My 3 Top Stocks to Buy in June

Canopy Growth (TSX:WEED)(NYSE:CGC) is one of my three stocks to buy in June.

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Would you like to buy some stocks this month but don’t know what to buy? I’m giving you three suggestions of stocks to buy.

Jamieson Wellness

You have probably seen the Jamieson Wellness (TSX:JWEL) brand at the drugstore or have taken Jamieson’s supplements yourself.

Founded in 1922, Jamieson is Canada’s leading branded manufacturer, distributor, and marketer of high-quality natural health products, including vitamins, herbal extracts, and skincare products. It’s one of the most trusted brands of vitamins in the country.

Jamieson had a very good first quarter. More people bought its products, as health and wellness became a major concern due to the COVID-19 pandemic. Revenue increased 16.5% to $84.5 million in the first quarter of 2020 compared to $72.6 million in the same quarter a year ago. Adjusted net income was up 20.6% to $7.8 million from $6.5 million in the first quarter of 2019.

The company’s revenue for fiscal 2020 is expected to be in a range of $364-$376 million, representing growth of 5.5-9%.

Jamieson’s supplements will help improve your well-being, while its stock will improve your financial health. The stock has jumped 30% year to date and is in a good position for more gains.

Yamana Gold

Economic downturns are generally good news for gold, as investors turn to safe havens. As a result, the price of gold has jumped this year, up 15% from the start of the year. The upward trend has also pushed precious metals stocks higher. Yamana Gold (TSX:YRI)(NYSE:AUY) shares have risen by 46% since the start of the year.

Yamana doubled its adjusted profit in the first quarter. Adjusted net earnings reached $47.2 million, or $0.05 per share, compared to $24 million, or $0.03 per share, a year earlier.

The gold miner achieved solid quarterly net free cash flow of $91.1 million, well up from the net free cash outflow of $13.6 million in the same period of 2019. Gold production was 192,238 ounces, which was in line with expectations.

The latest quarterly results reflect the impact of strong production, strong commodity prices, and the positive impact of foreign exchange on the cost structure of the company.

The gold producer increased its annual dividend by 25% to $0.0625 per share. It now pays a quarterly distribution of $0.0125 per share for a 1.2% dividend yield. This is the third dividend increase announced by Yamana in the past year.

Canopy Growth

Shares of Canada’s leading cannabis producer, Canopy Growth (TSX:WEED)(NYSE:CGC), plunged 20% Friday after the company reported dismal fourth-quarter numbers. This post-earnings dip is actually an opportunity to buy Canopy for cheaper.

The new management team is taking all the right steps to position Canopy for profitable long-term growth. The company wants to focus on America, Germany, and Canada — the three largest cannabis markets.

Canopy is reducing production, downsizing its product portfolio, and turning to a data-driven, consumer-first approach.

Naturally, this transition to a more profitable business weighs on short-term growth. But it also positions Canopy to launch better products, increase margins, and expand its dominance in the world’s largest cannabis markets. So, you shouldn’t worry too much about the bad earnings report.

Canopy is still the cannabis company with the most resources with nearly $2 billion on the balance sheet. Constellation Brands has just given Canopy a major boost in confidence by injecting an additional $250 million into the business.

This cash reserve will allow Canopy to make more growth-oriented investments than its peers, which ultimately positions the company not only to support but also to expand its leading position in the global cannabis industry.

Canopy’s leading market share, solid balance sheet, and financial support from Constellation Brands make it a great long-term investment in the cannabis space and one of the best growth stocks to buy now.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Stephanie Bedard-Chateauneuf has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Constellation Brands.

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