Top 2 cannabis stocks to watch in 2022

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Top 2 cannabis stocks to watch in 2022

 Top 2 cannabis stocks to watch in 2022
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Highlights

  • Tilray, Inc.’s (NASDAQ: TLRY) revenue surged 20% YoY in Q2, FY22
  • Organigram Holdings Inc.’s (NASDAQ: OGI) net revenue rose 57% YoY in Q1, FY22
  • TLRY’s price surged over 6% over the past five days

The stocks of Tilray Brands, Inc. (NASDAQ: TLRY) and Organigram Holdings Inc. (NASDAQ: OGI) continued to stay in the limelight after the companies reported strong quarterly financial results this week. Investors are again turning their focus towards the sector that made several headlines in the previous year, mainly due to legalization uncertainty.

Here we explore the earnings and stock performances of two stocks that may continue to attract investors' attention in the coming days.

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Tilray, Inc. (NASDAQ: TLRY)

The stocks of TLRY traded at US$7.19 at 7:50 am ET on January 13, up 0.56% from its previous closing price when it closed at US$7.15. Its stock value surged 6.08% over the past five days. It has a market cap of US$3.33 billion, and a P/E ratio of 57.50.

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The TLRY stock saw a highest price of US$67.00 and lowest price of US$6.29 in the last 52 weeks. Its trading volume on January 12 was 23,457,705.

The company's revenue was US$155.15 million in Q2, FY22, representing an increase of 20% from the year-ago quarter. Its net income came in at US$5.79 million, against a loss of US$89.24 million in Q2, FY21.

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Why Tilray (TLRY) and Organigram (OGI) stocks are in the limelight?

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Organigram Holdings Inc. (NASDAQ: OGI)

The stocks of Organigram Holdings were priced at US$1.72 at 8:07 am ET on January 13, up 0.58% from its previous closing price when it closed at US$1.71. Its stock value surged 3.93% over the past five days. It has a market cap of US$531.36 million.

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The OGI stock saw the highest price of US$6.45 and lowest price of US$1.58 in the last 52 weeks. Its trading volume on January 12 was 6,116,125.

The company's gross revenue surged 75% YoY to US$44.34 million in Q1, FY22, while its net revenue rose 57% YoY to US$30.4 million. It reported a net loss of US$1.3 million, against a loss of US$34.33 million in the comparable quarter of the prior year.

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Bottom line:

The cannabis sector has gained traction in the North American market, with an increasing demand for cannabis for both medical and recreational uses. However, an investor should closely evaluate the companies before investing in their stocks.

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