2 cannabis stocks that should be reviewed in June – breaking cannabis news today
Given the current trends, the cannabis industry is on the verge of recovery during this third wave. These are 2 cannabis stocks that need to be reviewed in June. With the post-pandemic aspirations looming on the horizon for investors around the world, people are preparing for a major rebound in equity markets.
Canopy Growth has dominated the market since cannabis legalization. Canopy Growth held the top spot in market cap for Curaleaf Holdings Inc. until recently, but this still puts Canopy Growth in a great position, especially with a recent announcement on May 21st. The company has hired a businesswoman and a television personality, and has appointed Martha Stewart as its new official strategic advisor.
Canopy Growth plans to strengthen its ties with Martha Stewart. Her specialty in the consumer goods sector – in addition to her position as a CBD brand leader – makes her expertise highly valued. Martha Stewart branded products can be found across North America.
This is not the first time they have teamed up. Last year the Martha Stewart team introduced CBD. It’s a line of edible products made with cannabidiol (CBD). There is also a secondary benefit in getting Martha Stewart on the team. Given her celebrity status and the fact that she’s almost always in some kind of headline news, Canopy Growth has the potential to reap some of that free PR.
Canopy Growth is far from its 52-week high of $ 71.60, so anyone who might be interested will enjoy a nice discount on current stock prices.
On the other hand, there is HEXO. HEXO is the third largest Canadian pot producer after Canopy Growth and Tilray. Shares in HEXO stock rose 109 percent over the past year and only fell last February after Redditors rallied cannabis stocks.
The company has taken some huge strides in the cannabis space. Two major acquisitions have been made in the past few months, Zenabis Global in February and 48North Cannabis in May. The acquisition of Zenabis Global is valued at $ 235 million and will help the company grow closer to one of the top two cannabis producers.
There’s another reason HEXO works so well because it’s the number 1 pot grower in Quebec. The company specializes in highly concentrated THC strains. The varieties contain between 20 and 27 percent THC. So far, these have been well received by customers. HEXO’s cannabis sales account for 27 percent of total sales in Quebec. These two companies have good prospects for June, and time will tell how well they do for the rest of 2021.