Canadian cannabis companies have been under the pump since the start of 2019 due to a slew of structural issues. But stocks such as Tilray (NASDAQ:) and OrganiGram (OGI) are making a strong comeback due to better than expected quarterly results. Will these stocks be able to continue their bullish momentum going forward?.In October of 2018, Canada legalized cannabis for recreational use. In the months leading up to this, Canadian cannabis stocks soared in anticipation. However, since then they have grossly underperformed the broader markets in the last two and a half years.
In 2021, most Canadian stocks continue to trade significantly below their record highs. These companies have been impacted by lower-than-expected demand, negative profit margins, and overvalued acquisitions.
Yet, some Canadian cannabis stocks have staged somewhat of a comeback in the last few months. Today I’ll analyze two such Canadian cannabis stocks: Tilray (TLRY) and OrganiGram (OGI).
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