Finding Value In The Best Cannabis Stocks In July
Are you looking for ways to invest in marijuana stocks for July? Last week many leading cannabis stocks began to climb higher in the market. This comes after months of declines for the cannabis sector. Now after a long period of consolidation, it could be time for the top marijuana stocks to rebound in the market. In the next five years, the cannabis industry is expected to more than double cannabis sales.
According to a new report from Statista US sales of legal recreational cannabis are expected to reach an estimated $42 billion by 2026. Additionally, by 2025 the number of American cannabis users is expected to grow to 50 million. Another factor that is currently driving the cannabis sector is the possibility of federal cannabis reform. Last week state marijuana regulators met with federal officials and lawmakers from congress to discuss the impact of national legalization.
These steps are bringing the US closer to achieving an open market in 2021. One benefit of an open American cannabis industry would be for the top Canadian cannabis companies. At the present time most, top Canadian companies have established some form of entry into the US cannabis market once it’s federally legal. Some have also acquired US companies and have already established sales of CBD in the states.
Catalysts For The Canadian Cannabis Sector
In the market, the Canadian cannabis sector has seen the most volatility so far this year. After reaching new highs in February the best Canadian marijuana stocks to buy have also taken the deepest declines in recent months. This could be an opportunity to start positions in the top Canadian cannabis stocks before they start rebounding in the market.
Currently, many analysts are predicting higher cannabis stock prices for 2021. It could be time to add some top Canadian marijuana stocks to your 2021 watchlist. For investors, it's always good to do your own due diligence before investing. Researching a company's financials and studying how the stock performs in the market are crucial elements in making a good investment. Next week top marijuana stocks could continue to see some upside here are some of the best Canadian marijuana stocks to watch right now.
Best Canadian Marijuana Stocks To Watch
Canopy Growth Corporation
As Canada eases lockdowns further Canadian cannabis companies are growing through acquisitions and establishing entry into the US market. Currently, Canopy Growth has several ways to capitalize off the US cannabis industry once its legally allowed entry. For one, the company has a partnership with terms for acquisition with Acreage Holdings, Inc. (OTC: ACRHF). Recently, Canopy Growth has also established a US distribution agreement with Southern Glazers Wine & Spirits for a CBD beverage portfolio. This coincides with the launch of the company's new Quatreau CBD-infused beverages. Another addition to Canopy's brand portfolio is the acquisition of one of Canada's premium cannabis brands The Supreme Cannabis Company, Inc. (OTC: SPRWF).
In June Canopy released the fourth-quarter fiscal year 2021 net revenue of $148 million. Additionally, the company saw total net cannabis revenue of $101 million in Q4 2021 and $379 million in full-year 2021. But Canopy saw a net loss in Q4 2021 of $617 million. In fact, the company sustained the full year 2021 net loss of $1.7 billion. Canopy seems to have its work cut out for itself if it's to reach its goals of profitability by mid-2022. But the company is still expecting to reach this goal and is one of the best positioned Canadian cannabis companies right now.
CGC Stock Performance
CGC stock closed on June 26th at $24.62 almost flat year to date. In February CGC stock reached a high of $56.50 and has climbed 7.14% in the past five trading days. According to analysts at CNN Business CGC stock has a 12-month median price target of $26.81 per share. In essence, this would be an increase of 8.86% from current trading levels. For this reason, CGC stock could be a top Canadian marijuana stock to add to your watchlist in July.
One Canadian marijuana stock that analysts have on their watchlist this week is Tilray, Inc. The company is a leading global cannabis consumer packaged goods company with operations in Canada, the US, Europe, Australia, and Latin America. Recently, Tilray became one of the largest Canadian cannabis companies in the world with a merger with Aphria Inc. Now Tilray, Inc. has become one of Canada’s dominant cannabis companies with its presence in many different markets. In its latest earnings report, Tilray missed its earnings estimates and took a significant hit in market value along with the rest of the Canadian sector. For the month of June TLRY stock began to show some upside in the market.
At the present time, Tilray has a market cap of approximately $8.12 billion based on the stock price on June 25th. One addition the company received from Aphria is the independent US craft brewer Sweet Water Brewing Company. In the future that could play an important role in the company's entry into the US cannabis industry. Currently, Tilray has a significant presence in the global markets and could see substantial growth globally. Tilray has also established CBD products and infused beverages that could be large revenue producers across the Canadian and American cannabis markets.
TLRY Stock Performance
TLRY stock closed on June 25th at $18.20 up 120.34% year to date. In February TLRY reached a new high of $67.00 and has increased 111.87% in the past 6 months. According to analysts at Market Beat TLRY stock has a consensus price target of $18.88 per share. This would represent an upside of 3.7% from its current price. With this in mind, TLRY stock could be a Canadian marijuana stock to add to your watchlist to close out June.
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