Many Robinhood investors are seeing green these days, and not because of their stock gains. Instead, it’s a reference to the kinds of stocks that are popular on the trading platform. Of the 100 most widely held stocks on Robinhood, seven of them are pot stocks.
Which of these stocks are worthy of consideration and which should be avoided? Here are the most popular marijuana stocks on Robinhood ranked from best to worst.
1. Canopy Growth
Canopy Growth (NASDAQ:CGC) takes the top spot among the popular Robinhood marijuana stocks for three key reasons. First, it’s already a major player in the global cannabis market. Canopy is one of the leaders in the Canadian recreational market as well as the German medical cannabis market.
Second, Canopy seems to have a clear path to profitability with a hefty cash stockpile to tap in the meantime. The company expects to generate positive adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) during the second half of its fiscal year 2022, which ends on March 31, 2022. It projects positive operating cash flow for full-year fiscal 2023 and positive free cash flow for full-year fiscal 2024. Canopy’s cash stockpile stood at $1.59 billion as of Dec. 31, 2020.
Third, Canopy is in the best position in the huge U.S. market. The company already markets CBD products in the U.S. It owns options to acquire U.S. cannabis operator Acreage Holdings…
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Many Robinhood investors are seeing green these days, and not because of their stock gains. Instead, it’s a reference to the kinds of stocks that are popular on the trading platform. Of the 100 most widely held stocks on Robinhood, seven of them are pot stocks.
Which of these stocks are worthy of consideration and which should be avoided? Here are the most popular marijuana stocks on Robinhood ranked from best to worst.
1. Canopy Growth
Canopy Growth (NASDAQ:CGC) takes the top spot among the popular Robinhood marijuana stocks for three key reasons. First, it’s already a major player in the global cannabis market. Canopy is one of the leaders in the Canadian recreational market as well as the German medical cannabis market.
Second, Canopy seems to have a clear path to profitability with a hefty cash stockpile to tap in the meantime. The company expects to generate positive adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) during the second half of its fiscal year 2022, which ends on March 31, 2022. It projects positive operating cash flow for full-year fiscal 2023 and positive free cash flow for full-year fiscal 2024. Canopy’s cash stockpile stood at $1.59 billion as of Dec. 31, 2020.
Third, Canopy is in the best position in the huge U.S. market. The company already markets CBD products in the U.S. It owns options to acquire U.S. cannabis operator Acreage Holdings…