The Hunt for Penny Cannabis Stocks (TSX: DN.TO) (OTC: DLTNF) (TSX: XLY.TO) (OTCQB: CBWTF)
March 25, 2024 (Investorideas.com Newswire) Investorideas.com, a go-to platform covering cannabis stocks reports, on morning momentum for some of the penny stocks.
Following on the tails of a huge rally from well-known leaders like
Canopy Growth Corporation (TSX: WEED) (Nasdaq: CGC) and Tilray Brands, Inc. (Nasdaq: TLRY) (TSX: TLRY) last week, retail investors are looking for upside in some of the lower priced stocks.
This follows a similar trend for retail investors in the recent runs in AI stocks
Delta 9 Cannabis Inc. (TSX: DN.TO) (OTC: DLTNF) is one of the leaders this morning on the TSX trading at 0.0425, up 0.0175 or 70.00% on volume of over 6 million.
Delta 9 Cannabis Inc. is a vertically integrated cannabis company focused on bringing the highest quality cannabis products to market. The company sells cannabis products through its wholesale and retail sales channels and sells its cannabis grow pods to other businesses. Delta 9's wholly-owned subsidiary, Delta 9 Bio-Tech Inc., is a licensed producer of medical and recreational cannabis and operates an 95,000 square foot production facility in Winnipeg, Manitoba, Canada. Delta 9 owns and operates a chain of retail stores under the Delta 9 Cannabis Store brand.
Auxly Cannabis Group Inc. (TSX: XLY.TO) (OTCQB: CBWTF) is trading at $0.0300, up 0.0100 or 50.0000% on the TSX with volume of over 3 million shares.
Today the company announced its financial results for the fourth quarter and full year ended December 31, 2023. These filings and additional information regarding Auxly are available for review on SEDAR at www.sedar.com. All amounts are Canadian dollars except common shares ("Shares") and per Share amounts.
Achieved record net revenues of $101.1 million in 2023, an increase of 7% compared to 2022;
Fourth quarter net revenues of $26.9 million, a $2.2 million increase YoY;
Achieved positive adjusted EBITDA1 of $1.5 million and positive cash flow from operations of $8.2 million in 2023, including generating $7.8 million in cash from operating activities in Q4 2023;
Industry leading margins amongst peers in the adult-use recreational market with Gross Margin on Finished Cannabis Inventory Sold1 of 34% in 2023 and securing 40% in Q4 2023;
SG&A declined by over 17% compared to the previous year, whi the Company continued to enhance and expand its product portfolio;
Exited 2023 as the 5th largest LP in Canada by share of market based on total recreational retail sales, securing 5% of the total market2;
Maintained leadership in national vape sales, securing the #3 LP position in Canada and holding the top four all-in-one SKU positions in Ontario3, with continued recognition and awards for its quality hardware and unique, first-to-market formats;
Successfully expanded its product portfolio in the pre-roll and dried flower categories throughout the year, as the Company continued to win over consumers with its superior strains, innovative formats and product quality, with its Wedding Pie 10x0.35g pre-rolls becoming the #1 best-selling non-infused pre-roll SKU nationally2;
Subsequent to year end, the Company strengthened its financial position by entering into an agreement to amend and extend the maturity date of Auxly Leamington's credit facility to December 31, 2025;
Subsequent to year end, substantially improved the Company's balance sheet and financial position by securing the support of its strategic partner Imperial Brands plc ("Imperial") through Imperial's election to convert of $123.4 million of its debt, including accrued interest, outstanding under the 4% unsecured convertible debenture of the Company due September 25, 2026 held by Imperial (the "Imperial Debenture") in exchange for 241,316,117 Shares of Auxly, increasing its holdings to 19.8% of Auxly.
Research more pot and cannabis stocks with Investorideas.com free stock directory
https://www.investorideas.com/Marijuana-Stocks/Stocks_List.asp
About Investorideas.com - Big Investing Ideas
Investorideas.com is the go-to platform for big investing ideas. From breaking stock news to top-rated investing podcasts, we cover it all. Our original branded content includes podcasts such as Exploring Mining, Cleantech, Crypto Corner, Cannabis News, and the AI Eye. We also create free investor stock directories for sectors including mining, crypto, renewable energy, gaming, biotech, tech, sports and more. Public companies within the sectors we cover can use our news publishing and content creation services to help tell their story to interested investors. Paid content is always disclosed.
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions. More disclaimer info: More disclaimer and disclosure info https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com Global investors must adhere to regulations of each country. Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp
Follow us on Twitter @investorideas and @stocknewsbites
Follow us on Facebook https://www.facebook.com/Investorideas
Follow us on YouTube https://www.youtube.com/c/Investorideas
Contact Investorideas.com to be added to our stock directories or learn more about us
Dawn Van Zant and Cali Van Zant
800 665 0411
About Investorideas.com
https://www.investorideas.com/About/
Sign up for free stock news alerts at Investorideas.com