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5 Cannabis Stocks to Watch In 2023
The legal cannabis industry is growing rapidly as more and more countries legalize the use of marijuana. This has led to a boom in cannabis stocks, with many companies seeing their stock prices skyrocket. However, not all cannabis stocks are created equal. Some are riskier than others, and some have more potential for growth. In this article, we will take a look at five cannabis stocks to watch in 2023. These are companies that we believe have the potential to generate significant returns for investors.
1. Canopy Growth Corporation (CGC)
Canopy Growth is one of the largest cannabis companies in the world, with a market cap of over $20 billion. The company is headquartered in Canada, and it is the largest producer of cannabis in the country. Canopy Growth has been one of the biggest beneficiaries of the legalization of cannabis in Canada, and it is expected to continue to grow at a rapid pace. The company has also been expanding internationally, and it is now active in a number of countries. Canopy Growth is one of the most established cannabis companies, and it is one of the safest bets in the industry.
2. Aurora Cannabis (ACB)
Aurora Cannabis is another large Canadian cannabis company, with a market cap of over $10 billion. Aurora is one of the leading producers of cannabis in Canada, and it is also active in a number of other countries. The company has been growing at a rapid pace in recent years, and it is expected to continue to do so. Aurora Cannabis is one of the riskier stocks in the industry.
3. Aphria (APH)
Aphria is a Canadian cannabis company with a market cap of over $5 billion. However, the company has been embroiled in a number of controversies, which has led to some investors being cautious about investing in the stock. Aphria has been accused of overstating the value of its assets, and the company’s CEO has resigned. Despite these controversies, Aphria remains one of the largest cannabis companies in the world, and it is expected to continue to grow.
Aurora Cannabis (NYSE: ACB)
Aurora Cannabis is one of the world's largest cannabis companies, with operations in 24 countries across five continents. The company is a leading producer of medical and recreational cannabis, and its products are sold in more than 10,000 stores in Canada. Aurora also has a growing presence in the U.S. market, with products sold in more than 800 stores in 10 states. The company is expected to benefit from the continued growth of the global cannabis market, and its stock is a good choice for investors looking to profit from this trend.
Canopy Growth (NYSE: CGC)
Canopy Growth is one of the world's largest cannabis companies, with a market cap of $15.4 billion. The company is headquartered in Canada and was founded in 2014. Canopy Growth is a leading producer of medical and recreational cannabis. The company has operations in 11 countries and sells its products in more than 90 countries. Canopy Growth has partnerships with major companies, including Constellation Brands, Microsoft, and Martha Stewart. In 2018, Canopy Growth became the first cannabis company to be listed on the New York Stock Exchange.
Aphria (NASDAQ: APHA)
Aphria is a leading global cannabis company with operations in Canada, Europe, South America, and Africa. The company is one of the lowest-cost producers of high-quality cannabis. Aphria has a diversified product portfolio that includes dried cannabis, cannabis oils, and capsules. The company also offers adult-use and medical cannabis products in Canada and Germany. Aphria has a strategic partnership with Southern Glazer's Wine & Spirits, the largest wine and spirits distributor in North America. This partnership gives Aphria a direct distribution channel to over 1 million retail locations in the United States. Aphria plans to launch its adult-use brands in the U.S. market in the second half of 2021.
Tilray (NASDAQ: TLRY)
Tilray is a Canadian cannabis company that is expected to benefit from the legalization of recreational marijuana in Canada and the U.S. The company has a market cap of $9.17 billion and a 52-week range of $7.39 to $66.75. Tilray is expected to report its fourth-quarter results on February 11. Analysts expect the company to report revenue of $154.78 million for the quarter, which would represent a year-over-year increase of 362%.
Cronos Group (NASDAQ: CRON)
Cronos Group is a Canadian cannabis company with a market cap of $4.4 billion. The company has a portfolio of brands that sell medical and recreational cannabis products in Canada, the United States, and Europe. Cronos Group's brands include Peace Naturals, COVE, and Lord Jones. The company's products include dried cannabis, oils, capsules, and pre-rolled joints. Cronos Group is expanding its production capacity and has partnerships with Altria Group and Ginkgo Bioworks.