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Canadian pot stocks have started gaining broader traction as populous nations like Mexico and the US are on course to amend their legislation for the recreational use of cannabis.
Many pot firms operate in the end-to-end production of cannabis, while some deal in individual segments such as cultivation, research, and commercialization etc. Most of these companies are seeking to expand their operations in the wake of the ongoing green wave.
Stocks of these marijuana producers are not only in demand in Canada. Foreign investors too have been actively also exploring them. Psychedelics, an extension of cannabis products, are also gaining fervour with investors.
As we navigate this exciting period, here are five red hot pot stocks to watch out this week:
Aurora Cannabis Inc. (TSX: ACB) is today set to announce its second quarter results for fiscal 2021. The stock zoomed over 21 per cent on Wednesday, February 10, with a one-day heavy volume of more than 14 million. Its shares could jump again today if the company reports its revenue in-line with its peers, such as Canopy Growth and Aphria.
AdvisorShares Pure Cannabis ETF (YOLO:US) is the first U.S.-based active exchange-traded fund (ETF). It tracks the marijuana industry to generate almost 50 per cent of its revenue. The fund has swelled over 78 per cent this year amid the ongoing cannabis rally. The ETF hit an all-time high of C$ 31.873 per unit on February 10, with a probable scope of further growth.
Auxly Cannabis Group Inc. (TSX:XYL) stocks climbed as much as 30.66 per cent yesterday, with an 18.6 million volume. The penny stock is currently trading at C$ 0.49 against its 52-week high of C$ 0.59. The company has its results due on Tuesday, February 16. A growth cannabis stock is worth exploring.
Image Source: Kalkine Group @2020
Sundial Growers Inc (SNDL:US or NASDAQ: SNDL) shares have been flying since the company reported at the end of last year that it is a debt-free entity and engaging in the production of higher tetrahydrocannabinol potency products. The NASDAQ-listed Canadian pot firm’s stock has gained over 523 per cent this year. Once the US government legalizes marijuana federally, the stock could rise as much as C$ 5 against its current price of C$ 2.93.
WeedMD Inc (TSXV:WMD) stocks have been gaining for the last few days, along with other pot stocks. Its stock popped up more than 34 per cent yesterday as the company announced to raise C$ 15 million through a bought deal. The federally approved producer and retailer of medical cannabis has tripled its market cap in the last 10 days. It is likely to release its earnings on February 16. The penny pot stock may extend its extraordinary winning spree.
