2 Canadian marijuana stocks to keep a close eye on

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Updated on Sep 26, 2024

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Canadian marijuana stocks are facing fierce competition from US counterparts.
Despite this, Tilray and Canopy Growth are stocks worth keeping an eye on.
Both stocks have high EPS ratings.

Marijuana stocks in Canada continue to tumble as fierce competition prevents the big brands on U.S exchanges from capturing a larger share of the Canadian market. So, which Canadian marijuana stocks should investors keep a close eye on?

Tilray stock

Tilray Brands, Inc. (NASDAQ:TLRY) stock increased by roughly 14% following its most recent quarterly report. However, it later relinquished those gains.

From the quarterly report, the company broke even on a per-share basis, although sales fell short of forecasts and estimates from various analysts. In addition, following a drop in the business’s stock price, the company recognized a change in the value of convertible debt and warrants, which boosted non-operating income.

Last year, Tilray and Aphria merged. The company also owns a hemp granola manufacturer, a craft brewer, and a distiller, with the intention of selling THC cannabis products through at least some of those businesses whenever federal legalization is achieved in the United States. It also has an agreement in place to give it a stake in MedMen, a troubled cannabis retailer.

Although some marijuana stock analysts have questioned Tilray’s strategy and mode of operation. The stock has a 19-point Composite Rating and a 48-point Earnings per share (EPS) Rating.

Canopy Growth stock

Canopy Growth Corporation (NYSE:CGC) most recent quarterly earnings disappointed investors, continuing the company’s record of disappointing financials. Canopy has pushed back its profit projections, blaming more potent strains in Canada and a delayed distribution rollout in the United States. The company’s executive staff has also been reshuffled.

Canopy operates a CBD business in the United States, with brands like Martha Stewart’s. It has agreements in place to buy Acreage Holdings, a cannabis operator in the United States, and Wana Brands, an edibles manufacturer in the United States, in the near future.

Amongst many marijuana stock analysts, the stock of Canopy Growth has a Composite Rating of 24 and Earnings per share (EPS) Rating of 56. This is quite a good rating.