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July 25, 2022, 11:31 a.m. EDT

Best Canadian Marijuana Stocks To Buy Right Now? 3 For Your August List

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Jul 25, 2022 (Marijuana Stocks via COMTEX) -- Top Cannabis Stocks And Current Market Volatility

Are the top marijuana stocks still a good investment now that they have started to recover in July? Similar to the rest of the market, the majority of cannabis stocks saw fresh lows at the beginning of the summer. However, the sector has already partially recovered from this month’s trading decline. New investors who wish to get into the cannabis industry may want to start exploring possibilities now. One area that has shown significant upside in past years are Canadian pot stocks .

Delays in US federal cannabis legalization in 2021 had a substantial impact on market value, and LPs are now struggling to turn a profit in Canada. Canadian cannabis firms have attracted far more investor interest since they trade on the main US stock markets. For this reason, any sector momentum may begin with Canadian cannabis businesses before spreading to the rest of the market. Before August, let’s take a deeper look at three of the best Canadian marijuana stocks for your watchlist .

[Read More] 3 Marijuana Stocks To Watch For Better Trading Right Now

Canadian Marijuana Stocks To Watch In July 2022

  1. Tilray Brands, Inc. ( NASDAQ: TLRY )

  2. HEXO Corp. ( NASDAQ: HEXO )

  3. High Tide Inc. ( NASDAQ: HITI )

Tilray, Inc.

Tilray, Inc. is a cannabis consumer packaged goods (CPG) company with operations around the globe, including in Canada, the US, Europe, Australia, and Latin America. The company has established a reputation as a market leader in Canada and one of the largest cannabis industries globally. Tilray is getting ready to expand its worldwide presence by breaking into the US market. Tilray was the first business to grow and market medicinal marijuana in Germany. According to the company, the markets in Canada and the United States offer great potential for CBD-infused foods and beverages. In 2021, Tilray and Great North Distributors made the decision to work together to promote the growth of Canada’s legal cannabis market.

The company began offering medicinal cannabis products in Malta in February. By acquiring a majority interest in the convertible notes issued by MedMen, Tilray has strengthened its engagement in the US cannabis industry. Tilray announced a net income of $52.5 million and adjusted EBITDA of $10.1 million for the third quarter of fiscal 2022. Adjusted EBITDA has now been positive for 12 consecutive quarters for the company. Furthermore, net sales jumped by 23% to $152 million, while gross profit improved by 17% to $39.8 million. Tilray and HEXO Corp. /zigman2/quotes/206508254/composite HEXO -1.19% decided to collaborate strategically in April with the possibility of an acquisition. The company will release its fourth quarter fiscal 2022 results on July 28 [th] before the market opens.

On July 22 [nd] the shares of TLRY closed at $3.50, up 6.06% in the past five trading days. The 52-week price range for the stock is $3.00-$16.67 and is down 50.21% year to date. According to CNN Business experts, TLRY stock has a 12-month consensus price objective of $5.25 per share. This represents a 49.57 percent increase over the previous trading price of $3.42.

[Read More] Chuck Schumer Has Finally Revealed His Long Awaited Marijuana Reform Bill

HEXO Corp.

A Canadian company called HEXO Corp. creates cannabis products that have won awards. With a diversified brand portfolio that serves the Canadian recreational market, the company today holds a solid position in a global market. HEXO primarily sells medical equipment in Canada, Malta, and Israel. The business has also been expanding its footprint in the American cannabis sector. Colorado is serviced by Truss CBD USA, a partnership between HEXO and Molson Coors. Zenabis Global Inc., a Canadian-licensed grower of cannabis for both medicinal and recreational purposes, was recently bought by the company. Both purchases will support HEXO’s upcoming growth in Canada, Europe, and the US.

Results for the second quarter of 2022 from HEXO were announced. Total net revenues were $52.8 million, up 61 percent from the same time last year. Additionally, adjusted EBITDA increased from a negative $11.2 million to a negative $5.6 million, and adjusted gross margin increased from a negative 25% to a negative 36% quarter over quarter. The company also successfully wrote down $616 million in impairments, eliminating past issues and paving the path for future growth. Additionally, HEXO used a fully owned subsidiary to purchase its first manufacturing facility in the United States. High-quality Powered by HEXO products will be produced at the 50,000-square-foot Fort Collins, Colorado, facility and shipped all throughout the United States. In July Hexo completed a transaction with Tilray creating an alliance between the two Canadian cannabis leaders.

On July 22 [nd] , HEXO closed at $0.1973, up 4.89 percent in the previous five trading days. The stock is presently trading in a 52-week price range of $0.1770-$4.39, a drop of 71.76% year to date. According to CNN Business experts, HEXO stock has a 12-month average price objective of $0.19 per share. This would be a 2.03 percent decrease from the last transaction price of $0.1973.

/zigman2/quotes/206508254/composite
US : U.S.: Nasdaq
$ 0.17
-0.0020 -1.19%
Volume: 4.19M
Nov. 29, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$98.42 million
Rev. per Employee
$218,512
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