Best Marijuana Stocks In The Canadian Cannabis Industry
Are you looking for top marijuana stocks to buy in October 2021? This month many of the best cannabis stocks to invest in have reached some of their lowest trading levels in the past few weeks. For the past 8 months, many top pot stocks have seen significant declines in the market. This is partly because Congress continues to delay federal marijuana legalization in the Senate. Since the presidential election in November 2020, many new investors entered the cannabis sector believing federal cannabis reform would happen earlier this year.
One area of the cannabis sector that’s seen the most declines in 2021 is Canadian marijuana stocks. As it stands Canadian cannabis companies have been waiting for the US to open its market to the leading Canadian LPs. In many cases, these companies have already established a form of entry into the American market and are waiting for the government to allow an open cannabis market.
In the meantime, Canadian cannabis companies have continued to grow their presence in Canada and the global market. Most Canadian cannabis companies have reported improved earnings in 2021. Growth in the Canadian market has increased with more dispensary licenses being distributed across the provinces. Overseas Canadian LPs also continue to grow their presence on the international scale with partnerships across Europe and Israel.
Investing In Pot Stocks And The Current Stock Market
For investors, it’s important to do your due diligence on a company before investing. Researching a company’s financials and studying how a stock performs in the market can help you establish the best positions for your investments. Because the cannabis sector is known for substantial market volatility finding the right entry for your trade can make a huge difference in the gains you are able to achieve. In the past week, some top pot stocks have seen upward momentum as the overall market has improved.
Some Canadian marijuana stocks could have potential with renewed talks of US cannabis reform. In the fourth quarter of 2021, the possibility of establishing an end to US marijuana prohibition is high with the House passing legalization, and banking reform. With a bipartisan push for cannabis legalization, we could see federal marijuana policy change in the next six months. Let’s look at 2 top Canadian marijuana stocks for your list before next week.
Best Canadian Marijuana Stocks To Watch In 2021
Canopy Growth Corporation
Canopy Growth is one of the largest producers and distributors of cannabis and cannabis-derived products. Primarily, the company sells cannabis and hemp-derived products in Canada, the US, and Germany. Earlier this year Canopy made a US distribution agreement with Southern Glazers Wine & Spirits for a CBD beverage portfolio. In addition, in the Canadian market Canopy increased its brand portfolio with the acquisition of one of the countries premium cannabis brands The Supreme Cannabis Company, Inc. In September the company introduced Whisl an innovative CBD vape designed to manage your mood throughout the day. On October 14th the company announced it has plans to acquire Wana Brands the #1 edibles brand in North America.
Canopy released its first-quarter fiscal 2022 financial results with 23% growth in Q1 2022 compared to Q1 2021. In detail, the company is reporting net revenue of $136 million in Q1 fiscal 2022 driven by strong double-digit growth across Canada. As a result, Canopy reported total net cannabis revenue of $93 million in Q1 2022 an increase of 17% from the prior year. In addition, other consumer products revenue was $43 million. Currently, net earnings in Q1 2022 are $390 million in which $518 million was driven by other income totaling $581 million during Q1 2022. The company saw an adjusted EBITDA loss in Q1 2022 of $64 million an improvement from Q1 2021.
CGC Stock Performance
CGC stock closed at $14.04 on October 21, 2021, up 3.85% in the past month of trading. Currently, the stock has a 52-week price range of $12.86-$56.50 and is down 48.02% year to date. According to analysts at CNN Business CGC stock has a 12-month median price target of $17.67 per share. In essence, this would represent an upside of 25.86% from its last trading price.
OrganiGram Holdings Inc.
Next on the list is OrganiGram Holdings Inc. one of the leading licensed producers of cannabis and cannabis-derived products in the Canadian market. Generally, the company is known for producing high-quality, indoor-grown cannabis products to both the medicinal and recreational markets. Primarily, Organigram is strategically developing its international business partnerships increasing the company’s presence in the global market. In addition, the company is also growing its wholesale shipping of cannabis and sells products online. Recently, Organigram extended its SHRED product portfolio with high quality, SHRED’ems Gummies. Also, the company launched Edison JOLTS Canada’s first flavored high potency THC ingestible extracts.
OrganiGram produced 84 new SKUs since July 2020 as a part of revitalizing its products portfolio. Notably, this includes two new high potency strains under the higher-margin Edison brand in Q3. In its latest report, Organigram saw third-quarter fiscal 2021 results with gross revenue up 51% sequentially to $29.1 million. Specifically, the company grew its adult-use recreational net revenue by 40% sequentially to $16.8 million in Q3 2021. Now, the company expects sequentially higher revenue and improved adjusted gross margins in Q4 2021. Additionally, the company expects to launch more than 20 new SKUs before the end of Q4 2021.
OGI Stock Performance
OGI stock closed at $2.44 on October 21, 2021, up 6.09% in the past five days. The stock has a 52-week price range of $1.07-$6.45 and is up 83.46% year to date. According to analysts at Tip Ranks OGI stock has a 12-month average price target of $3.20 per share. In this case, this would represent an upside of 31.15% from its last trading price.
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