Given current trends, the cannabis industry is poised to make a rebound during this third wave, these are 2 cannabis stocks to check in June. With post-pandemic aspirations on the horizon for investors globally, people are gearing up for a major rebound on the stock markets.
Canopy Growth
Since cannabis legalization, Canopy Growth has dominated the market. Canopy Growth was holding the top spot in market capitalization until recently by Curaleaf Holdings Inc. However, this still puts Canopy Growth in a great position, especially with a recent announcement they made on May 21. The company has hired and appointed businesswoman and television personality Martha Stewart as the new official strategic adviser.
The plan for Canopy Growth is to bolster its ties with Martha Stewart. Her specialty in the consumer packaged goods sector — on top of being a CBD brand leader — makes her expertise highly valued. Martha Stewart branded products are found all across North America.
This isn’t the first time they have teamed up together. Last year the team rolled out Martha Stewart CBD. It is a line of edible products made with cannabidiol (CBD). There is also a secondary benefit to bringing on Martha Stewart to the team. Given her celebrity status and how she is almost always in some kind of headline, Canopy Growth has the potential to reap some of this free PR.
Canopy Growth is a far cry away from its 52-week high of $71.60, so anyone that might be interested will enjoy a nice discount on the current stock prices.
HEXO
On the other hand, there is HEXO. HEXO is the third-largest Canadian pot producer, behind only Canopy Growth and Tilray. Shares in HEXO stock are up 109 percent in the last year, only falling in the past February after Redditors rallied cannabis stocks.
The company has been making some big moves in the cannabis space. Two major acquisitions were made in the past few months, the companies were Zenabis Global in February and 48North Cannabis in May. The acquisition of Zenabis Global will be valued at $235 million and will help and inch the company closer to a top two cannabis producer position.
There is another reason why HEXO works so well, being the number 1 pot grower in Quebec. The company specializes in high-concentration THC strains. The strains contain anywhere from 20 to 27 percent THC. So far, these have been received well by customers. HEXO’s cannabis sales account for 27 percent of all the sales volume in Quebec. These two companies have a strong outlook going into June, and time will tell how well they do in the rest of 2021.