Several cannabis stocks are available for less than $2 but have a lot of upward momentum
Penny stocks are assets whose potential upside is an extremely low entry price in the event of very high growth potential. At best, investing in penny stocks is a lucrative and exciting endeavor. In most cases, maximizing leverage on invested capital by buying as many shares as possible is a good strategy. Currently, the cannabis industry has two options that are quite accessible to the investor’s pocketbook. The good news is that both companies have plenty of growth potential throughout the year.
One of them is Aurora Cannabis, a Canadian company that focuses on the cultivation and export of medical cannabis to different regions of the world. Its interest in the US market led the company to purchase Reliva, a firm that manufactures cannabidiol (CBD) in the country.
On the other hand, the company has also expanded its market dominance in Germany. Less than a year ago, it opened its first EU-GMP-accredited production and manufacturing facility in the European country. Since then, its operations and profits have gone through the roof.
As evidence, the company reported a total net income of $61.7 million during the second quarter of fiscal 2023 a month ago. This was a big jump from the previous quarter’s net income of $49.3 million.
On the other side is Hexo Corp, a Canada-based company that has turned its efforts into various accolades for its marijuana products. The company, with a global presence, offers a wide range of brands to the recreational industry, satisfying the need of many cannabis enthusiasts.
The company offers pharmaceutical products in Canada, Israel, and Malta. In addition, its presence in the US has also increased in recent years. HEXO and Molson Coors partnered to bring to life Truss CBD USA, a brand that services Colorado.