Cannabis Stocks To Consider – May 16th

Incannex Healthcare, Canopy Growth, and Tilray are the three Cannabis stocks to watch today, according to MarketBeat’s stock screener tool. Cannabis stocks are shares of publicly traded companies engaged in the cultivation, processing, distribution or ancillary services of cannabis products. These securities allow investors to gain exposure to the rapidly evolving cannabis industry, with valuations driven by regulatory developments, consumer demand and competitive dynamics. These companies had the highest dollar trading volume of any Cannabis stocks within the last several days.

Incannex Healthcare (IXHL)

Incannex Healthcare Inc., a clinical stage pharmaceutical development company, engages in the research, development, and sale of medicinal cannabinoid and psychedelic pharmaceutical products and therapies. It develops products for the treatment of obstructive sleep apnoea (OSA), traumatic brain injury (TBI) and concussion, lung inflammation (ARDS, COPD, asthma, bronchitis), rheumatoid arthritis, inflammatory bowel disease, anxiety disorders, addiction disorders, pain, and other indications.

Shares of NASDAQ:IXHL traded down $0.01 during midday trading on Friday, hitting $0.26. The company’s stock had a trading volume of 190,773,938 shares, compared to its average volume of 8,735,689. The business’s 50 day simple moving average is $0.55 and its 200 day simple moving average is $1.41. The company has a debt-to-equity ratio of 2.47, a quick ratio of 1.65 and a current ratio of 1.80. The company has a market cap of $4.68 million, a P/E ratio of -0.18 and a beta of 7.67. Incannex Healthcare has a 12-month low of $0.08 and a 12-month high of $3.55.

Canopy Growth (CGC)

Canopy Growth Corporation, together with its subsidiaries, engages in the production, distribution, and sale of cannabis and hemp-based products for recreational and medical purposes primarily in the United States, Canada, Germany, and internationally. It operates through Canada Cannabis, International Markets Cannabis, and Storz & Bickel segments.

CGC stock traded up $0.22 during mid-day trading on Friday, hitting $1.56. 4,069,760 shares of the company were exchanged, compared to its average volume of 5,861,481. The business has a fifty day simple moving average of $1.15 and a 200-day simple moving average of $2.26. The company has a quick ratio of 2.58, a current ratio of 3.52 and a debt-to-equity ratio of 0.74. Canopy Growth has a 12-month low of $0.77 and a 12-month high of $11.95. The firm has a market capitalization of $285.91 million, a P/E ratio of -0.40 and a beta of 0.79.

Tilray (TLRY)

Tilray, Inc. engages in the research, cultivation, processing, and distribution of medical cannabis. The company offers its products in Argentina, Australia, Canada, Chile, Croatia, Cyprus, the Czech Republic, Germany, New Zealand, and South Africa. Tilray, Inc. is headquartered in Canada.

Shares of NASDAQ TLRY traded up $0.03 during midday trading on Friday, hitting $0.47. The company’s stock had a trading volume of 12,590,210 shares, compared to its average volume of 28,340,768. The business’s fifty day simple moving average is $0.54 and its two-hundred day simple moving average is $0.97. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.54 and a quick ratio of 1.58. Tilray has a 1 year low of $0.41 and a 1 year high of $2.23. The firm has a market capitalization of $469.03 million, a price-to-earnings ratio of -1.55 and a beta of 1.95.