The month of November has given marijuana stocks increasing value in the market, but will this continue into Thanksgiving week? Recently U.S marijuana stocks have performed remarkably well since election week. In addition, cannabis companies have continued to show increased demand and revenue growth across the U.S. for 2020. Last week top pot stocks to watch like Curaleaf Holdings, Inc. (CURLF Stock Report), and Cresco Labs Inc. (CRLBF Stock Report) reported strong earnings for the 3rd quarter of 2020. In essence, this shows that the cannabis industry has continued to prosper even through these trying times for economic growth.
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Although many investors are currently focused on U.S marijuana stocks there is potential for gains in some Canadian cannabis stocks in the market. Back in September Canadian cannabis sales increased over 100% on an annual basis. Although growth on a sequential basis was not as substantial this shows current improvements in the Canadian sector. Although Canada did not see the same demand increases felt in the U.S., the addition of the derivatives market there has increased growth. In general Cannabis 2.0 got off two a rough start with the advent of the coronavirus just months after it started in Canada in 2019. Provided that no more major shutdowns occur in Canada cannabis derivatives should see increased growth in 2021.Canadian Marijuana Stocks Have Winners and Losers
In the Canadian cannabis sector, there are companies that are showing strength and others that are having issues currently in the cannabis industry. For example, Aurora Cannabis (ACB Stock Report) was the largest Canadian cannabis stock not too long ago. But in 2020 ACB stock has fallen to all-time lows, and to regain investor confidence must show positive growth in 2021. Although the stock could hold value due to the fact it’s trading at these levels many analysts are not giving ACB stock a good forecast. On the other hand, there are Canadian companies that are showing strong future potential.
In reality, the Canadian cannabis market is predicted to grow to almost $7 billion by 2025. In fact, this would be almost triple the current estimate of $2 billion for 2020. Generally speaking, this would help boost revenue to the top-performing Canadian marijuana companies. For the purpose of finding the best Canadian marijuana stocks to buy, let’s take a look at these two industry leaders.Canadian Marijuana Stocks Aphria vs Canopy
Aphria Inc. (APHA Stock Report) is a leading global cannabis company that has been setting the standard for low-cost high-quality marijuana at scale. The company is one of the best performing Canadian pot stocks to watch in the industry. Recently Aphria Inc. announced record adult-use cannabis gross revenue in the 1st quarter of the fiscal year 2021. The company brought in a record $69.6 million in gross revenue an increase of 23% from the prior quarter. In addition, this would also make the 6th consecutive quarter of positive adjusted EBITDA for Aphria. As a matter of fact, the company is reporting net cannabis revenue of $145.7 million in the first quarter an increase of 16% year over year. All things considered, Aphria has the leading market share in 2 provinces in Canada. In addition, the company has a strong international presence with its market share in Germany and Israel. Another important reason to watch Aphria is its plan to enter the U.S craft beer market via its acquiring SweetWater Brewing Company a $300 million deal.
APHA stock is going into this holiday week performing well in the market. Currently, at $6.13 a share, the stock could continue to gain value going into next year. In addition, APHA stocks 52 weeks high is $6.60 which is not that far from current levels. Recently analysts have given APHA stock a median price target of $6.28 which only represents 2.47 % from its current price. Provided that Aphria continues expanding internationally as well as Canada and the U.S., the company might have growth potential for 2021. With this in mind, APHA stock is a Canadian cannabis stock for your watchlist for 2021.Canadian Marijuana Stocks Aphria vs Canopy
Canopy Growth Corporation (CGC Stock Report) is a world-leading diversified cannabis, hemp, and cannabis device company. In detail, the company offers distinct brands and curated cannabis in a variety of forms. These include dried flower, hemp, vape cartridges, THC and CBD-Infused beverages, and edibles. Earlier this month Canopy announced it Q2 fiscal 2021 earnings of a record $135 million. In addition, they cut net loss by a 43% improvement from Q2 of fiscal 2020. Generally, they achieved these record quarter sales by increasing Canadian recreational revenue and reducing operational expenses by 19% compared to Q2 of fiscal 2020. Equally important to the future of Canopy is its plan to enter the U.S market. In essence, Canopy has agreed to acquire Acreage Holdings, Inc. (ACRHF Stock Report) and this would give the company U.S access. Not to mention the two companies have announced the sale and distribution of Canopy’s THC-infused beverages for the summer of 2021.
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CGC stock has been climbing in value for the month of November and has performed well for investors. Currently, the stock is at $23.86 a share heading into Thanksgiving week and could increase in value in 2021. CGC stock has analysts giving it a median price target of $20.19 which is over 14% down from current levels. The stock is up over 12% for the year and has the potential to continue its upward trajectory. For this reason, Canopy is Canadian pot stock to watch Thanksgiving week.