Best Cannabis Stocks To Watch As Pot Stocks Begin To See Upside
To start this week top marijuana stocks are showing some upward momentum in the market. In the Canadian cannabis sector, pot stocks are mixed with some top Canadian cannabis stocks giving back some of the upside they experienced last week. Canadian cannabis companies have much to gain with federal cannabis reform in the US. For the most part, the Canadian cannabis market can grow to the size of about the California market in perspective.
Entry into the American marijuana market would add much more growth potential to LPs. Some companies have already established their entry into the US market through other legal means. Once Congress puts an end to cannabis prohibition leading Canadian companies could have the opportunity to grow in the US, Canada, and in the international market.
As it stands many LPs have already established themselves in the global market as well. In November many cannabis companies are delivering earnings in the US and Canada. For the most part, LPs are showing some improvements in their market but not growing in comparison to US cannabis companies in 2021. But in January and February when the cannabis sector rallied top Canadian cannabis stocks experienced the most upside during the run.
Finding The Best Investments in Marijuana Stocks Right Now
In general, researching these leading companies and looking into their earnings and press releases can help you find the best one to invest in. Additionally following how a stock performs in the market and establishing the best entry point for your investment can allow you to produce the largest returns.
At the present time, there could be opportunities for the short- and long-term traders to see some upside in the best marijuana stocks to buy. As the possibility for US federal marijuana legalization increases, let’s look at 2 top Canadian cannabis stocks to add to your watchlist this week.
Top Canadian Marijuana Stocks To Watch In November 2021
Tilray, Inc. is a leading global cannabis consumer packaged goods company with operations in Canada, the US, Europe, Australia, and Latin America. In general, the company has undergone a merger in the Canadian market to become one of the largest revenue-producing cannabis companies in the world. Presently, Tilray is positioning itself to enter the US market and is also expanding its international presence. Recently, Tilray completed its first harvest and delivery of medical cannabis grown in Germany. Additionally, the company has established CBD products and infused beverages that could be large revenue producers across the Canadian and American markets. In October Tilray signed a distribution agreement with Great North Distributors to drive more adult cannabis sales across Canada.
In August Tilray acquired a majority position in MedMen convertible notes also a move to enter the US cannabis market. Tilray reported its 2021 fiscal year and Q4 results with net revenue up 27% year over year to $513 million. To highlight, the company produced a net income of $33.6 million and adjusted EBITDA of $12.3 million. As a result, Tilray increased its revenue by 55% in Q4 and holds the #1 share in Canada.
TLRY stock is trading on November 15th at 13.34 up 3.09% for the trading day. Currently, the stock has a 52-week price range of $6.66-$67.00. According to analysts at CNN Business TLRY stock has a 12-month median price target of $12.00 per share. In this case, this would be a downside of 8.47% from its last trading price of $13.34. Although this analysis has a lower price target than the stock is currently trading at TLRY stock is trading higher. While most of the top Canadian pot stocks give back some value in today’s trading.
Village Farms International, Inc.
Next up is Village Farms International, Inc. the company and its subsidiaries, produce, market, and distribute greenhouse-grown tomatoes, bell peppers, and cucumbers in North America. At the present time, the company is focusing on opportunities in the cannabis and CBD segments in Canada and the US. In general, Village Farms wholly-owned subsidiary Pure Sunfarms is one of the largest cannabis operations in North America. Recently, Pure Sunfarms received a cannabis cultivation license for a delta 2 greenhouse increasing production capacity by 50%. Earlier this year Village Farms unveiled new corporate branding and launches a new website www.villagefarms.com.
On November 9th Village Farm delivered its third-quarter 2021 results with another record quarter for Pure Sunfarms. In detail, total cannabis sales were $31.2 million with Pure Sunfarms sales reaching $27.4 million. While Balanced Health Botanicals came in with sales of $3.8 million. Specifically, these two subsidiaries combined comprised 43% of the total Village Farms sales. On November 15th the company announced it acquired 70% of Quebec-based ROSE LifeScience. Specifically, ROSE is a vertically integrated branded and third-party supplier to the Quebec market.
VFF stock closed at $9.12 on November 15th up 3.28% for the trading day. Currently, the stock has a 52-week price range of $5.96-$20.32 and is up 14.97% in the past five trading days. According to analysts at Tip Ranks VFF stock has a 12-month average price target of $13.61 per share. In this case, this would represent an upside of 48.99% from its last trading price. As the US moves closer to federal cannabis reform these could be the best Canadian cannabis stocks for your watchlist.
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