Tilray (TLRY) and WEED: 2 TSX cannabis stocks to buy in July

Follow us on Google News:
 Tilray (TLRY) and WEED: 2 TSX cannabis stocks to buy in July
Image source: © Maykal | Megapixl.com

Highlights

  • Tilray posted a net topline growth of 23 per cent year-over-year in Q3 FY2022
  • WEED stock was up by over seven per cent from its 52-week low of C$ 4.19 (June 16)
  • The S&P/TSX Cannabis Index (CAD) sank by about 55 per cent in 2022

The S&P/TSX Cannabis Index (CAD) sank by about 55 per cent in 2022. TSX cannabis stocks like Tilray (TSX: TLRY) and Canopy Growth (TSX: WEED) also fell to their 52-week lows in June. However, TSX pot stocks can see some significant gains in the long term if the industry sees federal decriminalization in the US, which has been in talks for a while now.

Let us explore these two TSX cannabis stocks today.

Tilray Brands Inc (TSX: TLRY)

Tilray reported a 23 per cent growth in its net revenue to US$ 152 million in Q3 FY2022, up from US$ 124 million in the same period last year. The company said it saw a revenue surge of over 4,000 per cent in international cannabis in the latest quarter compared to Q3 2021.

On Wednesday, June 29, the pot producer announced expanding its medical cannabis offerings in the UK under its division Tilray Medical.

TLRY stock zoomed by over nine per cent from its 52-week low of C$ 3.91 (June 16). However, the pot stock was still down by nearly 81 per cent year-over-year (YoY). As per Refinitiv data, Tilray seems to be on a downward trend with a Relative Strength Index (RSI) of 38.11 on June 29, marginally higher from the oversold territory.

Tilray (TLRY) and WEED: 2 TSX cannabis stocks for long term

Canopy Growth Corporation (TSX: WEED)

Canopy Growth disclosed its plans to acquire Wana Brands and Jetty Extracts to strengthen its Cannabis brand portfolio. The smallcap firm said its net revenue reduced to C$ 520 million in fiscal2022, representing a YoY change of five per cent.

In May, Canopy introduced new product lines under 7ACRES, Deep Space, Ace Valley and Doja, its four premium brands.

WEED stock was up by over seven per cent from its 52-week low of C$ 4.19 (June 16). According to Refinitiv data, Canopy also appears to be on a downward trajectory, with an RSI of 38.64 on June 29.

Bottomline

Tilray and Canopy are expanding their cannabis products and could benefit from the expected federal legalization in the US. As for their stock performance, cannabis stocks are not alone in the red territory in the current market scenario. The TSX benchmark dropped by over 10 per cent year-to-date (YTD). Hence, considering their growth possibilities, these TSX pot stocks can be explored for the long term.

Please note, the above content constitutes a very preliminary observation based on the industry, and is of limited scope without any in-depth fundamental valuation or technical analysis. Any interest in stocks or sectors should be thoroughly evaluated taking into consideration the associated risks. 

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Incorporated (Kalkine Media), Business Number: 720744275BC0001 and is available for personal and non-commercial use only. The advice given by Kalkine Media through its Content is general information only and it does not take into account the user’s personal investment objectives, financial situation and specific needs. Users should make their own enquiries about any investment and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media is not registered as an investment adviser in Canada under either the provincial or territorial Securities Acts. Some of the Content on this website may be sponsored/non-sponsored, as applicable, however, on the date of publication of any such Content, none of the employees and/or associates of Kalkine Media hold positions in any of the stocks covered by Kalkine Media through its Content. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used in the Content are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used in the Content unless stated otherwise. The images/music that may be used in the Content are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK