Penny stocks are generally associated with short term speculative investments. It’s a myth that penny stocks are purely speculative, when, in fact, there are potential multi-baggers out there. Granted, penny stocks do carry a significantly higher risk. It’s why careful screening is essential, which we’ve done here today. This column focuses on some of the top potential multi-bagger penny stocks for long-term investment. This includes sound business models and a decent balance sheet.
CRON Cronos $1.80 CURLF Curaleaf $2.71 KGC Kinross Gold $4.64 HL Hecla Mining $5.18 BITF Bitfarms $1.07 BTBT Bit Digital $2.46 SLDP Solid Power $2.08 Cronos (CRON) Source: John Brueske / Shutterstock
Cronos (NASDAQ:CRON) is an undervalued penny stock that’s likely to deliver multi-bagger returns down the road. This view on the cannabis company is supported by strong fundamentals and positive industry tailwinds. In fact, reports indicate that U.S. cannabis sales will hit $71 billion by 2030 even without federal reforms. Plus, there is ample headroom for growth in Europe and with a big addressable market, making Cronos attractive.
In terms of financials, Cronos Q1 2023 sales disappointed. However, it’s worth noting that the company has $836 million in cash and short-term investments. This provides ample flexibility to pursue aggressive