These cannabis stocks had a busy week last week

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Several cannabis companies saw a lot of movement as 2023 continues to unfold

The first two weeks of 2023 have proven to be quite active with respect to cannabis stocks. Many of them have skyrocketed, and the Canadian LP market is leading the way. While many experts remain quite optimistic about the potential for big gains during 2023 in marijuana stocks, many others also prefer to remain cautious for various volatile reasons facing the market.

Both Tilray Brands and Canopy Growth have started the year with considerable action. Although they are seen as the two largest LPs by market capitalization, many experts believe they do not see great value. For example, Canopy Growth continues to carry heavy debt and, for that reason, may not be able to bring to life its plans to acquire three US cannabis companies while maintaining its NASDAQ listing.

After reporting its fiscal second quarter last week, Tilray is downsizing and is too diversified. Based on the downside outlook for FY24, analysts have a target of $3.03 by the end of May, a price that is 4% lower than where it closed on Friday. Tilray’s stock currently trades at 3.2 times its tangible book value.

Another company that has been having a rather interesting 2023 is Greenlane, the leading global platform for the development and distribution of premium cannabis accessories, packaging, vape solutions, and lifestyle products. The stock is up more than 60% so far this year but trades at a small fraction of its tangible book value.