8 Best Penny Stocks Canada (March 2024)

Penny rolling on top of stock chart
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8 of the best penny stocks Canadian investors should look into this March are:

1. BlackBerry Limited (BB)
2. Aurora Cannabis Inc. (ACB)
3. Canopy Growth Corporation (WEED)
4. Sundial Growers Inc. (SNDL)
5. Nokia Corporation (NOK)
6. Acasti Pharma Inc. (ACST)
7. NexGen Energy Ltd. (NXE)
8. Kinross Gold Corporation (K)

1. BlackBerry Limited (BB)

BlackBerry Ltd Logo

BlackBerry Ltd

BB
TSX

$3.77 CAD

  • -0.03
  • (0.79%)

Quote as of 03/01/2024

  • $2,225,458,432 CAD

    Market Cap

  • N/A

    Enterprise Value to EBITDA

  • N/A

    Forward PE

  • 163.78%

    Forward Annual Dividend Yield

Metrics as of 03/01/2024 10:35 ET


 

Investing in BlackBerry Limited (BB) could be a great opportunity for those looking to invest in penny stocks.

With its innovative technology solutions, strong focus on security, and ability to penetrate various industries, the company has attracted individual and institutional investors alike.

To maximize potential, it’s important to keep up with the company’s financial performance and news updates.

Any product launches, partnerships, or acquisitions could provide insights into BlackBerry’s growth trajectory.

Plus, understanding the competitive landscape is key.

Analyzing how other companies are positioning themselves in the same market can help gauge BlackBerry’s competitive advantage and potential earnings.

Seeking advice from professionals and experienced investors can also be helpful.

2. Aurora Cannabis Inc. (ACB)

Aurora Cannabis Inc Logo

Aurora Cannabis Inc

ACB
TSX

$4.31 CAD

  • +0.04
  • (0.94%)

Quote as of 03/01/2024

  • $232,883,232 CAD

    Market Cap

  • N/A

    Enterprise Value to EBITDA

  • N/A

    Forward PE

  • N/A

    Forward Annual Dividend Yield

Metrics as of 03/01/2024 10:35 ET


 

Aurora Cannabis Inc. (ACB) is a well-known Canadian penny stock.

Aurora has strategically acquired and partnered to secure its place as a leader in medical marijuana production and distribution.

The company operates across the globe, exporting goods to over 25 countries.

Its product range includes dried flowers, oils, soft gels, and even oral sprays – catering to varied consumer needs and preferences.

Aurora Cannabis Inc. has invested in R&D too.

The firm is dedicated to expanding its offerings and improving their efficacy through advanced technologies and innovation.

3. Canopy Growth Corporation (WEED)

Canopy Growth Corp Logo

Canopy Growth Corp

WEED
TSX

$4.35 CAD

  • -0.09
  • (2.03%)

Quote as of 03/01/2024

  • $404,548,832 CAD

    Market Cap

  • N/A

    Enterprise Value to EBITDA

  • N/A

    Forward PE

  • N/A

    Forward Annual Dividend Yield

Metrics as of 03/01/2024 10:35 ET


 

Canopy Growth Corporation is a leading Canadian marijuana company, traded under the symbol WEED on the Toronto Stock Exchange.

Its innovative approach to the cannabis industry has made it a market leader.

Strategic partnerships with companies like Constellation Brands, who own a significant stake, have enabled Canopy Growth to cultivate and distribute high-quality cannabis products.

The company also stands out for its diverse portfolio of brands.

From medical to recreational, the options are vast.

This diversified approach has allowed Canopy Growth to capitalize on the growing demand for marijuana.

Canopy Growth was founded in 2013 by Bruce Linton and Chuck Rifici.

At that time, marijuana legalization was still in its early stages.

However, Linton’s visionary mindset has transformed the company from a small startup to one of the most prominent players in the market.

Canopy Growth’s impressive growth trajectory and forward-thinking strategies make it an intriguing stock to watch.

As the cannabis industry continues to expand, this Canadian powerhouse is well-positioned to thrive in the years ahead.

4. Sundial Growers Inc. (SNDL)

Sundial Growers Inc Logo

Sundial Growers Inc

SNDL
NASDAQ

$1.38 USD

  • +0.03
  • (2.22%)

Quote as of 03/01/2024

  • $352,755,008 USD

    Market Cap

  • N/A

    Enterprise Value to EBITDA

  • N/A

    Forward PE

  • N/A

    Forward Annual Dividend Yield

Metrics as of 03/01/2024 10:40 ET


 

Sundial Growers Inc. (SNDL) specializes in cultivation and distribution, differentiating them from others in the market.

What’s more, Sundial Growers Inc. (SNDL) values sustainability.

They prioritize responsible cultivation, ensuring that their products are eco-friendly.

This appeals to investors mindful of their investments’ long-term impact.

5. Nokia Corporation (NOK)

Nokia OYJ Logo

Nokia OYJ

NOK
NYSE

$3.56 USD

  • +0.03
  • (0.85%)

Quote as of 03/01/2024

  • $19,671,136,256 USD

    Market Cap

  • 5.56x

    Enterprise Value to EBITDA

  • 9.13x

    Forward PE

  • 3.73%

    Forward Annual Dividend Yield

Metrics as of 03/01/2024 10:40 ET


 

While Nokia phones are a thing of the past, they still power a lot of the infrastructure behind the scenes when it comes to mobile networks and telecommunications.

While the stock price is far from the highs of the dot-com era, they continue to innovate and operate a business that’s in demand.

6. Acasti Pharma Inc. (ACST)

Acasti Pharma Inc Logo

Acasti Pharma Inc

ACST
NASDAQ

$3.43 USD

  • +0.10
  • (2.84%)

Quote as of 03/01/2024

  • $31,393,996 USD

    Market Cap

  • N/A

    Enterprise Value to EBITDA

  • N/A

    Forward PE

  • N/A

    Forward Annual Dividend Yield

Metrics as of 03/01/2024 10:40 ET


 

Acasti Pharma Inc. (ACST) is a Canadian biopharmaceutical firm.

They focus on developing and selling drugs for heart diseases.

With their research and development, Acasti Pharma wants to meet medical needs and better patient outcomes.

The company’s main product is CaPre.

It’s an uncommon omega-3 phospholipid-based therapy.

Clinical trials have shown it may reduce triglyceride levels in patients with severe hypertriglyceridemia.

Acasti Pharma is targeting this particular group.

They hope to provide an effective treatment option where existing therapies are limited.

In addition to CaPre, Acasti Pharma is researching and developing other treatments.

7. NexGen Energy Ltd. (NXE)

NexGen Energy Ltd Logo

NexGen Energy Ltd

NXE
TSX

$10.48 CAD

  • +0.91
  • (9.51%)

Quote as of 03/01/2024

  • $5,021,158,400 CAD

    Market Cap

  • N/A

    Enterprise Value to EBITDA

  • N/A

    Forward PE

  • N/A

    Forward Annual Dividend Yield

Metrics as of 03/01/2024 10:40 ET


 

NexGen Energy Ltd. (NXE) is focused on exploring and developing uranium assets.

It boasts an estimated resource of over 200 million pounds of uranium at its flagship mine in Saskatchewan.

In addition, the company has locked down long-term contracts with major utilities all over the world.

This strategic move ensures a stable demand for NexGen’s products and establishes them as a reliable supplier.

It’s worth noting that NexGen Energy was named one of Canada’s Top 50 Best Small and Medium Employers by Aon Hewitt in 2018 and 2019.

8. Kinross Gold Corporation (K)

Kinross Gold Corp Logo

Kinross Gold Corp

K
TSX

$6.88 CAD

  • +0.24
  • (3.61%)

Quote as of 03/01/2024

  • $8,152,857,600 CAD

    Market Cap

  • 5.72x

    Enterprise Value to EBITDA

  • 15.81x

    Forward PE

  • 2.42%

    Forward Annual Dividend Yield

Metrics as of 03/01/2024 10:45 ET


 

Kinross Gold Corporation, or K, is known for gold mining and exploration globally, in places such as Russia, Brazil, the United States, and Chile.

The firm is focused on responsible mining and sustainable development.

Kinross stands out due to its vast assets worldwide and its pledge to excellence.

It’s also devoted to maximizing shareholder value while meeting strict environmental and social standards.

The firm’s commitment to community engagement is noteworthy.

It supports the local people near its mining sites by investing in health services, infrastructure developments, education, and other activities that help the communities.

What is a Penny Stock?

Penny stocks are low-priced stocks that usually cost less than $5 per share.

They’re often found in small or newly formed businesses and can be quite volatile due to their unsteady nature.

They bear distinct signs like small market capitalization and trading on over-the-counter exchanges instead of major stock exchanges.

Penny stocks can provide potential for large gains but also contain a greater likelihood of loss.

In spite of the risks, some investors are attracted to penny stocks because of their possible big wins.

Nevertheless, it’s essential to do thorough research and carefully consider the risks before investing in these types of stocks.

Risks of Investing in Penny Stocks

Investing in penny stocks carries significant risks and should be approached with caution.

While some investors may be attracted to the potential for high returns, it’s essential to be aware of the following risks:

  • Lack of Transparency: Many penny stocks lack sufficient financial information and regulatory oversight, making it difficult to assess their true value and financial health.
  • High Price Volatility: Penny stocks can experience extreme and unpredictable price fluctuations, leading to potential large losses in a short period.
  • Limited Liquidity: Penny stocks often have low trading volumes, making it challenging to buy or sell shares at desired prices.
  • Lack of Regulation: Penny stocks are typically traded on over-the-counter (OTC) markets with fewer regulatory requirements, increasing the risk of fraud and market manipulation.
  • Pump-and-Dump Schemes: Some penny stocks may be targets of pump-and-dump schemes, where promoters artificially inflate the stock’s price before selling their shares, leaving other investors with losses.
  • Higher Default Risk: Many penny stocks are issued by small or financially distressed companies, increasing the risk of bankruptcy or default.
  • Lack of Analyst Coverage: Penny stocks typically receive little to no coverage from reputable analysts, limiting access to professional research and analysis.
  • Risk of Total Loss: The nature of penny stocks means investors could lose their entire investment if the company fails or the stock becomes worthless.

Given these risks, investors should exercise caution when considering penny stocks as part of their investment strategy.

Thorough research and understanding of the companies and markets are crucial to making informed decisions.

Always consult with a qualified financial advisor before investing in penny stocks or any other investment options to assess your risk tolerance and financial goals.

Benefits of Investing in Penny Stocks

  • Low Cost of Entry: Penny stocks are affordable, allowing investors with limited capital to enter the market.
  • High Potential for Returns: The low share prices of penny stocks offer the potential for significant gains.
  • Opportunity for Diversification: Penny stocks can be used to diversify investment portfolios and balance lower-risk holdings.
  • Early Investment in Growing Companies: Some penny stocks represent early-stage companies with potential for rapid growth.

Frequently Asked Questions

  • What are penny stocks?
  • How can I find the best penny stocks in Canada?
  • What are the risks associated with penny stocks?
  • Are penny stocks a good investment?
  • Can I trade penny stocks on major Canadian stock exchanges?
  • How can I minimize the risks when investing in penny stocks?