TM editors' note: This article discusses a penny stock and/or microcap. Such stocks are easily manipulated; do your own careful due diligence.

Canadian cannabis stocks were under pressure last week due to concerns related to many provinces not being ready for recreational marijuana on July 1, 2018.

While this weakness is concerning, we think the legislation will be approved by the deadline. However, if provinces are not ready, recreational sales will begin with direct orders to the licensed Canadian producer.

We have highlighted three of the most watched licensed Canadian marijuana producers and have provided an update after last week.

Canopy Growth: Reports Earnings Before the Market Opens

Canopy Growth Corp (WEED.TO) (TWMJF) will report first quarter financial results before the market opens today and we expect the licensed marijuana producer to report strong numbers when compared to the prior quarter.

Canopy Growth is largest marijuana producer in Canada and is levered to several rapidly developing marijuana markets in the world. We continue to view Canopy Growth as one of the best long-term cannabis investment opportunities and believe this is a stock that needs to be on every marijuana investor’s radar.

Organigram: An Acquisition Opportunity? 

Organigram Holdings (OGI.V) (OGRMF) is a unique marijuana investment opportunity as it is the only licensed medical marijuana producer in the New Brunswick province. The shares have come off its highs from July and has fallen more than 10% from these levels.

With a market cap below $250 million, Organigram is one of the smallest licensed medical marijuana producers in Canada (by market cap). The cannabis producer reported weak third quarter financial results and this has put pressure on the shares. Organigram looks to be an acquisition candidate for cannabis producers like Canopy Growth or Aurora Cannabis (ACB.TO) (ACBFF) due to its strategic location and attractive valuation. This is a stock to watch!

DOJA: IPO Does Not Live Up to the Hype

DOJA Cannabis Company (DOJA.CN) (DJACF) was unable to break the streak of weak Canadian cannabis IPOs as the offering failed to live up to the hype. DOJA started trading on Wednesday and the shares initially received a favorable response and traded as high as $0.99 after opening at $0.75. DOJA quickly came off these highs and closed below the offering price.

Things did not improve for DOJA from there. Over the next two days, trading volume declined while the shares remained under pressure. DOJA is trading at $0.62 after a 10% drop on Friday and we are monitoring how the shares perform this week.