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9 Hot Marijuana Penny Stocks to Watch (March 2023 Update)

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Written by Timothy Sykes
Updated 3/23/2023 17 min read

Marijuana penny stocks have had a bumpy past year…

The best-performing marijuana stocks of 2021 have taken a nosedive. Want to know why?

It isn’t because the cannabis penny stocks on this watchlist have ‘failed.’ It’s because there are no best bets on the long-term growth of cannabis stocks…

I NEVER trust any penny stock. That goes double for penny cannabis stocks.

What I look at is the potential for these stocks to spike. The best of these penny pot stocks have had some LEGENDARY runs…

That’s what we’re waiting for again. Until then, I’m watching these stocks.

What Are Marijuana Penny Stocks?

Marijuana penny stocks are just marijuana stocks that trade under $5 per share.

That’s the literal definition. To traders, penny stocks are stocks that can’t be depended on…

Their success is always one year away. Their press releases are hot air. Their real product is their stock…

Once they go up, you want to lock in your gains. It’s a safe bet they’ll drop again soon.

This is a safe rule for marijuana stocks on the whole.

Even the biggest of these companies still move like penny stocks. Heck — the biggest cannabis stocks are back to being penny stocks after their latest flops.

Look at Aurora Cannabis Inc. (NYSE: ACB). Back in 2019, this was the second-largest cannabis company in the world…

Its all-time-high was near $200 a share. Now it trades around $4.

Smart traders have great memories of that run. They kept the advice from this 2018 video in mind…

They traded these stocks, but didn’t believe the hype. That’s what you should be looking to do the next time these stocks pop.

Is Trading Marijuana Penny Stocks a Good Idea?

Trading any stock is a good idea… when you study its chart and have a solid plan.

If your strategy is to hold and hope, you will get burned.

99% of penny stocks will fail. That’s why traditional investors don’t go near them.

Smart traders don’t believe the hype. They aim for singles, or even smaller losses.

Most of my $7.3 million lifetime earnings come from penny stocks. Many of my students have made six- and seven-figure profits from these stocks.

Penny Pot Stocks List

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Penny pot stocks can be great for smart traders because of their potential for runs…

Afterwards, most of these stocks will revert to their natural state. Never forget, most penny stocks are basically worthless.

I’m not recommending that you trade the stocks on this list. They are just the cheaper marijuana stocks I’m watching for the next big sector run.

Hot sectors generate sympathy when big news comes their way. Low-priced stocks like these can spike BIG when that happens.

I might not trade all of these stocks. But I’m definitely gonna be watching them.

Top 9 Marijuana Penny Stocks to Watch in 2023

These are the marijuana penny stocks on my radar…

They range from cannabis heavyweights to sector hangers-on. I’ll break down each one of these stocks. It’s up to YOU to know their charts.

Watching these stocks means learning their moves. You do this by getting in screen time.

When you watch these stocks, you know what volume does to their price action. You learn to read their Level 2 quotes…

I want you to be ready for these stocks to make big moves. I know I’ll be.

#1: Aurora Cannabis Inc. (NYSE: ACB)

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The last time I covered penny pot stocks, ACB was priced well above the $5 mark.

Its 2022 slump has made it a penny stock for the first time since late 2020. Take a look at its chart to see what happened next…

After Biden’s election, this stock skyrocketed 200% in a matter of days. There were big, abrupt swings after then too. At the height of Reddit’s 2021 takeover, this stock almost cracked $20.

I’m not trying to give you FOMO. And I’m not suggesting that this stock will hit $20 again.

All I’m pointing out is this stock’s potential to run. It’s a former sector leader. News here can move this stock AND affect other stocks in the sector.

Pot stock traders know this ticker. That lends it some legitimacy, even if the stock has underachieved in recent years…

This poor performance doesn’t make it too different from other sector leaders like Tilray Inc. (NASDAQ: TLRY), Canopy Growth Corp. (NASDAQ: CGC), and Curaleaf Holdings (OTCQX: CURLF). All of these stocks were still above the $5 mark at the time of this writing.

It gets big volume when the sector is hot. And that volume really moves the needle for this stock.

#2: Weed Inc. (OTCQB: BUDZ)

ACB was the one listed stock we’ll cover. With BUDZ, we’re entering the OTC markets.

The OTC markets are full of sketchy penny stocks. Buyer beware.

I’ve traded BUDZ for small gains in the past. My best trade was in 2020. I made $1,170 on a 13% gain.

That was on a day that the stock spiked 100%! I didn’t need to predict this trade. I waited for confirmation, then took a small piece of the action.

I’m cautious. I trade like an old man. And I want you to do the same.

Traders who got greedy on this swing lost most of their profits over the next few days. Traders who locked in gains knew to watch this stock for the next run.

That happened in February 2021, when BUDZ ran into the high $2s.

It’s had a few less notable spikes since then. It’s a safe bet that it will run again.

#3: Medical Marijuana, Inc. (OTCPK: MJNA)

MJNA is one of the grandfathers of sketchy marijuana stocks.

This is a pink sheet stock. That means its financial reporting isn’t up to the minimal standards of other OTC markets.

Long-time marijuana stock traders will recognize this ticker. This was the first publicly-traded cannabis stock…

It’s been in the news more recently for its founder’s SEC investigation.

Let’s get one thing clear: MJNA has long been a trash fire. That doesn’t mean you should avoid trading this stock. It just means your discipline has to be set on high.

My first MJNA trade was in 2013. I’ve made more than $14,000 through all of my MJNA trades.

The key is understanding OTC patterns — the kind I teach in my Trading Challenge. Sketchy OTC patterns are different from the patterns I use on listed stocks.

For one thing, their volume is usually smaller. That means that executions are more difficult…

So most traders will avoid these stocks.

I appreciate sketchy stocks like MJNA for what they are. They’re not the sector leaders…

But they can catch fire after the bigger pot stocks have had their runs. These stocks tend to move slower than listed stocks. They fly under most traders’ radar.

Just look at MJNA’s recent action on March’s pot sector run:

It hit on Day 2, after bigger stocks had cooled off. If you were trading the sector run, you could have gotten another good trade off.

#4: India Globalization Capital, Inc. (NYSE: IGC)

I’ve often kept this medical marijuana stock on my watchlists.

It made a splash when the FDA made its cannabis-based Alzheimer’s drug the first to win trial study approval…

That led to a two-day gain of more than 500%. This news led to increased volume in the sector as a whole.

In December of last year, it cleared Phase 1. This news didn’t lead to a similar surge… but I wouldn’t count IGC out yet.

#5: IntelGenx Technologies Corp. (OTCQB: IGXT)

This pharma company was one of my favorite penny stock watches in 2021

It’s got a cool technology — oral film strips. It has a CBD strip that launched a year ago, although that enthusiasm has since dissipated.

Why am I still watching this stock? PayPal billionaire Peter Thiel’s Atai Life Sciences (NASDAQ: ATAI) holds a 25% stake

It has several drugs in its development pipeline. It’s also been working with ATAI on psilocybin strips.

This technology makes it one of the most unique companies on this list. I wouldn’t be surprised if one of their press releases went viral.

#6: Auxly Cannabis Group Inc. (OTCQX: CBWTF)

This Canadian pot producer has had nice runs before.

Its stock has suffered even though sales are up. Auxly has been making nice moves.

In November 2020, it completely acquired Sunens Farms. This grower is responsible for the top-selling dried flower in Ontario…

In the long run, that will cut their costs. As it stands, their market share in Canada doubled over the past year.

#7: Jushi Holdings (OTCQX: JUSHF)

Jushi is a full-spectrum cannabis company. They produce their own product and sell it through their network of dispensaries.

They’ve got a growing footprint in emerging markets like Pennsylvania and Ohio.

I’m not watching this stock for its fundamentals, but it’s nice to know they’re there. If legalization gains momentum in this country, Jushi could become even bigger.

#8: Ignite International Brands Ltd. (OTCQX: BILZF)

You’ve got to love a penny stock that is good at pumping

When your crap penny stock has a CEO with 32 million Instagram followers, you make the cut.

I first traded this cannabis ‘lifestyle brand’ at the 2019 T&I Summit. When founder Dan Bilzerian announced that BILZF was trading in the US, it created the perfect first green day setup…

I held overnight and got out too early. That’s OK. I still made $3,921 on the trade.

#9: Jones Soda Co. (OTCQB: JSDA)

Jones Soda made my last pot penny stock watchlist…

The stock has fallen since it made its last big splash — releasing a cannabis soda line in March. But the company is still making moves.

Its latest is a proposed merger with Canadian beverage brand Simply Better Brands Corp. (CVE: SBBC).

Jones hasn’t had the bounce that acquired companies tend to have. I’ll be watching to see if it does.

How to Trade Marijuana Penny Stocks

Unsure how to make a good penny stock trading plan? Follow these quick steps to make sure you’re prepared.

Step 1: Make Sure You Have the Right Equipment

Having the right equipment matters even more when you’re trading penny stocks.

You’re not going up against high-frequency traders in OTC markets. Institutional traders won’t touch penny stocks.

That means the right equipment can give you even more of an edge.

It starts with choosing the right broker. Robinhood and WeBull won’t let you trade OTC stocks.

Your trading platform will also give you an advantage. I trade with StocksToTrade. Its charts help me pinpoint my entries and exits…

Its Breaking News Chat add-on has helped me stay ahead of the sheep that get the news late.

Make sure your trading platform has a good Level 2 reader. Level 2 matters less for listed stocks…

On low volume stocks like OTCs, Level 2 strategies can really make a difference.

Step 2: Learn Patterns

Trading success comes down to studying…

I’ve been using my 7-Step Pennystocking Framework for over a decade. Guess what? It still works.

Step 5 — dip buying — is still one of my favorite trading patterns. It works really well for small accounts.

This is where your Level 2 skills really come in…

But discipline matters even more.

Step 3: Build and Stick to Your Trading Plan

A good trading plan is key to becoming a self-sufficient trader.

Writing down your goal and risk helps build your discipline. And discipline is key to trading these sketchy stocks.

What penny stocks are selling are hopes and dreams. Don’t follow those — follow your plan.

Step 4: Track Every Trade

Win or lose, I want you journaling.

The way you improve as a trader is by learning from your mistakes. Every trade you log will make you a better trader…

You can learn even more from your losses than from your wins.

My No-Cost Weekly Watchlist

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Becoming a self-sufficient trader can be a long and grueling process. Don’t know which stocks to watch every day?

Learn from my process.

Sign up now for my no-cost weekly watchlist. I’ll send my top watches right to your inbox every Sunday. It’s an opportunity for you to learn what goes into my picks — from patterns to catalysts to key levels. That can help you build your own watchlist.

I make a watchlist every day. It’s how I find my focus in any kind of market.

To become a self-sufficient trader, you need to have your own watchlists. Remember to respect your trading plan and do your due diligence. Never follow stock picks — not even mine.

Frequently Asked Questions About Marijuana Penny Stocks

Asking questions is how I know you’re listening! Let’s cover the most common ones…

What Are Marijuana Penny Stocks?

Marijuana stocks belong to companies that sell cannabis-based products or are in supporting industries. They become penny stocks when they trade for less than $5 per share.

Are Marijuana Penny Stocks Worth it?

Worth a trade? Depends. Worth an investment? Not for me, thanks.

What Are the Largest Marijuana Stocks?

As of this writing, the largest marijuana stocks by market cap are Curaleaf (OTCQX: CURLF) and Green Thumb Industries Inc. (OTCQX: GTBIF).

How Do You Buy Marijuana Penny Stocks?

Marijuana penny stocks trade like any other stocks on their exchanges. If you know the ticker symbol, you can buy or sell using your preferred trading platform — provided you don’t use Robinhood or WeBull.

Should I Buy Marijuana Penny Stocks and Hold Long-Term?

I never recommend anyone buy and hold penny stocks. Wait until the sector shows momentum or there’s exciting news… Then make short-term trades based on the strategies you’re comfortable using.

Will Marijuana Companies Have to Use Cryptocurrency?

Legal marijuana companies in the US use cash for their business dealings.

Can I Invest in Canadian Marijuana Stocks?

Most big Canadian marijuana stocks are listed on American exchanges. Some are even listed on major exchanges like Nasdaq, as cannabis is federally legal in Canada.

Are There Any Cannabis Penny Stocks?

You might want to read this article again…

Are Cannabis Penny Stocks Legit?

Never trust ANY penny stock. You can make money trading them, which is all the legitimacy I need.

The Bottom Line on Marijuana Penny Stocks

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Marijuana penny stocks can provide opportunities for some wild moves. The industry is still emerging. Marijuana stocks could skyrocket if legalization pans out.

Like with any sector, you’ve gotta be on the right side of the hype. Always be ready to close your position…

Your number-one mission in this trading life is to hold on to your profits and cut your losses.

Have you traded any of these stocks? What’s on your marijuana penny stock watchlist? Let me know in the comments… I love to hear from my readers!

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Author card Timothy Sykes picture

Timothy Sykes

Tim Sykes is a penny stock trader and teacher who became a self-made millionaire by the age of 22 by trading $12,415 of bar mitzvah money. After becoming disenchanted with the hedge fund world, he established the Tim Sykes Trading Challenge to teach aspiring traders how to follow his trading strategies. He’s been featured in a variety of media outlets including CNN, Larry King, Steve Harvey, Forbes, Men’s Journal, and more. He’s also an active philanthropist and environmental activist, a co-founder of Karmagawa, and has donated millions of dollars to charity. Read More

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* Results are not typical and will vary from person to person. Making money trading stocks takes time, dedication, and hard work. There are inherent risks involved with investing in the stock market, including the loss of your investment. Past performance in the market is not indicative of future results. Any investment is at your own risk. See Terms of Service here

The available research on day trading suggests that most active traders lose money. Fees and overtrading are major contributors to these losses.

A 2000 study called “Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors” evaluated 66,465 U.S. households that held stocks from 1991 to 1996. The households that traded most averaged an 11.4% annual return during a period where the overall market gained 17.9%. These lower returns were attributed to overconfidence.

A 2014 paper (revised 2019) titled “Learning Fast or Slow?” analyzed the complete transaction history of the Taiwan Stock Exchange between 1992 and 2006. It looked at the ongoing performance of day traders in this sample, and found that 97% of day traders can expect to lose money from trading, and more than 90% of all day trading volume can be traced to investors who predictably lose money. Additionally, it tied the behavior of gamblers and drivers who get more speeding tickets to overtrading, and cited studies showing that legalized gambling has an inverse effect on trading volume.

A 2019 research study (revised 2020) called “Day Trading for a Living?” observed 19,646 Brazilian futures contract traders who started day trading from 2013 to 2015, and recorded two years of their trading activity. The study authors found that 97% of traders with more than 300 days actively trading lost money, and only 1.1% earned more than the Brazilian minimum wage ($16 USD per day). They hypothesized that the greater returns shown in previous studies did not differentiate between frequent day traders and those who traded rarely, and that more frequent trading activity decreases the chance of profitability.

These studies show the wide variance of the available data on day trading profitability. One thing that seems clear from the research is that most day traders lose money .

Millionaire Media 66 W Flagler St. Ste. 900 Miami, FL 33130 United States (888) 878-3621 This is for information purposes only as Millionaire Media LLC nor Timothy Sykes is registered as a securities broker-dealer or an investment adviser. No information herein is intended as securities brokerage, investment, tax, accounting or legal advice, as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any company, security or fund. Millionaire Media LLC and Timothy Sykes cannot and does not assess, verify or guarantee the adequacy, accuracy or completeness of any information, the suitability or profitability of any particular investment, or the potential value of any investment or informational source. The reader bears responsibility for his/her own investment research and decisions, should seek the advice of a qualified securities professional before making any investment, and investigate and fully understand any and all risks before investing. Millionaire Media LLC and Timothy Sykes in no way warrants the solvency, financial condition, or investment advisability of any of the securities mentioned in communications or websites. In addition, Millionaire Media LLC and Timothy Sykes accepts no liability whatsoever for any direct or consequential loss arising from any use of this information. This information is not intended to be used as the sole basis of any investment decision, nor should it be construed as advice designed to meet the investment needs of any particular investor. Past performance is not necessarily indicative of future returns.

Citations for Disclaimer

Barber, Brad M. and Odean, Terrance, Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors. Available at SSRN: “Day Trading for a Living?”

Barber, Brad M. and Lee, Yi-Tsung and Liu, Yu-Jane and Odean, Terrance and Zhang, Ke, Learning Fast or Slow? (May 28, 2019). Forthcoming: Review of Asset Pricing Studies, Available at SSRN: “https://ssrn.com/abstract=2535636”

Chague, Fernando and De-Losso, Rodrigo and Giovannetti, Bruno, Day Trading for a Living? (June 11, 2020). Available at SSRN: “https://ssrn.com/abstract=3423101”