Best Cannabis Stocks To Watch This Month
Do you want to invest in the best marijuana stocks before the end of the year? During last week’s trading, many Canadian-related cannabis equities began to gain market traction. Several events in 2022 may bring an end to the cannabis industry’s current federal prohibition list in the United States.
Senate Majority Leader Chuck Schumer recently spoke about federal reform. Mr. Schumer believes that with each hurdle cleared in Congress, we are getting closer to enacting federal reform. He expects that a measure will include financial provisions and that the end of cannabis prohibition is approaching.
When trading in a market like this, day traders and swing traders often make the most money. Some long-term investors choose to use short-term trading tactics in addition to their substantial long-term investments in the cannabis sector. As a result, they stand to benefit from daily price fluctuations in the stock.
Delays in the implementation of federal cannabis legislation have affected the US cannabis industry, which earns billions of dollars every year. Using the sector’s current momentum, investors may be able to profit from the market’s current trajectory. These are the two top marijuana stocks to watch in the second week of November.
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Top Canadian Marijuana Penny Stocks To Watch Now
- Aurora Cannabis Inc. (NASDAQ: ACB)
- HEXO Corp. (NASDAQ: HEXO)
Aurora Cannabis Inc.
Aurora Cannabis Inc. is a Canadian corporation that grows medical marijuana and exports it to other countries. In order to enter the US cannabis market, the group purchased Reliva, a company that manufactures CBD in the country. Three more San Rafael ’71 cultivars have been added to the Aurora stock. The firm exported $8 million in marijuana to Israel. The company is currently working on balancing its accounts after delivering the first batch of cannabis to the French medicinal cannabis pilot program. In May, the company expanded its market dominance in Germany by opening its first production and manufacturing facility with EU-GMP accreditation.
Aurora posted Fiscal 2022 Q4 and full-year results with total cannabis net sales of $50.2 million, compared to the preceding quarter’s total cannabis net revenue of $50.4 million. Cannabis net revenue was $51.2 million in Q4 2022, up $0.8 million from the previous quarter. This increase is principally due to the addition of $1.4 million in net revenue from the newly acquired Thrive, which is expected to be repaid on prior period U.S. CBD extract sales. With bulk wholesale sales excluded, the average net selling price per gram of dried cannabis in Q4 2022 declined 6% to $5.10 from $5.41 in Q3 2022, reflecting the greater share of consumer market revenue in Q4 2022 results.
The adjusted EBITDA deficit increased from $21.8 million in the same quarter last year to $12.9 million in 2022. When Q4 2022 was compared to Q4 2021, the net loss was $618.8 million as opposed to $134.0 million. The rise in net loss was primarily due to non-cash impairment charges of $505.1 million reported in other income (expense) during the current quarter to write down goodwill, intangible assets, and property, plant, and equipment. The company will report its first-quarter fiscal 2023 results after the close on November 10th.
ACB Stock Performance
ACB stock closed at $1.35 on November 7th up 16.38% in the last month of trading. Currently, the stock has a 52-week price range of $0.98-$8.69 down 75.05% year to date. According to analysts at CNN Business, ACB stock has a median price target of $1.49 per share. This would be an upside of 12.27% from its last trading price of $1.49.
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HEXO Corp.
HEXO Corp., a Canadian firm, manufactures award-winning cannabis products. With a diverse brand portfolio that targets the Canadian recreational market, the company now has a strong global presence. HEXO sells medical equipment principally in Canada, Malta, and Israel. The company has also been extending its presence in the American cannabis industry. Truss CBD USA, a collaboration between HEXO and Molson Coors, serves Colorado. The company recently acquired Zenabis Global Inc., a Canadian-licensed grower of cannabis for both medicinal and recreational purposes. Both purchases will help HEXO’s future growth in Canada, Europe, and the United States.
HEXO recorded net revenue in FY22 of $191.1 million, up from $123.8 million from the fiscal year that ended July 31, 2021. The company recorded an Adjusted EBITDA loss of ($7,467) in Q4’22, an improvement of $10,870, from Q3’22, and an improvement of $3,281 from the fourth quarter of FY21.HEXO closed the Tilray transaction, amending the terms of the Senior Secured Convertible Notes and reducing the associated liquidity and dilution pressures under the previous debt structure. HEXO recorded Q4’22 net revenue of $42.5 million, an increase of 10% compared to $38.8 million in Q4’21 and a decrease of 7% compared to $45.6 million net revenue in the third quarter of FY22.
Furthermore, HEXO purchased its first manufacturing plant in the United States through a wholly-owned subsidiary. Powered by HEXO items of the highest quality will be manufactured in the 50,000-square-foot Fort Collins, Colorado, plant and transported throughout the United States.
HEXO Stock Performance
On November 7th, HEXO closed at $0.18, up .56 percent in the previous five trading days. The stock is presently trading in a 52-week price range of $0.165-$1.88, a drop of 74.09% year to date. According to CNN Business experts, HEXO stock has a 12-month average price objective of $0.18 per share. This would be a 1.85 percent decrease from the last transaction price of $0.18.
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Investing In The Cannabis Industry And Canadian Pot Stocks
Press releases and financial data can be used to identify the most promising organizations. Before starting a position, you should do extensive research on the company. Your investing results may improve as you acquire experience with technical indicators and chart patterns. Short-term traders may benefit from the current market conditions, given the cannabis industry’s rapid local and global expansion. During an uptrend, you may find it beneficial to become acquainted with a variety of trading tactics. The cannabis stocks highlighted above are the finest to add to your watchlist for November 2022.
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