- People are increasingly talking about Cannabis 2.0 as the US House of Representatives reportedly are expected to vote on the cannabis legalization bill next week.
- This move has spurred investors’ interest in some Canadian pot stocks like Tilray Brands Inc (TSX: TLRY) and Canopy Growth Corporation (TSX: WEED).
- Tilray stock galloped by almost 29 per cent in the last one week.
Canadian investors seem to be showing increased interest in ‘Cannabis 2.0’ amid reports that the US House of Representatives is expected to vote on the cannabis legalization bill next week. This development has spurred interest in Canadian pot stocks like Tilray Brands Inc (TSX: TLRY) and Canopy Growth Corporation (TSX: WEED).
What is Cannabis 2.0?
The term ‘Cannabis 2.0’ basically refers to the advancement of the pot industry, including the launch of new categories such as pot-infused edibles, vape pens, topicals, etc. In other words, it is believed to mark the technological advancement in cannabis cultivation and extraction to enhance the consumer experience.
Pot players who are regularly evolving and expanding their pot portfolios despite business challenges are likely to stay in business for a long time and benefit from the expected marijuana boom.
On that note, let us talk about two TSX pot stocks.
Tilray Inc (TSX: TLRY)
Tilray’s Solei Brands launched a CBN vape pen designed for night-time use, Renew Moonlight, on Thursday, March 24. That day, Tilray stock galloped by over 22 per cent to close at C$ 8.79 apiece with 4.7 million shares switching hands. This cannabis stock galloped by almost 29 per cent in the last one week.
The pot company recorded a net profit of US$ 5.79 million in Q2 FY2022 compared to a loss of 89 million in Q2 2021.
Canopy Growth Corporation (TSX: WEED)
Canopy Growth, on March 22, said that its scientific and research team reported positive results from a six-month clinical trial study on CBD effects on menstrual health.
Canopy Growth stock swelled by over 11 per cent and closed at C$ 9.93 apiece on Thursday, with 4.1 million shares exchanging hands. This pot stock surged by 16 per cent in the past week.
The legalization of recreational pot use on a federal level in the United States could stimulate the footprints of Canadian companies like Tilray Brands and Canopy Growth, which are already rooting for expansion and growth opportunities south of the border. Hence, these could be some pot stocks to keep an eye on.