It’s easy to think that investing is all about the major players. In the cannabis sector, the biggest companies like Canopy Growth Corporation (TSX:WEED) (NYSE:CGC) and Aurora Cannabis Inc. (TSX:ACB) (NYSE:ACB) tend to grab most of the headlines and attract the most speculator attention. But smart investors can’t forget about the marijuana penny stocks.
By putting money into the smaller players, investors can not only diversify their portfolio—thereby cutting down risk—they can also get in on the ground floor of tomorrow’s major players.
So today Rich decided to profile some of the top marijuana penny stocks to buy. Also, make sure to check out Rich’s picks for the top pot stocks to watch in August.
Marijuana Penny Stocks: High Tide
Rich has been talking about Alberta-based High Tide Inc. (CSE:HITI) (OTCQB:HITIF) (Frankfurt: 2LY) a lot lately, and for good reason. This is the cannabis company that, through its Famous Brandz subsidiary, has made partnerships with Snoop Dogg, the Trailer Park Boys, and other famous celebrities.
“These guys are going to be a giant,” says Rich. “And they’re well under a dollar. They’re under fifty cents, that’s so cheap!”
Only days ago, High Tide began selling cannabis through its 11th Canna Cabana retail location in Alberta alone, bringing the total number of Canna Cabana retail stores up to 15. The company expects to open nine more by the end of August. So if you think this marijuana penny stock is an opportunity, you better move on it quickly.
Marijuana Penny Stocks: TILT
American cannabis company TILT Holdings (CSE:TILT) (OTCQB:SVVTF) has had a rocky year. The company closed 2019 near a 52-week high of $3.71 on the Canadian Securities Exchange, and since then have steadily fallen to its current price of $0.80.
But investors watching TILT have reason to believe its shares will rise again, as this week has seen a nearly 25 percent upturn. Rich is among the analysts who believe the company is currently undervalued.
“It’s got to be one of the most undervalued, underappreciated, underexposed companies in the entire sector,” he says. “We’re talking about a giant in the American market. I love the American market and I think TILT goes way higher.”
Marijuana Penny Stocks: 48North
“I love this company,” Rich says. “I think there’s so much potential and upside here.”
48North Cannabis Corp. (TSXV:NRTH) (OTCPK:NCNNF) focuses on the health and wellness market. It operates Good Farm, a 100-acre farm expected to produce over 40,000 kilograms of cannabis. With 3.7 million sq. ft. of cultivation space, Good Farm is Canada’s largest outdoor organic cannabis cultivation facility.
Last month, the company completed the planting of its first outdoor cannabis crop at Good Farm. This is a sign that 48North is a marijuana penny stock that’s going to be quickly moving up in the cannabis space.
“Currently at $0.82, I think we see it go well over $1.00 as they’re going to have enormous production capacity,” explains Rich.
If you want to see the rest of Rich’s picks, including some penny stocks in other sectors, make sure to watch the video. You can also check out his ongoing coverage of the cannabis space here.
Do you think Rich missed any big marijuana penny stocks to look out for? Let us know in the comments below.
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