At this stage of the cannabis industry’s growth, cash is important. The businesses that can afford to expand will benefit from larger shares of the market. This is one of the reasons that Cronos Group Inc. (NASDAQ: CRON) is again a top pot stock in June.
Looking at the past 30 days, this stock is up 15.33%. The stock market is now rallying with investors seeing recovery beyond the Coronavirus Pandemic. Pot stocks have been bolstered by wider market confidence, as well as some strong revenue data from within the cannabis industry.
Cronos is frequently featured as a stock pick for alternative investors. Today, there’s some important data that could bring new shareholders on board. According to its most recent balance sheet, the company has $1.56 billion CAD in cash, making it one of the most cash-rich businesses in its industry. It has steadily been working to reduce operating losses. Revenue growth is helping to drive the company towards profitability.
Cash will support the company in the meantime and give it more flexibility to increase its presence in a rapidly growing market. Still bargain-priced and packed with potential, this is an affordable stock for cannabis investors.
- 1 Year Price Growth: -54.09%
- YTD Price Growth: -13.69%
- 3 Month Price Growth: 44%
All information is based on current and historical market data, as well as publicly available financial data. As with any financial decision, your own research is important. Stock market outcomes can never be 100% accurately predicted. Familiarity with historical data, individual industries, and individual stocks is key to developing a robust portfolio. Note that stock prices can fluctuate rapidly during trading sessions.