The Top 3 Cannabis Stocks to Buy in April 2024


  • These cannabis stocks are well-positioned to provide excellent returns to investors this month.
  • Organigram (OGI): OGI is leveraging partnerships to grow in the cannabis market.
  • Altria (MO): Altria has entered the cannabis market with its investment in Cronos Group (CRON).
  • Curaleaf (CURLF): CURLF has 145 dispensaries and more than 5,600 employees worldwide.
Top Cannabis Stocks - The Top 3 Cannabis Stocks to Buy in April 2024

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As the cannabis market continues to expand globally, savvy investors are looking for top cannabis stocks to buy.

The global legal cannabis market is projected to reach $58 billion by 2028, driven primarily by adult-use sales in the U.S., according to BDSA. Despite the dominance of the U.S. and Canada in the market, international sales of cannabis products are forecasted to grow significantly at a compounded annual growth rate (CAGR) of 24%.

This growth is also expected to be supported by governments, such as the Czech Republic’s initiative to subsidize 90% of medical cannabis costs and the legalization of cannabis-based medicines in more than 40 countries.

In light of these developments, here are three cannabis stocks that stand out as particularly promising buys for April 2024. Each of these companies has demonstrated strong business fundamentals, innovative product lines, and strategic market positioning, which could translate into significant investor returns in the coming years.

Organigram (OGI)

Marijuana leaves on various colors of green and yellow on top of a black background representing HITI stock.
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Organigram (NASDAQ:OGI) is one of the leading Canadian cannabis firms. The company has continued to grow at a high growth rate over the past few years. Organigram leverages strategic partnerships, such as its partnership with British American Tobacco (NYSE:BTI). BAT’s additional investment in Organigram signifies a robust vote of confidence in the marijuana stock’s operational capabilities and growth potential. The partnership aims to leverage Organigram’s innovative prowess in developing new products, such as edibles and vape formulations.

During Q1 2024, the company generated $26.8 million in revenue, with an adjusted EBITDA slightly above break-even. The company focused on geographic expansion during the quarter, and its international markets now include the U.K. and Germany. These markets offer higher price stability and margins compared to the Canadian recreational sector, presenting Organigram with lucrative growth opportunities.

Moreover, the expansion of its Lac-Supérieur facility is set to enhance Organigram’s presence in the ultra-premium segment, promising higher margins and reinforcing its market position.

Altria (MO)

marijuana leaf in green traffic light
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Altria (NYSE:MO) has adeptly navigated the shifting landscape of tobacco and nicotine consumption by innovating and diversifying into less harmful alternatives such as vapes, e-cigarettes and nicotine pouches.

The tobacco giant has made significant strides in the cannabis market, particularly through its strategic investment in Cronos Group (NASDAQ:CRON). This investment, valued at $1.8 billion, granted Altria a substantial stake in Cronos and a foothold in the growing global cannabis market.

Altria’s financial health remains robust, characterized by strong profitability and an impressive dividend yield of approximately 9%. The company reported mixed results for Q4 2023. Altria reported an EPS of $1.18, which met expectations but its revenue of $5.02 billion missed estimates by $53.56 million.

Altria’s stock is up 3.2% in 2024. Wall Street analysts are bullish on the company and have an average price target of $46.58 on the stock. That translates into an 8.52% potential upside in the near term.

Curaleaf (CURLF)

scientist checking organic hemp wild plants in a cannabis weed commercial greenhouse. Concept of herbal alternative medicine, cbd oil, pharmaceutical industry. Cannabis stocks, FLGC stocks
Source: Chokniti-Studio /

Curaleaf (OTCMKTS:CURLF) is a leading multi-state operator in the American cannabis industry. The company is recognized for its extensive network of dispensaries and broad product offerings.

Curaleaf has expanded its operations extensively, not just within the U.S. but across international markets as well, including Europe. The company’s robust operational base includes 145 dispensaries and more than 5,600 employees worldwide. This positions the company to benefit from the growth of the rising cannabis market. In particular, the adult-use cannabis markets in states like New York and Florida, where Curaleaf has established a significant presence, are expected to drive substantial revenue growth for the company.

The company achieved record revenue of $345 million in Q4 2023, up 4% sequentially, driven primarily by a 14% increase in wholesale sales. The company’s stock price reflects Curaleaf’s strong performance in recent times. The stock is up 30% year-to-date (YTD). However, Wall Street analysts remain bullish on the stock and have an average price target of $5.49 on the stock. That provides a near-term potential upside of 8.71%.

On the date of publication, Mohammed Saqib did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

Mohammed Saqib is a research analyst with experience in equity research and financial modeling. He has extensively covered stocks listed in the tech sector using fundamental analysis as the cornerstone of his approach. Currently pursuing a master’s degree in finance, Saqib is dedicated to obtaining the CFA charter to augment his expertise in the field further.

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