGram’s Adjusted Gross Margin climbed to $12.8 million, or 30%, from $5.5 million, or 18%, in the same period the prior year as a result of better efficiency and greater sales volume.
OGI Stock Performance
OGI stock closed at $0.7265 on March 2nd down 20.64% in the past month of trading. The stock has a 52-week price range of $0.70-$1.87 and is down 9.19% year to date. According to analysts at CNN Business OGI stock has a 12-month median price target of $1.31 per share. In this case, this would represent an upside of 75.22% from its last trading price of $0.7265.
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HEXO Corp.
HEXO Inc., a Canadian company, has garnered numerous awards for its cannabis products. The business has a substantial global footprint and a wide variety of brands that serve the Canadian leisure market. HEXO sells a variety of medicinal goods in Israel, Malta, and Canada. Also, the business has been expanding its market share in the US marijuana market. Colorado is served by Truss CBD USA, a joint venture between HEXO and Molson Coors. Zenabis Global Inc., a licensed grower of cannabis for both medical and recreational use in Canada, was recently bought by the company. Both agreements will support HEXO’s future expansion in the US, Canada, and Europe.
HEXO’s fiscal 2023’s first quarter financial information was made accessible in December. The company’s Adjusted EBITDA loss for the quarter was $(0.6) million. In the fourth and first quarters of FY22, improvements totaled $6.9 million and $11 million, respectively. The company reported a total net loss before taxes of $(57.1) million in the first quarter of 23 as opposed 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. In comparison to Q1’22 net revenues of $50.2 million and Q4’22 net revenues of $42.5 million, the company recorded Q1’23 net revenues of $35.8 million, a decline of 29% and 16%, respectively.
In addition, HEXO purchased its first US production plant through a wholly-owned subsidiary. High-quality products will be produced in the 50,000-square-foot Fort Collins, Colorado, plant and sent all over the country. On January 9, HEXO revealed five new cannabis strains under the market-leading Redecan and Original Stash Brands.
HEXO Stock Performance
On March 2nd, HEXO closed at $1.59, down 3.05% percent in the last month of trading. The stock is presently trading in a 52-week price range of $0.901-$10.50, up 57.43% 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 23.93 percent increase from the last transaction price of $1.59.
Canadian Pot Stocks To Watch In March
Finding the top cannabis companies on the market might be made simpler by looking at their financials and press releases. Numerous seasoned investors are actively trading short-term positions in the top cannabis companies in order to benefit from the current market volatility. Use chart patterns and technical indicators to ascertain the ideal entry points and take-profit zones before establishing a position. You can increase your chances of closing a profitable deal by actively seeking out advantageous opportunities. These might be some of the top cannabis penny stocks to watch in 2023, given the high volatility of the most well-known Canadian marijuana companies.
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