In this article, we will take a look at the 5 cheap pot stocks to buy. If you want to explore similar stocks, you can also read 10 Cheap Pot Stocks To Buy.
5. Tilray Brands, Inc. (NASDAQ:TLRY)
PE Ratio as of January 3: 6.71
Tilray Brands, Inc. (NASDAQ:TLRY) is a leading global cannabis company that is focused on the production, research, development, and distribution of pharmaceutical–grade cannabis and hemp products. The company does business through four segments: Cannabis Business, Distribution Business, Beverage Alcohol Business, and Wellness Business.
Tilray Brands, Inc. (NASDAQ:TLRY) is one of the top names in the cannabis space and is currently presenting an attractive buying opportunity for investors. As of January 3, the stock is trading at a trailing twelve-month PE ratio of 6.71. Tilray Brands, Inc. (NASDAQ:TLRY) is one of the best cheap pot stocks to buy now.
On December 28, Piper Sandler analyst Michael Lavery maintained a Neutral rating and his $3 price target on Tilray Brands, Inc. (NASDAQ:TLRY).
At the end of Q3 2022, 16 hedge funds held stakes in Tilray Brands, Inc. (NASDAQ:TLRY). The total value of these stakes amounted to $33.5 million. As of September 30, D E Shaw is the largest shareholder in the company and has a position worth $9.34 million.
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4. Greenlane Holdings, Inc. (NASDAQ:GNLN)
PE Ratio as of January 3: 6.59
Greenlane Holdings, Inc. (NASDAQ:GNLN) is a leading distributor of premium cannabis accessories, consumer goods, and services. The company provides extensive product selection, including vaporizers, pipes, bongs, grinders, cleaning supplies, storage containers, apparel, and lifestyle accessories. Greenlane Holdings, Inc. (NASDAQ:GNLN) is one of the best cheap pot stocks to buy now and is trading at a PE multiple of 6x, as of January 3.
On November 29, Greenlane Holdings, Inc. (NASDAQ:GNLN) announced a strategic collaboration with Wild Green Canada, a Canadian cannabis accessory business, to expand its footprint into the Canadian marijuana market.
As of September 30, Adage Capital Management is the most prominent shareholder in Greenlane Holdings, Inc. (NASDAQ:GNLN) and has disclosed a position worth $207,000.
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3. Vext Science, Inc. (OTC:VEXTF)
PE Ratio as of January 3: 4.87
Vext Science, Inc. (OTC:VEXTF) is a vertically integrated Ag-tech company operating in the American cannabis industry. The company cultivates, manufactures, and distributes THC and CBD cartridges, concentrates, and edibles. Vext Science, Inc. (OTC:VEXTF) is placed third among the best cheap pot stocks to buy now and, as of January 3, is trading at a price-to-earnings multiple of 4.87.
On November 17, Vext Science, Inc. (OTC:VEXTF) posted earnings for the fiscal third quarter of 2022. The company reported that its Q3 Adjusted EBITDA amounted to $3.3 million and its revenue for the quarter amounted to $7.67 million.
On December 16, 2022, Vext Science, Inc. (OTC:VEXTF) announced its plans to acquire Ohio-based Appalachian Pharm Processing. Appalachian Pharm Processing is a licensed producer of medical marijuana.
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2. TerrAscend Corp. (OTC:TRSSF)
PE Ratio as of January 3: 3.70
TerrAscend Corp. (OTC:TRSSF) is a vertically integrated cannabis company that provides cannabis products and services to the Canadian and US markets. The company is focused on providing quality cannabis products and services to its customers, including medical and recreational cannabis, as well as hemp–derived cannabidiol (CBD) products. As of January 3, TerrAscend Corp. (OTC:TRSSF) is trading at a PE multiple of 3x and is placed high on our list of the best cheap pot stocks to buy now.
As of September 2022, Canaccord analyst Shaan Mir has a Buy rating and a $4.25 price target on TerrAscend Corp. (OTC:TRSSF).
On November 14, TerrAscend Corp. (OTC:TRSSF) reported earnings for the third quarter of fiscal 2023. The company reported a revenue of C$67.03 million, up 36.4% year over year, and an Adjusted EBITDA Margin of 16.9%, up from 8.9% in the previous quarter.
As of September 30, Tamarack Capital Management is the top shareholder in TerrAscend Corp. (OTC:TRSSF) and has a position worth $96,000 in the company.
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1. Leafly Holdings, Inc. (NASDAQ:LFLY)
PE Ratio as of January 3: 1.67
Leafly Holdings, Inc. (NASDAQ:LFLY) is a leading cannabis technology company. Founded in 2010, the company provides a platform that allows consumers to research and purchase cannabis products, as well as connect with local dispensaries. The company operates a website, mobile app, and provides a wide range of services that include product reviews, delivery services, information, and more. Leafly Holdings, Inc. (NASDAQ:LFLY) is headquartered in Seattle, Washington. As of January 3, the stock is trading at a PE multiple of 1.67 and is ranked among the best cheap pot stocks to buy now.
On November 10, Leafly Holdings, Inc. (NASDAQ:LFLY) posted earnings for the fiscal third quarter of 2022, in which it beat EPS expectations by $0.01. The company reported a revenue of $11.78 million, up 8.12% year over year.
At the end of Q3 2022, 9 hedge funds held stakes in Leafly Holdings, Inc. (NASDAQ:LFLY). The total value of these stakes amounted to $20.5 million.
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