3 Soaring Cannabis Stocks To Add To Your Watchlist: Aphria, Tilray, And HEXO

: APHA | Aphria Inc. Common Shares News, Ratings, and Charts

As the U.S. gears up to inaugurate a new President, investors are busy cherry-picking stocks they believe may do well under Joe Biden’s administration. One industry that is garnering much attention currently is Cannabis.

The market is very optimistic about the potential legalization of recreational marijuana across various states and perhaps at the federal level too. The COVID-19 pandemic has also proved to be a catalyst for the cannabis industry: With limited means of entertainment and with peoples’ health and economic anxiety at high levels, both medical and adult-use marijuana have been much in demand.

The cannabis sector is facing consolidation and, separately, companies are working to modify their products to make them more appealing to consumers. Many pot companies are also venturing into new segments. One of the biggest events to watch is the upcoming merger between Aphria (APHA - Get Rating) and Tilray (TLRY - Get Rating). Upbeat results and optimism over the merger helped these stocks rally lately. HEXO Corp. (HEXO - Get Rating), too, has been soaring on the back of a new product launch and other fundamental factors.

Hence, we think it is worthwhile to add APHA, TLRY, and HEXO to your watchlist.

Aphria Inc. (APHA - Get Rating)

APHA cultivates, processes, produces and commercializes medical marijuana in Canada and other countries. The company sells medical cannabis and adult-use and cannabis-derived products. Some of the leading brands under its umbrella are Solei, Good Supply, RIFF, Broken Coast brands, and P’tite Pof.

APHA aims to complete a $3.8 billion reverse merger with Tilray (TLRY - Get Rating) to form the world’s largest cannabis company in the second quarter of 2021. APHA will hold 62% of the acquired company, but the merged entity will operate under Tilray’s brand. The company also completed the acquisition of a brewing company, SweetWater, in the late second quarter. APHA anticipates combined pre-tax synergies of more than  C$100 million from its associations with TLRY and SweetWater.

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