3 Hot Canadian Penny Stocks To Buy

3 min read | February 11, 2021 09:44 AM EST | By Kunal Sawhney

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Three industries have been pushing the TSX Composite Index up this year – cannabis, electric vehicle components, and energy. We will take three red hot penny stocks from each of these segments that could deliver a three-digit growth this year.

The S&P/TSX Cannabis Index has increased by 157.6 per cent in 2021. The S&P/TSX Venture Energy (Sector) Index is up 27.58 per cent year-to-date (YTD). The price of lithium has surged by 46 per cent this year.

Here are three penny stock worth to add your portfolio now:

Our first pick is Vision Lithium Inc. (TSXV:VLI), a Quebec-based lithium and copper miner. Both these metals are required in the production of electric vehicle batteries. In its latest production update, the company today announced that it has achieved lithium carbonate at 99.9 per cent (battery-grade purity) from its wholly owned Sirmac lithium property in Quebec.

The lithium stock has gained over 467 per cent in the last two trading sessions, with an average 10-day volume of 7 million. It is trading at C$ 0.51 per share, with a one-year return of 750 per cent.

Next is, Gran Tierra Energy Inc. (TSX:GTE), which holds approximately 142 million barrels of oil equivalent of crude oil and natural gas reserves. It has delivered more than 174 per cent returns this year, with an average volume of almost 4 million for the last 10 days.

In January, it drilled crude oil at an average of 23,428 barrels of oil equivalent (boe) per day against its last-year average of 22,624 boe per day. It has a current stock price of C$ 1.29 against its 52-week low of C$ 0.25, a huge 5X surge.

Image Source: Kalkine Group @2021

Finally, we come to cannabis sector that has been rallying in the last couple of days.

Green Organic Dutchman Holdings Ltd. (TSX:TGOD) cultivates cannabis and produces pot products such as hash, organic teas, vapes, etc. The pot stock has risen more than 156 per cent year-to-date (YTD), propelled by the ongoing green wave.

The company announced today that it has entered a supply agreement with a digital cannabis products distributor, CannMart, which is a subsidiary of Namaste Technologies. From this collaboration, Green Organic Dutchman expects to transform its medicinal business into a wholesale model.

It has gained nearly 97 per cent month-to-date (MTD), with an 8.8 million average volume for the last ten days. Its current stock price is C$ 0.59 against its 52-week high of C$ 0.70. This pot stock could be an amazing catch amid the recent rally.

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