Click here to read the latest top cannabis stocks year-to-date list.
Amid a global pandemic, the cannabis stock market has taken heavy losses as the industry adjusts to developing metrics and the evolution of consumer trends.
As the US election draws nearer, expectations are rising for what’s in store in the remaining months of 2020. For now, the Investing News Network is looking back at the performance of stocks in the at-large cannabis universe over the first three quarters of the year.
Overall, the cannabis space has taken some serious lumps since 2019 following poor performances by leading companies, particularly in the Canadian market.
In 2020, experts agree the wedge is growing between companies that are performing well and those that are lagging behind. Whereas before cannabis investments encompassed a large collection of public names, investors are now placing wiser and more specific bets.
Data for this article was collected on October 9, 2020, and the companies included had to meet a minimum market cap requirement of C$10 million. Top cannabis stocks year-to-date on the NYSE, NASDAQ, TSX, TSXV and CSE were considered.
1. Vibe Growth (CSE:VIBE,OTC Pink:VBSCF)
Year-to-date gain: 477.78 percent; current market cap: C$41.76 million; current share price C$0.52
Vibe Growth is a cannabis company based in the expansive California state market. This retailer and operator offers consumers its extensive line of products at the three stores it manages in the state.
As part of its positive performance, the company reported a profitable operating period for the three months ended on June 30. “Not only did we achieve record dispensary sales and increased cultivation yields, but Vibe also achieved record EBITDA and after-tax net income,” said CEO Mark Waldron.
2. IM Cannabis (CSE:IMCC)
Year-to-date gain: 359.46 percent; current market cap: C$266.53 million; current share price C$1.70
This Israel-based cannabis operator offers medical products in the country and holds a subsidiary in Germany to distribute its offerings in the European market.
This past quarter, the company solidified its presence in Germany by beginning the sale of its IMC-branded cannabis products.
As part of its operating quarter ended on June 30, the company reported a significant uptick in revenue. However, the firm still saw a net loss of just under C$10 million and an adjusted EBITDA loss of C$1 million, both greater than the same reporting period in 2019.
3. Next Green Wave Holdings (CSE:NGW,OTCQX:NXGWF)
Year-to-date gain: 180 percent; current market cap: C$46.59 million; current share price C$0.28
Next Green Wave Holdings is an established seed-to-sale operator in the modern California state market.
In a recent update, this operator celebrated positive metrics for adjusted EBITDA and cash flow for the three operating months of July, August and September.
In an update to shareholders, CEO Mike Jennings said the company has three goals ahead of itself: continue to operate and improve its production numbers; grow revenue of branded products and add novel items like extracts; and take its extraction operation online before the end of the year.
4. CB2 Insights (CSE:CBII,OTCQB:CBIIF)
Year-to-date gain: 166.67 percent; current market cap: C$37.45 million; current share price C$0.32
Another of the top cannabis stocks year-to-date, CB2 Insights went public in early 2019, selling itself to investors as an ancillary cannabis opportunity based on the technology side of business. The company offers clinical management and data collection software.
In August, the company reached a milestone by reporting its first-ever EBITDA-positive operating quarter.
CB2 Insights closed a private placement worth C$3 million from a group of investors led by Merida Capital Partners and Affiliates, a well-known cannabis-related investment group. The deal closed in September, but not before being upsized to just over C$5 million.
5. XPhyto Therapeutics (CSE:XPHY,OTCQB:XPHYF)
Year-to-date gain: 149.02 percent; current market cap: C$139.42 million; current share price C$2.54
One of the growing trends in the cannabis investment proposition is the magnification of companies performing alongside traditional growth and sales operations. One such company doing well for itself in 2020 is XPhyto Therapeutics.
This company approaches cannabis by way of researching novel drug delivery technologies. XPhyto holds subsidiaries in the European market that are involved in trials for a CBD drug treating epilepsy.
This year, the company has received a boost in its performance thanks to the measures it has launched for COVID-19 testing. XPhyto told investors it is eyeing Q1 2021 as a potential timeline for regulatory approval of its rapid screening test.
While some of the biggest established names in the cannabis market have faced struggles, the industry has grown to the point where it holds many diversified opportunities.
This list of the top cannabis stocks year-to-date proves cannabis investment is no longer a blanket arena where one kind of business applies.
At the same time, experts have pointed to potential signals that a recovery is coming for some large and medium-size public names in the space.
Want more details? Check out these articles for more INNdepth coverage:
- Cannabis Investment: Canadian Cannabis Stocks
- Invest in Cannabis: TSX Cannabis Stocks
- Cannabis Companies: Stocks on the TSXV
- 10 Small-cap Cannabis Stocks
- 10 Big-cap Canadian Cannabis Stocks
- CSE Marijuana Stocks
- Cannabis Stocks on the CSE25 Index
- Are Canadian Marijuana Stocks a Good Investment?
Want an overview of investing in cannabis stocks? Check out Investing in the Cannabis Industry
Don’t forget to follow us @INN_Cannabis for real-time news updates!
Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
CanBud Distribution Corporation Closes 2M Second and Final Tranche of its Oversubscribed Private Placement Offering
CanBud Distribution Corporation (CSE: CBDX) (FSE: CD0) (“CanBud” or the “Corporation”) is pleased to announce that it has closed the final tranche of its oversubscribed non-brokered private placement for aggregate gross proceeds of approximately $4,730,000 (the “Offering”).
The Corporation issued a combined total of 39,409,346 units (each a “Unit“) at price of $0.12 per Unit, with each Unit comprised of one common share in the capital of the Corporation (each a “Common Share“) and one common share purchase warrant (each a “Warrant“). Each Warrant entitles the holder to purchase one additional Common Share at an exercise price of $0.22 within 24 months of the closing of the Offering (the “Warrant Term“), provided, however that if the closing price of the Common Shares on the Canadian Securities Exchange (the “CSE“) (or any such other stock exchange in Canada as the Common Shares may trade at the applicable time) is $0.25 or greater per Common Share for a period of five (5) consecutive trading days at any time after the closing date of the Offering, the Corporation may accelerate the Warrant Term such that the Warrants shall expire on the date which is 30 days following the date a press release is issued by the Corporation announcing the reduced warrant terms.
Thoughtful Brands Inc. (CSE:TBI)(FSE:1WZ1)(OTCQB:PEMTF) (the “Company” or “Thoughtful Brands) announces that the letter of intent with Franchise Cannabis Corp. (“FCC”), previously announced in January, has been terminated. The previously announced European joint venture with FCC will continue and allow the Company to launch and tailor its products to European consumer demands
In connection with termination of the merger transaction with FCC, the Company has agreed to pay FCC $100,000 in cash and to issue FCC 5,000,000 common shares of the Company at a deemed value of $0.05 per share. The common shares will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.
Mergers and acquisitions (M&A) in cannabis space have helped boost the industry to new levels.
Strategic sale of non-core assets by Lobe adds non-dilutive capital and shareholder value
Lobe Sciences Ltd. (CSE: LOBE) (OTC Pink: GTSIF) (“Lobe” or the “Company”) is pleased to announce, further to its press release dated February 23, 2021, that it has completed the sale to Ionic Brands Corp. (“Ionic Brands”) of Lobe’s non-core cannabis assets relating to Washington-based Cowlitz County Cannabis Cultivation Inc. (“Cowlitz”) held by Lobe’s subsidiary vendor, Green Star Biosciences Inc. (the “Transaction”).
Seattle Area Grocery Chain Metropolitan Market to Begin Carrying KOIOS and Fit Soda on March 22, 2021
Adding to its existing presence on the west coast of the United States, all five KOIOS™ flavours and all four Fit Soda™ flavours will be carried in Metropolitan Market stores beginning on Monday, March 22, 2021. Serving the Seattle-Tacoma area (population 3.87 million), Metropolitan Market is one of five chains under its parent firm Good Food Holdings, which has a total of 51 stores in California, Oregon, and Washington State.
Koios Beverage Corp. (CSE: KBEV; OTC: KBEVF) (the “Company” or “Koios”) is pleased to announce that beginning on Monday, March 22, 2021, Koios’ entire line of canned beverage products will be sold at all locations of Metropolitan Market, an urban format supermarket chain in the Seattle-Tacoma area of Washington State. In Q1 2021, the Company announced multiple placements of its beverage products with regional grocers in markets on the west coast of the United States including Market of Choice in Oregon Jensen’s in Southern California and major natural grocery chain Sprouts Farmers Market which has a substantial west coast presence with over one third of its locations (360+ stores across 23 states) in California as well as Washington State 1 . The Company has also recently announced other developments relating to its expansion efforts being undertaken in 2021 such as an in-house beverage canning facility and distribution agreements with regional and national wholesale partners.