As top marijuana stocks continue to trade at lower prices in 2021, are looking to invest in a cannabis stock? Since reaching a new high in February the cannabis sector has been declining in the market for nine months.
Last year in November the cannabis sector rallied due to investors’ belief the US government would federally legalize marijuana and end prohibition.
With a growing Canadian market, a presence globally, and entry into the US market Canadian cannabis companies could have significant future growth potential.
It seems it’s just a matter of time before the federal government catches up to state legalization and begins federal cannabis reform.
Currently, net earnings in Q1 2022 are $390 million of which $518 million was driven by other income totaling $581 million during Q1 2022.
According to analysts at CNN Business CGC stock has a 12-month median price target of $17.67 per share.
In August Tilray acquired a majority position in MedMen convertible notes also a move to enter the US cannabis market.
According to analysts at Market Beat TLRY stock has a consensus price target of $15.40 per share.
The company has total net sales for the first six months of $42.2 million an increase of 70% from the same period in 2020.
Currently, the stock has a 52-week price range of $4.74-$20.32 and is down 25.35% year to date.
Also, in Q2 2021 Sundial sustained a net loss of $52.3 million and an adjusted EBITDA loss of $0.2 million.
According to analysts at Tip Ranks SNDL stock has a 12-month average price target of $0.80 per share.