Canopy Growth (TSX:WEED) & Sundial (NASDAQ:SNDL): 2 Pot Stocks To Buy

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Canopy Growth (TSX:WEED) & Sundial (NASDAQ:SNDL): 2 Pot Stocks To Buy

 Canopy Growth (TSX:WEED) & Sundial (NASDAQ:SNDL): 2 Pot Stocks To Buy
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Summary

  • Cannabis stocks gained momentum over the past year amid the pandemic as pot sales shot up.
  • As COVID-19 cases continue to rise around the world, sales of cannabis products are likely to get boosted and that could reflect on the performance of pot stocks as well.
  • Canopy stock soared by 36.5 per cent in the past nine months and expanded about 46 per cent in the last year.

Cannabis stocks gained momentum over the past year amid the pandemic as pot sales shot up. As COVID-19 cases continue to rise around the world, sales of cannabis products are likely to get boosted and that could reflect on the performance of pot stocks as well.

With such growth prospects in mind, let’s explore the pot stocks of Canopy Growth Corporation (TSX:WEED) and Sundial Growers Inc (NASDAQ:SNDL).

Canopy Growth Corporation (NASDAQ:CGS, TSX:WEED)

Stocks of Ontario-based cannabis producer Canopy Growth were up by nearly two per cent on Tuesday (12.28PM EST), May 18. The stocks surged following the announcement that the company will release its fourth-quarter fiscal 2021 results on June 1.

Canopy Growth shares closed at US$ 23.15 apiece on Monday, 67 per cent up from a 52-week low of US$ 13.83 (October 2, 2020).

In Q3 2021, Canopy Growth's revenue stood at C$ 169.9 million, up from that of C$ 135.5 million in Q3 2020. Its cash and cash equivalents in the latest quarter amounted to C$ 824.96 million. 

Canopy stock soared by 36.5 per cent in the past nine months and expanded about 46 per cent in the last year. As per TMX, the cannabis producer holds a debt-to-equity (D/E) ratio of 0.19 and a market cap of C$ 8.9 billion.

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Sundial Growers Inc. (NASDAQ:SNDL, SNDL:US)


Stock of Sundial Growers Inc has been rallying since the past week, having grown three per cent. On Tuesday (12.33PM EST), the stock was up nearly four per cent.

As per Monday’s closing price of US$ 0.75, Sundial stock grew by 37 per cent in the last one year, beating the S&P 500 Pharmaceuticals (Sub Industry) sector in comparison. In the past six months, it catapulted by 188.5 per cent.

In Q1 2021, Sundial Growers’ earnings from operations amounted to C$ 1.7 million, as compared to a loss of C$ 32.7 million in the previous quarter.

The above constitutes a preliminary view and any interest in stocks should be evaluated further from an investment point of view.

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