The company’s stock was delisted from both the NYSE and TSX in April 2020 as it was filing for creditor protection, according to Stock News. The stock now trades over-the-counter and is down more than 79% year-to-date.
HEXO (HEXO) is the first licensed medical marijuana producer headquartered in Quebec. This company focuses on recreational marijuana use. In October 2019, HEXO launched Original Stash, a value-conscious line of cannabis priced at just $4.49 per ounce, including taxes. HEXO stock has dropped by more than 45% year-to-date.
Emerald Health Therapeutics (OTC: EMHTF) is also a producer of dry cannabis and cannabis oils for medical use based out of British Columbia. New Cannabis Ventures reported that the company raised CAD $10 million in equity from Dundee Capital. Its stock value has dropped by close to 17% year-to-date.
7. Namaste Technologies Inc.
Mrinalini Krishna is an expert on alternative investments as well as company and market news. With over 10 years of business journalism experience, Mrinalini has written stories about business, finance, and the marijuana industry. She received her Bachelor of Arts with honors in economics from the University of Delhi, her Master of Arts in mass communication from the Symbiosis Institute of Media and Communication, and her Master of Arts in business and economic reporting from New York University.
Namaste Technologies Inc. (OTC: NXTTF) focuses on the e-commerce side of the medical marijuana business. The company operates 32 sites in 20 different countries. In 2017, Namaste added CannMart into its portfolio, which has a distribution network in Toronto. This helps the site develop its retail distribution. The stock has declined by 38.7% year-to-date.
The United States and Canada may share a border, but there are very inherent differences in how each country views and treats marijuana. The U.S. has been plagued with many restrictions because marijuana is still considered a controlled substance at the federal level. As of November 2020, a total of 35 states as well as the District of Columbia, Guam, Puerto Rico, and the U.S. Virgin Islands allow pot for medical use. And many states are still grappling with the issue of recreational usage.
Appotex, one of Canada’s premier pharmaceutical companies, has an exclusive global partnership with CannTrust Holdings (OTC: CNTTQ). CannTrust has a 430,000 square foot cultivation facility in the Niagara region, making it the sixth-largest marijuana facility in Canada. CannTrust offers a variety of dry and drop-based products for pharmaceutical applications.
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Sundial Growers Inc. engages in the production and marketing of cannabis products for the adult-use market in Canada. The company produces and distributes inhalable products, such as flowers, pre-rolls, and vapes. In the first quarter of 2021 Sundial surprised investors with its first positive earnings report in the company’s history. In detail, the company delivered first-quarter 2021 earnings of C$1.7 million compared to a loss of C$32.7 million sequentially. Additionally, the company reported a first-quarter positive adjusted EBITDA of C$3.3 million compared to a loss of C$5.6 million sequentially.
In July Senate Majority Leader Chuck Schumer released a draft of cannabis legislation that would legalize cannabis on the federal level. The Cannabis Administration and Opportunity Act was released by Schumer to gain support for the legislation before introducing it for a vote. In the event, this marijuana legislation passes it could be open the doors for Canadian cannabis companies to enter the US cannabis industry.
Canopy Growth is one of the largest producers and distributors of cannabis and cannabis-derived products in the Canadian market. Primarily, the company sells cannabis and hemp-derived products in Canada, the US, and Germany. Currently, the company has made a US distribution agreement with Southern Glazers Wine & Spirits for a CBD beverage portfolio. In the Canadian market, Canopy increased its brand portfolio with the acquisition of one of the countries premium cannabis brands The Supreme Cannabis Company, Inc.
Recently, Tilray completed its first harvest and delivery of medical cannabis grown in Germany. Additionally, the company has established CBD products and infused beverages. These products could be large revenue producers across the Canadian and American markets. In July, Tilray reported its 2021 fiscal year and Q4 results with net revenue up 27% year over year to $513 million. The company produced a net income of $33.6 million and adjusted EBITDA of $12.3 million. Tilray increased its revenue by 55% in Q4 and holds the #1 share in Canada.
In the first week of August, the best marijuana stocks to buy began to show some upward momentum in the market. With several months of declines in 2021 top cannabis stocks began moving on better-than-expected earnings from Canadian cannabis companies. Now in August, many more leading cannabis companies are releasing financials, and this could continue fueling a rise in the cannabis sector. In 2021 top Canadian pot stocks saw the largest gains in the first quarter of 2021.
At the present time, Sundial has two main segments they currently are achieving profits from cannabis operations and the other company investments. Specifically, the company realized C$2.8 million in interest and fee revenue from long-term loans to third parties. Currently, Sundial has C$12.9 million in realized and unrealized gains from investments in securities. Recently Sundial has been getting renewed interest from Reddit and Robinhood investors going into August. The company is expected to release its second-quarter 2021 earnings on August 12 th after the market closes.
After February 10 th most Canadian cannabis stocks also experienced the steepest declines in the market. In 2021 most Canadian cannabis companies are still not profitable after almost 3 years of full legalization in the country. In many instances, these Canadian cannabis companies will need access to the American cannabis market to produce better margins. Most have already established some form of entry into the US market and are waiting for the federal government to end federal cannabis prohibition.