Investors looking for solid places to park their money can consider these cannabis stocks
The marijuana industry has been taking its legalization to the next level, and that makes it a sector with incredible growth potential. For those investors who are willing to take the risk of volatility, there are some financially sound companies to invest in. According to various market analysts, there are stocks that deserve all the attention they can get as they could be the way to end a very successful 2023.
One of them is Cannabis Aurora, a Canadian company engaged in the sale of cannabis products globally. While its specialized flower portfolio has yet to touch US soil, the company has entered this market via the blockbuster cannabidiol (CBD). The first quarter of 2023, ending September 2022, appears to have been positive for the company, with revenues in excess of $49 million.
Another quite viable option for investors is Cresco Labs, a company that sells flowers and all other types of tetrahydrocannabinol (THC) and CBD products in the US. Although the firm has more than 50 pharmacies under its name, the products can also be found in other dispensaries, opening up the opportunity for access to consumers. Thanks to a merger with Columbia Care, Cresco is expected to add 130 pharmacies over the course of this year.
And, of course, the potential returns generated by Tilray Brands, another Canadian company with operations in different parts of the world, cannot be overlooked. This leader in the cannabis industry has tapped into different markets, such as marijuana-infused beverages, in order to establish itself in a market as large as the US. In the second quarter of 2023, which ended November 2022, Tilray reported net sales of $144.14 million.