Best Cannabis Stocks For March 2023
Are you looking for the best marijuana stocks to watch before March? As a result of cannabis banking’s exclusion from the federal funding package approved by Congress in 2022, the marijuana sector experienced a significant drop. In recent years, the cannabis sector has grown significantly, and it is projected that this growth will continue. Many individuals think that marijuana has the potential to develop into a very large industry and that it can be employed in a variety of therapeutic and recreational applications.
One way cannabis investors are taking advantage of the current trend in the cannabis sector is by trading cannabis penny stocks. Every stock that trades for less than $5 is referred to as a penny stock. These marijuana companies, which are known for their high market volatility, might provide short-term investors with large gains. The Canadian cannabis market is one sector that could expand considerably. In order to profit from the current volatility, many cannabis investors are proactively trading marijuana stocks using short-term trading techniques. The top three marijuana stocks in Canada to watch this week in February are listed below.
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Best Canadian Marijuana Stocks For March Watchlist
- Aurora Cannabis Inc. (NASDAQ: ACB)
- Organigram Holdings Inc. (NASDAQ: OGI)
- SNDL Inc. (NASDAQ: SNDL)
Aurora Cannabis Inc.
A Canadian company named Aurora Cannabis Inc. grows and distributes medical marijuana all over the world. The organization bought Reliva, a business that produces CBD in the nation, in order to obtain access to the US cannabis market. The Aurora stock now has three more San Rafael ’71 cultivars. For $8 million, the company shipped marijuana into Israel. After delivering the first batch of cannabis to the French medicinal cannabis pilot program, the company is now focusing on balancing its books. 
The company reported total net revenue of $61.7 million during the second quarter of Fiscal 2023 on February 9. In comparison to the prior quarter’s net revenue of $49.3 million and the same time the year before, which was $60.6 million, this represents an increase. A full quarter contribution of $6.6 million from Bevo, which was acquired in August 2022, and growth in all cannabis business categories were responsible for the increase from the previous quarter. In addition, net revenue from medicinal cannabis increased by 25% to $39.5 million from the previous quarter. Delivering 64% of Aurora’s Q2 2023 consolidated net revenue and 87% of its adjusted gross profit before fair value adjustments, the period also saw a 14% reduction from the prior year.
The expansion into foreign export markets like Australia, Poland, the UK, and the Cayman Islands, as well as the Company’s ability to negotiate complex import/export licensing requirements to participate in these fast-growing markets, were primarily responsible for the increase in net revenue from Q1 2023. In comparison to the prior quarter’s loss of $51.9 million and the loss of $75.1 million for the same period the previous year, the net loss for the three months ended on December 31, 2022, was $67.2 million.
ACB Stock Performance
ACB stock closed at $0.8916 on February 21st down 10.70% in the last month of trading. Currently the stock has a 52-week price range of $0.8210-$4.56 down 3.36% year to date. According to analysts at CNN Business ACB stock has a median price target of $1.12` per share. This would be an upside of 25.62% from its last trading price of $0.8916.
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Organigram Holdings Inc.
OrganiGram Holdings Inc. has a well-established product line of cannabis-based and cannabis-derived goods. The business is well known for producing top-notch marijuana that can be smoked for both recreational and therapeutic purposes. In order to strengthen its position in the international cannabis industry, Organigram is extending its most crucial foreign contacts. The wholesale cannabis distribution market is expanding significantly for the company. The premium addition to Organigram’s SHRED product line, SHRED’ems Gummies, is currently offered. The Edison JOLTS are also the nation’s first delicious, potent THC edible extracts.
OrganiGram’s records show that the company’s net sales in the first quarter of fiscal 2023 were $43.3 million, a 43% increase over the $30.4 million in the same period the previous year. Also, the company is reporting Adjusted EBITDA of $5.6 million, which represents the fourth consecutive quarter of positive Adjusted EBITDA as opposed to negative Adjusted EBITDA of $1.9 million at this time last year. Due to improved efficiency and increased sales volume, OrganiGram’s Adjusted Gross Margin increased to $12.8 million, or 30%, from $5.5 million, or 18%, in the same period the previous year.
OGI Stock Performance
OGI stock is closed at $0.7688 on February 21st down 20.32% in the past month of trading. The stock has a 52-week price range of $0.70-$1.87 and is down 3.90% year to date. According to analysts at CNN Business OGI stock has a 12-month median price target of $1.38 per share. In this case this would represent an upside of 80.33% from its last trading price of $0.7688.
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Sundial Growers Inc.
In Canada, SNDL Inc. manufactures, sells, and distributes cannabis-related products. Cannabis-related activities and retail operations are the organization’s two main segments. Via corporate-owned and franchised retail cannabis businesses, it operates in the manufacturing, distribution, and sale of cannabis for adult markets as well as the private selling of cannabis for recreational purposes. Also, the company manufactures and markets inhalable goods like flower, pre-rolls, and vapes. Under the brand names Top Leaf, Sundial Cannabis, Palmetto, and Grasslands, it sells its goods.
The company’s net revenue climbed by 3% sequentially and by 1,501% annually to a record $230.5 million in the third quarter of 2022 from $14.4 million in the third quarter of 2021 and $223.7 million in the second quarter of 2022. SNDL reported a net loss of $98.8 million for the third quarter of 2022 as a consequence of non-cash impairment losses of $86.5 million and adjustments to estimates of the fair value of derivative warrants of $8.5 million. The adjusted EBITDA for the third quarter of 2022 increased by 169% and 74% to $18.3 million as compared to the second and third quarters of 2022 and 2021, respectively.
SNDL Stock Performance
SNDL stock closed at $1.94 on February 21st down 15.65% in the past month of trading. The stock has a 52-week price range of $1.94-$8.91 and is down 7.18% year to date. According to analysts at CNN Business SNDL stock has a 12-month consensus price target of $3.42 per share. In this case this would represent an increase of 76.27% from its last trading price of $1.94.
Canadian Cannabis Stocks For Short Term Investing
The value of these marijuana stocks in 2023 could rise as a result of several events in the following months. Finding the top cannabis businesses on the market might be made simpler by looking at their financials and press releases. Seasoned traders are actively making short-term trades on the top cannabis stocks in an effort to profit from the recent market volatility. Choose the ideal settings utilizing technical indicators and chart patterns before opening a position. You may increase your ability to close profitable agreements by actively looking for promising prospects. These might be some of the top cannabis stocks to watch given the volatility of the top companies this month.
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