Best Canadian Cannabis In 2021
Are you looking for ways to invest in top marijuana stocks in 2021? In September some of the best cannabis stocks to invest in have reached some of their lowest trading levels so far this year. One area that has been hit the hardest with declines is Canadian marijuana stocks. In 2021 the Canadian cannabis market prepared to enter the US market, but Congress has not passed any marijuana legalization in the Senate the entire year.
This has had a negative impact on the cannabis sector and is the main reason top pot stocks are trading at these levels currently. Last month the overall markets declined due to inflation concerns and the Chinese property Evergrande crisis. In general, Canadian cannabis companies have not performed as well as the US companies in 2021. With a much smaller market than the US, they need the American cannabis market for their growth.
But from current trading levels, they could produce some upside once Congress passes marijuana legalization and banking reform. Whether this happens this year or the next it could have a large impact on how the cannabis sector moves higher. In 2021 cannabis stocks have not seen upside from strong financials instead they have declined in the market for the past seven months. This comes after rallying in the first quarter where pot stocks reached new highs in the market.
Navigating The Cannabis Industry And Top Pot Stocks Right Now
For investors, current stock prices could produce some upside once the US establishes federal cannabis legalization. Researching the best companies and studying how these cannabis stocks perform in the market can help you realize the best returns. This week in October we could see some better performance out of the cannabis sector. Regardless of this current pullback, the outlook for the cannabis market is strong for the future. Finding the best marijuana stocks to invest in could be a way to add some gains to your portfolio.
Before investing there are a few important factors to considers when trading top pot stocks. For one they are known to be some of the more volatile stocks in the market. Because of this many investors prefer trading them using short-term methods like swing trading and day trading. As we head into October some Canadian cannabis stocks have been showing potential upside in the market. Let’s look at 2 top Canadian marijuana stocks for your list this week.
Canadian Marijuana Stocks To Watch In October 2021
Canopy Growth Corporation
First on the list Canopy Growth is one of the largest producers and distributors of cannabis and cannabis-derived products. Currently, the company sells cannabis and hemp-derived products in Canada, the US, and Germany. In 2021 Canopy made a US distribution agreement with Southern Glazers Wine & Spirits for a CBD beverage portfolio. Also, 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.
Canopy released its first-quarter fiscal 2022 financial results with 23% growth in Q1 2022 compared to Q1 2021. To highlight, 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 closed on October 1st at $13.40 down 20.42% in the last month. The stock has a 52-week price range of $13.13-$56.50 and is down 45.58% year to date. According to analysts at CNN Business CGC stock has a 12-month average price target of $19.42 per share. In essence, this estimate represents an increase of 44.96% from its last trading price of $13.40.
Aurora Cannabis Inc.
Aurora Cannabis Inc. is another leading Canadian company that produces and distributes medical cannabis products globally. The company announced its entry into the US market through the acquisition of Reliva a CBD-producing company in America. Additionally, Aurora also expanded its San Rafael ’71 portfolio with the launch of 3 new proprietary cultivars. In July, the company delivered an $8 million shipment of cannabis to Israel. Primarily, the company is working on restructuring its balance sheet and has fulfilled the inaugural shipment to the French medical cannabis pilot program.
Aurora announced its fiscal 2021 fourth-quarter results with total cannabis net revenue of $54.8 million. The company’s balance sheet remains strong with $440.9 million in cash as of June an improvement of $404.3 million year over year. Additionally, the company has an adjusted EBITDA loss of $13.9 million an improvement of $17.6 million from the prior year. Aurora still is the #1 Canadian LP in the global medical cannabis market and says its business transformation plan is on track.
ACB stock closed on October 1st at $7.08 up 18.99% in the past five trading days. The stock has a 52-week price range of $3.71-$18.98 and is down 14,80% year to date. According to analysts at Tip Ranks, ACB stock has a 12-month average price target of $5.92 per share. In this case, this would represent a decline of 16.38% from its last trading price. As the cannabis sector continues to see high volatility these top marijuana stocks could be on your list in October.
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