Ever since Canada legalized cannabis in 2018, the country’s market has consistently grown.
Back then, Canada’s marijuana market was worth $5.8 billion. Now, it’s valued at a little over $7.1 billion, according to market research company Statista.
But the market is still in its infancy, and there’s still a long way to go for the nation’s “green wave.” The same research company highlighted that by 2024, the consumer market is forecasted to surge by 425% to $37.3 billion.
Needless to say, Canadian cannabis companies are poised to profit from the impending growth. In particular, one marijuana firm has positioned itself well through innovation to benefit from the boost in sales.
The best part is, it’s a cannabis penny stock trading for only $1.09 per share. That means you don’t need a lot of money to profit from a company that could surge over the next several years. Even just a move of $0.50 per share would net you 46% from your initial investment.
And it just so happens to be one of the best Canadian cannabis penny stocks trading on the New York Stock Exchange today…
This Cannabis Penny Stock Is Innovating Within Its Market
Hexo Corp. (NYSE: HEXO) is a Canadian marijuana company that’s approaching the market a little bit differently than the rest of the competition.
Unlike other companies in the Canadian market, which are duking it out to ramp up production as quickly as possible, Hexo is building out value-added products. These kinds of products take the physical state of an existing item and change it into something else for a greater profit. Think of wheat being turned into flour…
In Hexo’s case, the company is focused on creating THC-infused products. THC is the compound within marijuana that creates that “high” sensation.
For example, Hexo is working with beverage giant Molson Coors Beverage Co. (NYSE: TAP) to develop THC-infused drinks. By working with such a large and prominent company, Hexo is not only increasing its exposure to further potential deals, but also broadening the number of available cannabis products out there.
That means those familiar with marijuana will have even greater options. For consumers that have yet to try the herb, it could be a solid place to get their feet wet.
And these products extend well beyond drinks. Hexo is building out an array of edibles, vapes, topicals, and more.
The strategy appears to be paying off…
In Hexo’s most recent quarter, the company reported a net loss of $3.3 million compared to the expected net loss of $66 million.
The cannabis company’s earnings before interest, taxes, depreciation, and amortization were a loss of $315,000 versus analysts’ estimated loss of $2.2 million. Meanwhile, Hexo reported revenue of $29.5 million, beating Wall Street’s anticipated revenue of $28.7 million.
These strong results make Hexo one of the top four in the Canadian adult-use marijuana market in terms of net dollars. The company’s “Truss Beverages” with Molson Coors, as well as its hash business, both hold the top spots in their respective markets.
And this momentum could very well continue for long-term profits from early investors.
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