Kalkine Media -
The Canadian cannabis industry has contributed $43 billion to Canada's gross domestic product (GDP) ever since the legalization and created around 150,000 jobs, according to a 2022 Deloitte report.Highlights:
- Canadian cannabis stocks are grouped into recreational growers, ancillary businesses, and biotechnology companies.
- Canopy Growth (TSX:WEED), a Canadian company with its headquarters in Smiths Falls
- Aurora Cannabis (TSX:ACB) is a Canadian company that cultivates and sells medicinal and recreational cannabis.
Canadian cannabis stocks are grouped into recreational growers, ancillary businesses, and biotechnology companies.
Some of the top Canadian cannabis stocks include Canopy Growth, Aurora Cannabis, and OrganiGram Holdings (TSX:OGI).
Canopy Growth Corporation (TSX: WEED) Canopy Growth, a Canadian company headquartered in Smiths Falls, cultivates and markets hemp and medical and recreational cannabis under various brands, including Tweed and CraftGrow.
The company primarily operates in Canada and has distribution and production licenses in over a dozen nations. Additionally, Canopy can purchase Acreage Holdings once the federal cannabis industry in the United States is legalized.
As for the stock's future, the company recently announced that it had secured an agreement with an institutional investor to purchase and sell up to US$150 million of senior unsecured convertible debentures.
In Q3 2023, the company's net revenue was C$ 101.2 million, down by 28 per cent year-over-year (YoY).
Aurora Cannabis (TSX: ACB) Aurora Cannabis is a Canadian company that cultivates and sells medicinal and recreational cannabis. It has a portfolio of brands that includes Aurora, CanniMed, Daily Special, MedReleaf, and San Rafael '71. The company is headquartered in Edmonton, Alberta, and primarily operates in Canada, but it has expanded internationally with medical cannabis exporting agreements or cultivation facilities in over 20 countries.
Valour, a novel cannabis cultivar created for veterans by veterans, was announced recently by Aurora. 5 per cent of the net profit via the sale of Valour will be donated to veteran organizations across Canada.
In Q2 2023, the cannabis revenues were up 20 per cent from Q1 2023. Meanwhile, the net revenue was C$ 61.7 million.
The net cash at the end of the second quarter of fiscal 2023 was C$ 130.28 million compared to C$ 48.94 million in Q2 2022.
Please note, the above content constitutes a very preliminary observation based on the industry and is of limited scope without any in-depth fundamental valuation or technical analysis. Any interest in stocks or sectors should be thoroughly evaluated taking into consideration the associated risks.