During high inflation and recession, some cannabis stocks could become a gold mine with their growing prices. If you are targeting penny stocks SNDL, TLRY, HEXO, ACB, and CRON could be a good choice to start creating your cannabis portfolio.
Any corporate update from Sundial makes its SNDL shares grow or lose at least 10%. Nine days ago the company entered into a bid agreement to purchase Zenabis Group. Local Québec Superior Court is now supervising the deal. After a successful acquisition, the stock may rise again.
Recently, Tilray has added more products to the UK market after officially launching its branches. According to stats, the UK is believed to be one of the most demanding markets. The company is doing good by earning positive profits for stockholders and expanding in other markets adds more competitive advantage.
For the last four quarters, Hexo has been bearing losses and could not beat any earnings estimates. As compared to other established competitors the company is still new. More than a week ago Hexo filed a restructuring plan due to its cultivation unit Zenabis has filed a petition with the Superior Court of Québec for protection. During that moment Sundial approached with its bidding deal. If Hexo reaches a new level of generating more revenue to provide positive earnings its shares will surely start surging.
Aurora Cannabis (ACB)
Long-time experienced Aurora Cannabis could not catch a good opportunity to grow further after taking a serious hit in 2018 and 2019. Since then the company is suffering losses of billions. Layoff and cutting costs are frankly advised for Aurora to survive the current recession.
Two days ago Cronos has partnered with Geocann to assist its Vesisorb delivery tech to absorb effectively. Due to that, CRON surged 5% on Monday. However, it has declined to $2.88.
In 2021 Cronos was doing great by beating estimates. This year it is going through a recession as others doing and bearing losses of millions.