An end to federal prohibition may be in reach, according to Senate Majority Leader Chuck Schumer. All thanks to bipartisan legislation that could give the industry access to banking services. Plus, he says, “The people are on our side” after Ohio legalized its use, which could be a solid catalyst for marijuana penny stocks.
Even better, according to the Pew Research Center, “An overwhelming majority of United States adults (88%) say either that marijuana should be legal for medical and recreational use (59%) or that it should be legal for medical use only (30%).” We also have to consider that as the presidential elections get closer, we could hear more about potential legalization to garner votes.
That being said, here are some top marijuana penny stocks that could see higher highs.
Marijuana Penny Stocks: Canopy Growth (CGC)
Canopy Growth (NASDAQ:CGC) was once one of the hottest cannabis companies in the world.
Nowadays, down about 98% no so much. Still, don’t write it off. Should we eventually see legalization at the federal level, this may be another one of the top marijuana penny stocks that could see higher highs.
Helping, CGC just reported a narrower than expected adjusted loss thanks to cost cuts. Better, as noted by Reuters, “Canopy Growth said it cut another C$54 million in costs during the reported quarter. Its operating expenses were down nearly 80% at C$30.43 million. The company’s adjusted core loss narrowed to C$11.9 million ($8.62 million) for the three months ended Sept. 30, compared with a loss of C$56.4 million a year earlier.”
While it’ll take a lot of patience to see a payday with CGC, give it time.
Curaleaf Holdings (CURLF)
After finding double bottom support around $2.50, shares of Curaleaf Holdings (OTCMKTS:CURLF) have been showing big signs of life again. Most recently, its Executive Chairman, Boris Jordan, said, “I am very encouraged by the team’s commitment and discipline, and remain bullish for a strong end to 2023 and an exciting 2024.”
Jordan also noted that in the third quarter, CURLF revenues came in a $333 million, with an adjusted EBITDA margin of 23%. He also pointed to an $18 million reduction in inventory, and having $18 million in cash. “With significant near-term state and regulatory catalysts on the horizon, coupled with our proposed up-listing to the Toronto Stock Exchange and our early mover advantage in Europe give us great confidence in Curaleaf’s future,” he added.
In short, it’s another one that’ll take some patience, and legalization.
Aurora Cannabis (ACB)
There’s also Aurora Cannabis (NASDAQ:ACB), which now trades at 48 cents. While this one has also been stuck in a strong downtrend, don’t write this one off either. Most recently, it posted 30% growth in year over year revenue for its second quarter. It also swung to positive EBITDA of C$3.4 million from a year-earlier loss of C$6.2 million.
And, according to Seeking Alpha, “Net income from continuing operations for the three months ended September 30, 2023 was C$0.3 million compared to a net loss of C$45.5 million for the same period in the prior year.”
At the moment, keep ACB on radar. It’s another one just waiting on further positive developments with cannabis right now.
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On the date of publication, Ian Cooper did not hold (either directly or indirectly) any positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.