Top Canadian Marijuana Stocks In June? 2 To Watch This Week
Are These Canadian Cannabis Stocks In A Loading Zone?
Canadian Cannabis Stocks In 2021
Currently in June Canadian marijuana stocks are showing the most upward momentum in the market. After several months of consolidation, the cannabis sector appears to have found its bottom. So far this month some top Canadian marijuana stocks have gained double-digit percentages in the first two weeks of June. But Canadian cannabis companies are waiting for the US to open up the cannabis market federally so they can enter the American market.
Currently, the US Congress is expected to vote on the MORE Act this month this bill would implement cannabis reform and set the groundwork for an open cannabis market in the US. At the present time, most Canadian cannabis companies have established a form of entry into the US cannabis industry.
Some have made acquisitions that once cannabis is federally legal will be their gateway into the market. Others have already established legal hemp CBD sales that have them already seeing sales in the US market. In 2021 this could be time for many developments that could be positive for the cannabis sector. But before investing in the top marijuana stocks to invest in it’s important to do your research and due diligence on a company.
Finding The Best Marijuana Stocks To Invest In
Ultimately studying how a particular stock performs in the market can help traders achieve the best possible entry point for their investment. Another factor to consider about marijuana stocks is that they are known for being some of the more volatile stocks in the market. So far 2021 has been no exception. After setting new highs in February the drop in market value for most pot stocks has many investors waiting for some upside.
As June continues this could be time to start adding some top Canadian cannabis stocks to your watchlist. With this month looking like it could be a turning point for the cannabis sector we can take a closer look at 2 of the best Canadian marijuana stocks to add to your watchlist in June.
Marijuana Stocks To Watch
Cronos Group Inc.
At the present time, Cronos Group Inc. is an innovative global cannabis company with international production and distribution across five continents worldwide. Primarily, Cronos has created a portfolio of cannabis brands that’s become popular with Canadian cannabis consumers. Recently Cronos missed estimates in its latest earnings, and it caused a sharp decline in market value. In May Cronos reported first-quarter 2021 net revenue of $12.6 million up to $4.2 million from Q1 2020. Specifically, the company saw a gross loss of $3.0 million in the first quarter with an adjusted EBITDA loss of $37.1 million in Q1 2021.
Earlier today Cronos announced it purchased options to acquire a 10.5% stake in PharmaCann for $110.4 million. In detail, the deal will be executed under various factors including the status of US federal cannabis legalization. Specifically, the deal would involve PharmaCann’s six production facilities and 23 dispensary locations. With this announcement CRON stock has begun to see some market momentum.
CRON stock is trading at $8.85 on June 14th up 28.39% year to date. In February Cron stock reached a high of $8.85 increasing by 20.73% in the last month. According to analysts at CNN Business CRON stock has a 12-month median price target of $7.20 per share. In essence, this would represent a decline of 18.61% from its current stock price. For this reason, CRON stock could be a Canadian cannabis stock to add to your watchlist for a better entry-level in the market.
OrganiGram Holdings Inc.
One of the leading Canadian licensed producers of cannabis and cannabis-derived products is OrganiGram Holdings Inc. The company produces high-quality, indoor-grown cannabis products for both the medicinal and recreational markets. Specifically, OrganiGram is developing its international business partnerships which is impacting the company’s presence in the global market. The company also engages in wholesale shipping of cannabis and sells products online.
In its latest earnings report the company saw second-quarter fiscal 2021 net revenue decline by 37% year over year to $14.64 million. OrganiGram did produce 62 new SKUs since July 2020 and is bringing new products to the Canadian market. The company is attempting to seize the Canadian industry’s growth with the derivatives market increasing cannabis demand. Recently the company launched Big Bag o’ Buds an indoor-grown strain-specific dried flower in 28g format. On June 4th the company announced it is recruiting for as many as 75 roles based in Moncton and New Brunswick.
OGI stock is trading at $3.105 on June 14th up 139.10% year to date. In February OGI stock reached a 52-week high of $6.45 more than double its current trading value. According to analysts at Tip Ranks OGI stock has a 12-month average price target of $3.65 per share. This would represent an increase of 17.36% from its current trading level. With this in mind, OGI stock could be a top Canadian marijuana stock to buy this week.