Potential For Growth In The Canadian Cannabis Industry
As top marijuana stocks to buy continue to show growth potential in 2021 more investors are looking at the cannabis market for the best investments. In 2021 the Canadian cannabis sector has seen significant gains to start the year. At the climbing to record highs in the market on February 10th most leading pot stocks began to decline in value. During the month of March, the market trend continued to move down for the cannabis sector. As a result, this has left many leading marijuana stocks at better entry levels for investors.
In 2021 one area of the market, many investors believe will see substantial growth with federal reform in the US is the Canadian cannabis market. At the present time, many Canadian cannabis companies have been positioning themselves for entry into the US cannabis market once it’s legal. Additionally, in Canada, the derivatives market has allowed Canadian cannabis companies to see substantial revenue growth in 2020.
Also, growth in markets overseas is giving Canadian cannabis companies a market to export many different medical cannabis products to those industries. Another expansion process that is played a big part in many leading companies’ growth is mergers and acquisitions of smaller companies. Recently many leading cannabis companies have used this method to expand rapidly as markets continue to grow.
Cannabis Legalization And Reform In The U.S.
Recently after the legalization of cannabis in New York Chuck Schumer made a comment that he would be reintroducing the cannabis reform bill in the Senate shortly. Although at the moment the Biden administration’s prime focus is The US economic recovery Schumer feels confident, he can pass the bill with or without the president’s help. In the event, cannabis reform on a federal level is passed this could ignite a rally in the cannabis sector. With this in mind, many investors have been looking for the best marijuana stocks to invest in for 2021.
For the purpose of finding different options to invest in, we can take a closer look at some companies in the Canadian sector. As things progress in the US these cannabis companies have been positioning to take advantage of the growing market. For this reason, let’s take a look at 2 Canadian cannabis stocks to add to your watchlist for April 2021.
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Marijuana Stocks To Watch:
- Canopy Growth Corporation (NASDAQ: CGC)
- Fire & Flower Holdings Corp. (OTC: FFLWF)
Canopy Growth Corporation
Canopy Growth Corporation is a leading cannabis and cannabinoid consumer product company based in Canada. At the present time Canopy is one of the largest Canadian cannabis companies and has a wide variety of high-quality products for all cannabis markets. After a large investment and established partnership with Constellation Brands, Inc. (NYSE: STZ) Canopy has become one of the top Canadian marijuana stocks to invest in for 2021.
Earlier this year Canopy announced its third-quarter fiscal 2021 results with a record net revenue of $153 million. Sequentially the company is up 23% from Q3 of 2020. Additionally, the company announced it expects to achieve profitability by 2022. On April 8th Canopy announced it entered into a definitive agreement to acquire Supreme Cannabis Company, Inc. (OTC: SPRWF). In detail, this transaction is valued at $435 million also Supreme Cannabis shareholders will receive Canopy shares once the transaction is finished.
CGC stock is up 15.62% year to date with a high of $56.50 in February. Closing on April 8th at $28.50 the stock is down 4.81% in today’s trading. According to analysts at CNN Business CGC stock has a 12-month median price target of $37.01 per share. In essence, this would be a 29.92% gain from current levels. For this reason, CGC stock is a top Canadian marijuana stock to watch in April of 2021.
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Fire & Flower Holdings Corp.
Fire & Flower Holdings Corp. is an adult-use cannabis retailer focusing on the Canadian market and international expansion in the market. Currently, the company provides the best-in-class retailing while the HifyreTM digital platform connects consumers with cannabis products. In February Fire & Flower announced it has made an entry into the U.S. cannabis market through a strategic licensing partnership. Specifically, a licensing partnership and acquisition option with American Acres give Fire & Flower strategic entry into the high growth California, Arizona, and Nevada markets.
In March Fire & Flower subsidiary Hifyre entered into a strategic agreement with leading U.S. analytics company BDSA. This will allow Hifyre IQ to become available in the U.S. cannabis market. Recently the company has also expanded its free same-day delivery in Ontario, Canada growing its presence in the Canadian market.
FFLWF stock is up 29.71% year to date with a high of $1.20 in February. The stock closed on April 8th at 0.8929 up 2.05% for the day. According to analysts at Tip Ranks FFLWF stock has a 12-month average price target of $1.39 per share. This would be a 56.16% gain from current levels. With this in mind, FFLWF stock could be one of the best Canadian cannabis stocks to buy under $1 per share.
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