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Should You Be Buying Top Canadian Marijuana Stocks Right Now? 2 To Checkout This Week

Are These Canadian Cannabis Stocks A Buy At Current trading levels?

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This story originally appeared on MarijuanaStocks

Investing In Top Cannabis Stocks In June 2021

Are you looking for the best ways to invest in marijuana stocks in 2021? At current trading levels, there seem to be many top cannabis stocks that could potentially produce significant gains for investors. One area that has already delivered results in the first quarter of 2021 is Canadian marijuana stocks. Since the presidential election, the best Canadian cannabis stocks to buy have rallied in the market. This is mainly because of the possibility of federal cannabis reform.

Marijuanastocks.com via MarijuanaStocks

At the present time, many Canadian cannabis companies have already established strategic entries into the US cannabis market. Currently, in the US Congress, more lawmakers are pushing Cannabis reform legislation like The SAFE Banking Act and the MORE Act. With these bills progressing through Capitol Hill passing any type of federal policy change could trigger new momentum in the top marijuana stocks to buy. For the past four months, the cannabis sector has experienced a pullback that has hit the Canadian sector particularly hard.

This coupled with the fact Canadian cannabis companies have not been performing as well as their US counterparts have brought down their market value. But could they produce some gains from current trading levels? Because most Canadian marijuana companies have been delivering disappointing earnings it’s difficult to think about investing long-term in them at the present time. But this does not mean investors can’t catch some of the Canadian cannabis stocks for some short-term gains.

Canadian Marijuana Stocks In June 2021

In June Canadian marijuana stocks began to see some upside earlier in the month but have now given back most of that momentum. For investors looking to see some short-term gains in the market Canadian marijuana stocks could present an opportunity for traders.  As the markets recover some of the value they lost last week these top Canadian pot stocks could begin to move higher in the market.

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For investors looking to start a position in cannabis stocks, it’s important to always do your research before investing. Because of the volatility in the cannabis sector establishing a good entry point can make a big difference in your returns. With this in mind let’s take a closer look at 2 top Canadian marijuana stocks to watch this week in June.

Marijuana Stocks To Watch

  1. Tilray, Inc. (NASDAQ:TLRY)
  2. HEXO Corp. (NYSE:HEXO)

Tilray, Inc.

Currently in Canada Tilray, Inc. is a leading global cannabis consumer packaged goods company with operations in Canada, the US, Europe, Australia, and Latin America. In one of the biggest mergers in Canada, Tilray merged with Aphria Inc. to become one of the largest revenues producing Canadian cannabis companies in the world. But much like all the rest of the Canadian cannabis companies Tilray missed its earnings estimates and took a significant hit in market value.

Earlier in 2021 TLRY stock became a favorite among Reddit and Robinhood investors as one of the famous meme stocks that saw some significantly higher market value and volume in January and February.  At the present time, Tilray has a  presence in the global markets and could see substantial growth worldwide. In addition, the company has also established CBD products and infused beverages that could be large revenue producers across the Canadian and American markets. As Canada eases lockdowns Tilray could begin to see a rebound in the market.

TLRY stock is trading at $17.22 on June 21st up 104.72% year to date. In. February the stock reached a new high of $67.00. According to analysts at CNN Business TRLY stock has a 12-month median price target of $18.76 per share. In essence, this would represent an increase of 8.67% from its last trading price. For this reason, TLRY stock is a top Canadian marijuana stock to add to your watchlist this week.

[Read More] Top Canadian Marijuana Stocks For Your Watchlist In June 2021

HEXO Corp.

Another leading Canadian cannabis company with award-winning cannabis products for the global industry is HEXO Corp. At the present time, the company is serving the Canadian recreational market with an extensive brand portfolio. Additionally, HEXO is also producing medical sales in Canada, Israel, and Malta. Another area that HEXO has been expanding into is the US. Specifically, HEXO serves the Colorado market with Truss CBD USA a joint venture with Molson Coors. On June 1st HEXO announced it made the closing arrangements for acquiring Zenabis Global Inc. Primarily, Zenabis is a Canadian licensed cultivator of recreational and medical-grade cannabis. Generally speaking, this deal will help solidify the future expansion for HEXO in Canada, Europe, and other markets.

On June 14th HEXO announced its 3rd quarter fiscal 2021  results with some declines in sales. In detail, the company saw total net sales increase by 2% year over year. In the 3rd quarter, HEXO maintained the number one position in the beverages category. But its total net sales declined by C$10.2 million from the previous quarter. But with recent acquisitions and mergers, HEXO could become the 3rd largest Canadian cannabis company by market share.

HEXO stock is trading at $5.66 at 1:47 EST on June 21st up 54.35% year to date. In February HEXO stock reached a new high of $11.04. According to analysts at Tip Ranks HEXO stock has a 12-month average price target of $7.63 per share. This would represent an increase of 34.92% from current trading levels. With this in mind, HEXO stock could be one of the best Canadian cannabis stocks to buy In June.

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