The Best Canadian Pot Stocks For Cannabis Investors
There is much anticipation about how marijuana stocks will trade during 2024. There is a lot in the works that stands a good chance to help the sector trade up. In 2024 we will see a continued effort to establish better laws and regulations. Currently, politicians are fighting to pass some type of federal reform. Yet cannabis banking is legislation that would help the cannabis industry greatly. This is due to the industry primarily dealing only in cash as cannabis is still federally illegal.
Nevertheless, during 2023 many states and global regions have been able to produce large amounts of revenue from legal cannabis sales. From how profitable cannabis businesses can be more companies have been able to report stronger financials. Despite this progress and success have not yet been reflected in better trading for most publicly traded cannabis companies. Many publicly traded cannabis companies have seen better days of trading filled with upward consistency.
But for some time now there has been an increase in volatile trading. Volatility has helped to find top marijuana stocks to buy at low entry points. The issue becomes the time it takes to see a jump in trading and the window to take profits once it does. The last year of trading has shown that when the sector sees a volatile pop it does not last more than a short moment. Still with high hopes for better trading in 2024 cannabis stock investors are trying to keep a positive attitude. The companies mentioned below are considered top Canadian cannabis stocks to watch in the stock market.
Marijuana Stocks To Watch In Volatile Market
- Canopy Growth Corporation (NASDAQ:CGC)
- Tilray Brands, Inc. (NASDAQ:TLRY)
- Aurora Cannabis Inc. (NASDAQ:ACB)
Canopy Growth Corporation
Canopy Growth Corporation together with its subsidiaries, engages in the production, distribution, and sale of cannabis and hemp-based products for recreational and medical purposes primarily in Canada, the United States, and Germany. It operates through two segments, Global Cannabis and Other Consumer Products.
On December 18th the company announced the completion divestiture of its This Works skincare and wellness brand to Inspirit Capital. The transaction is valued at up to £9.3MM ($15.9MM CAD) including cash. Canopy Growth will receive an upfront consideration of £2.7 MM ($4.6 MM CAD) in cash and in other consideration, a loan note issued by the buyer, and a contingent earn-out.
Tilray Brands, Inc.
Tilray Brands, Inc. engages in the research, cultivation, processing, and distribution of medical cannabis products in Canada, the United States, Europe, Australia, New Zealand, Latin America, and internationally. In recent news, the company announced the latest seasonal release from its cannabis wellness brand, Solei.
Joining its list of elevation essentials, Solei introduces three new cannabis-infused tea blends, including Decaffeinated Jasmine Green Tea, Spiced Starlight, and Chai Rooibos that are now available, just in time for the cozy season ahead. Also in recent news, Tilray announced its 27th-anniversary party concert lineup.
About the Headlining Acts
- EarthGang: Comprised of musical artists Olu and WowGr8, the band will bring its genre-defying blend of hip-hop, R&B, and funk, as well as its thought-provoking lyrics and energetic performances.
- Daniel Donato’s Cosmic Country: Nashville’s Daniel Donato infuses traditional country roots with a contemporary twist, creating a musical journey that transcends genres.
- Maddy O’Neal: Rising star Maddy O’Neal is an electronic music producer and DJ whose beats fuse glitch hop, future bass, and dubstep.
Aurora Cannabis Inc.
It operates through three segments: Canadian Cannabis, European Cannabis, and Plant Propagation. On November 9th the company reported its 2024 Q2 fiscal earnings. With this company delivered a record positive Adjusted EBITDA.
Second Quarter 2024 Highlights
- Delivers Record Positive Adjusted EBITDA1 of $3.4 Million
- Quarterly Net Revenue1 rose 30% YoY to $63.4 Million; Strong Growth of 42% in Global Medical Cannabis
- Net cash position of over $200 Million, Expects to Repay the Remaining US$5.3
- Million Balance of Convertible Senior Notes in February 2024
- Re-Affirms Target of Achieving Positive Free Cash Flow1 in Calendar Year 2024
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