Friday, June 21, 2024

Canadian Cannabis Stocks Are Soaring, But Which Ones Will Make The Cut?

Canopy Growth made major headlines this past week when the enormous beer producer Constellation Brands invested $4 billion in their company. Constellation is the maker of such popular beverages as Corona, Pacifico and Modelo, so it’s not likely a shaky investment and the stock market had every reason to go wild over Canopy Growth and their quick surge in evaluation.

Hydropothecary experienced similar fortune when the Canadian beer brand Molson Coors invested in a joint venture with the cannabis conglomerate to make non-alcoholic, cannabis infused beverages. Their stock shot up with the news. Cannabis brands matching up with beverage makers is becoming a trend that’s getting a lot of positive fiscal attention.

Another canna-brand making big money moves, though not beverage-centric ones, is the Cronos Group, which is in the process of building out a 40,000 kilogram per year greenhouse in Ontario. The savvy group has also paired with the popular U.S. cannabis brand MedMen, which currently operates dispensaries in the U.S. and is looking to start opening stores across Canada.

One hot pot stock that’s getting a lot of attention, but also raising some eyebrows, is Tilray. They’ve been compared to other megastocks like Cronos and rank high in the Canadian medical marijuana market, but they’re the smallest of the new pot stocks to crop up and they don’t have major backers like the other brands.

There’s also the potential that the global cannabis market could impact Tilray negatively. If the market doesn’t expand as quickly as expected, the stock will become more unstable and could potentially fall. Still, optimists and adventure seekers are investing in all of the aforementioned companies with zeal, which bodes well for the cannabis market in general.

Tilray did get a boost this week when Ontario Cannabis Store announced supply agreements with 26 different cannabis companies, one of which is Tilray. Their stock saw an 8.8 percent surge after the news was announced, but if it will be enough to keep them in the top tier remains to be seen.

There are not a lot of pot stocks to invest in as of yet, but the ones making the cut are great bets at best, and fascinating to watch at the least. While past performance and product promises do not a future make when it comes to stocks, it’s still probably a good time to reevaluate your portfolio and turn it a little greener in the best possible of ways.


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