The 3 Most Undervalued Cannabis Stocks to Buy: November 2023 | Markets – Buy Aussie News

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By most accounts, Canada’s experiment with legalizing cannabis has been a complete failure. Five years after the recreational drug was legalized on a national level, most cannabis producers remain deeply unprofitable, struggling to survive, seeing their share prices plunge by more than 90%. Today, most cannabis securities trade as penny stocks. The situation in the U.S. remains stuck in a political quagmire. The federal government in Washington, D.C. has refused to take any meaningful action on cannabis legalization at a national level, with lawmakers content to leave it up to the states to decide whether they want to legalize the drug. That has helped to send the entire industry in North America into a tailspin. If there’s a silver lining for investors, it’s that many cannabis stocks look woefully undervalued after enduring a steep selloff in recent years. Here are the three most undervalued cannabis stocks to buy: November 2023.

Canopy Growth (CGC)

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It was at one time the largest cannabis producer in neighboring Canada and a high-flying stock. Sadly, Canopy Growth (NASDAQ:CGC) has been brought low and now trades as a penny stock. Since peaking at $50 a share in 2019, CGC stock declined 99% and currently trades for just 54 cents. The decline is the result of poor sales and a deteriorating financial position. Canopy Growth recently reported a net loss for its fiscal second quarter of CAD 148.2 million.

The latest loss was 25% greater than a year earlier and comes as Canopy Growth’s revenue in the latest quarter declined 21% year-over-year. Company executives said they continue to focus on reducing costs. In recent months, Canopy Growth obtained creditor protection for its BioSteel Sports Nutrition unit…