Top Marijuana Stocks In The Canadian Market
Canadian marijuana stocks have been some of the most volatile cannabis stocks to watch in 2021. After reaching new highs in the market in February most of the best cannabis stocks to invest in began to see this substantial decline in market value in March. In Canada cannabis demand for derivative products has increased significantly with the lots of cannabis 2.0 in a country. Additionally, in the US the prospects for cannabis reform on the federal level continue to look promising for 2021.
In the event the federal government passes cannabis reform this year there’s a strong possibility the cannabis market will see substantial growth in the next few years. Because it is more investors are now looking for marijuana stocks to invest in for short-term gains and also long-term investments. With the recent downturn in the cannabis sector, many top marijuana stocks could be at price points with more upside in 2021. But before investing in marijuana stocks there are a few things to understand about the cannabis sector.
As it stands top marijuana stocks are known to be some of the most volatile stocks on the market. Due to this extreme volatility, many investors prefer day trading and swing trading marijuana stocks at the moment. This type of trading uses momentum and price fluctuation to produce short-term gains in the market.
Are Canadian Cannabis Stocks To Buy Showing Stability?
In this week’s trading, Canadian marijuana stocks have seen too have found greater stability with their current market valuations. In essence, this could mean the cannabis sector is building a base at these market prices. Most analysts predict future gains for most leading marijuana stocks in 2021. With this in mind adding a few marijuana stocks to your watchlist could be beneficial for your portfolio as things progressed this year.
At the present time most Canadian cannabis stocks I’ve seen declines in market value since after February 10th. Because it is Canadian marijuana stocks are now valued at price points, they could hold gains for investors in the future. For this reason, we could do some research on the best Canadian marijuana stocks to watch in April.
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Marijuana Stocks to Watch:
- Cronos Group Inc. (NASDAQ: CRON)
- HEXO Corp. (NYSE: HEXO)
Cronos Group Inc.
Cronos Group Inc. is an innovative global cannabis company with international production and distribution across five continents around the world. Currently, Cronos has a portfolio of cannabis brands that’s been successful in the Canadian cannabis market. In February Cronos released its fourth-quarter and full-year 2020 financials with net revenue in Q4 of $17 million. In comparison, this is an increase of $9.7 million from Q4 of 2019. Cronos attributes its increase to growth in the adult-use cannabis market and medical cannabis exports to Israel and the U.S.
In addition, full-year 2020 net revenue was $46.7 million an increase of $23 million from the full year 2019. Consequently, Cronos also saw a gross loss of $25.8 million in full-year 2020. In reality, this is an increase of $8.2 million in losses from the full year of 2019. The company says the loss to a decline in cannabis wholesale sales. In March Cronos launched Kristen Bell’s Happy Dance a CBD skincare brand available at Ulta Beauty. Currently, the CBD brand is available in more than 550 Ulta locations and also available online. Cronos has a strong balance sheet with an estimated $1.3 billion in cash and short-term investments.
CRON stock is up 17.87% year to date with a high of $15.83 in February. Currently trading at $8.16 on April 15th at 12:49 pm EDT the stock has seen a decline in value in April. According to analysts at Market Beat CRON stock has a consensus price target of $8.75 per share. This would be a 6.1% gain from current levels. With this in mind CRON stock could be a marijuana stock to add to your watchlist for a possible rebound in market value.
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HEXO Corp.
HEXO Corp. is a consumer-packaged goods cannabis company that’s creating and distributing cannabis products to the global market. At the present time, the company serves the Canadian adult-use markets and the medical market under HEXO medical cannabis. In February Namaste Technologies Inc. (OTC: NXTTF) subsidiary CannMart signed a national supply agreement with Hexo. Specifically, CannMArt.com expects new products from Hexo in March of 2021 that be ongoing this year. Additionally, Hexo announced it would acquire Zenabis Global Inc. in an all-stock deal valued at $235 million.
In March Hexo reported its Q2 and fiscal 2021 financial results. The company saw total revenue of C$32.8 million up 94% year over year. Also, Hexo’s non-beverage Canadian adult-use revenue increased by72% Additionally the company maintained the number one position in the beverage category with net revenue climbing 11% in Q2 of 2021 over Q1. At the present time, the company is reducing operating expenses by 91% in 2021 compared to 2020. Hexo has currently met its goal of positive adjusted EBITDA in Q2 of 2021.
HEXO stock is up 52.45% year to date with a high of $15.83 in February. Currently trading at $8.19 on April 15th the stock has been seeing declines in market value in April. According to analysts at Tip Ranks HEXO stock has a 12-month average price target of $8.53 per share. In essence, this would be a 51.64% gain from current levels. For this reason, HEXO stock could be a top Canadian marijuana stock to watch for the rest of April.
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