Canadian Hashish Shares To Watch In November 2021

Marijuana stocks and current market activity

In November, the cannabis sector continued to see market declines, causing top marijuana stocks to stay at their lowest trading levels of 2021. A portion of the cannabis sector that has seen a significant drop in value is Canadian cannabis stocks. After making new highs in the first quarter, Canadian pot stocks fell to levels that could have potential for investors.

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While the Canadian cannabis market grew in 2021, it wasn’t enough for these companies to compete with the growth of leading U.S. cannabis companies. As the year progressed, the need for Canadian cannabis companies to enter the U.S. market seemed increasingly evident. Many Canadian companies are currently entering the American cannabis market.

But until Congress lifts the cannabis ban there, they can’t fully get into the U.S. cannabis industry. Some have established CBD products that they can sell in the states. Other companies have acquired US companies that will be vital to their presence in the US. In addition to the future growth that Canadian cannabis companies could produce in the US, they have also established themselves internationally. In the event that Congress passes federal marijuana legalization, we could see some benefits for Canadian pot stocks.

Find the best pot stocks to invest in right now

Before investing in any cannabis stock, it is important to always do your own due diligence on the company. Studying a company’s financial results and studying the performance of a stock in the market can help you find the best cannabis stocks to invest in. Many investors create a watchlist of stocks to follow in the market. This can help you identify the best entry points for your positions and generate the best returns. In general, Canadian cannabis stocks could have future potential for traders. Let’s take a close look at 2 top Canadian marijuana stocks to add to your list this month.

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Canadian marijuana stocks to watch for in 2021

  1. Aurora Cannabis Inc. (NASDAQ: ACB)
  2. High Tide Inc. (NASDAQ: HITI)

Aurora Cannabis Inc.

Aurora Cannabis Inc. is another Canadian company that manufactures and sells medical cannabis products worldwide. In 20212, the company announced its entry into the US market through the acquisition of Reliva, a CBD manufacturing company in America. In addition, Aurora has expanded its San Rafael ’71 portfolio with the introduction of 3 new proprietary strains. In the second quarter, the company delivered a $ 8 million shipment of cannabis to Israel. The company is primarily working on restructuring its balance sheet and has completed the first shipment to the French medical cannabis pilot program.

Aurora announced its fourth quarter 2021 results with total net sales of $ 54.8 million from cannabis. The company’s balance sheet remains strong at $ 440.9 million in cash as of June, an improvement of $ 404.3 million from last year. Additionally, the company reports an adjusted EBITDA loss of $ 13.9 million, an improvement of $ 17.6 million over the previous year. Aurora is still the No. Canadian LP. The company will release its financial results for the first quarter of fiscal 2022 on November 9th.

ACB stock trades at $ 6.97 on November 3, 2021, down 22.82% over the past six months. Currently, the stock has a 52-week price range of $ 4.38 to $ 18.98, down 16.97% year-to-date. According to analysts at CNN Business, ACB stock has an average 12-month price target of $ 5.51 per share. This would be a loss of 20.13% compared to the current trading price.

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High Tide Inc.

High Tide Inc is a retail-focused cannabis company that also makes and sells consumer accessories. In general, High Tide has a portfolio of companies that include a dominant Canadian cannabis retail chain and a global manufacturer and distributor of cutting-edge smoking accessories. First and foremost, the company has built the largest accessories e-commerce platform in the world. Currently, High Tide has a presence with 103 branded retail locations across Canada. In October, High Tide completed the acquisition of Blessed CBD and entered the UK market.

In addition, the company completed the acquisition of Smoke Cartel Inc. and began selling CBD products made from hemp under its Grasscity brand. High Tide continues to see rapid expansion into the U.S. cannabis market with its acquisition of leading online retailer Dankstop. The company announced its results for the third quarter of 2021 with sales up 99% to $ 48.1 million. As a result, gross profit rose 75% year over year to $ 16.7 million. Specifically, the company had adjusted EBITDA of $ 1.5 million compared to $ 3.4 million last year. The difference in Adjusted EBITDA is mainly related to the upward move from High Tide to NASDAQ.

HITI stock trades at $ 6.08 on November 3rd, up 10.49% over the past five trading days. Currently, the stock has a 52-week price range of $ 3.00 to $ 13.29, up 96.37% over the year to date. According to analysts at Tip Ranks, HITI stock has an average 12-month price target of $ 13.86 per share. In this case, this would correspond to an upward trend of 128.29% compared to the current trading price.

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