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The Canadian market has been navigating a period of heightened volatility, driven by trade uncertainties and fluctuating indices, with the TSX experiencing significant declines amid global economic tensions. Despite these challenges, opportunities remain for investors willing to explore lesser-known avenues such as penny stocks. Although the term 'penny stock' may seem outdated, these smaller or newer companies can still offer substantial growth potential when backed by strong financials.
Top 10 Penny Stocks In Canada
| Name | Share Price | Market Cap | Financial Health Rating |
| Westbridge Renewable Energy (TSXV:WEB) | CA$0.61 | CA$62.71M | ★★★★★★ |
| NTG Clarity Networks (TSXV:NCI) | CA$1.66 | CA$75.46M | ★★★★★★ |
| Intermap Technologies (TSX:IMP) | CA$1.70 | CA$106.42M | ★★★★☆☆ |
| Orezone Gold (TSX:ORE) | CA$1.26 | CA$598.1M | ★★★★★☆ |
| Amerigo Resources (TSX:ARG) | CA$1.71 | CA$285.7M | ★★★★★☆ |
| Hemisphere Energy (TSXV:HME) | CA$1.76 | CA$169.26M | ★★★★★☆ |
| Alvopetro Energy (TSXV:ALV) | CA$4.85 | CA$168.97M | ★★★★★★ |
| PetroTal (TSX:TAL) | CA$0.57 | CA$521.69M | ★★★★★☆ |
| McCoy Global (TSX:MCB) | CA$2.61 | CA$69.58M | ★★★★★★ |
| Findev (TSXV:FDI) | CA$0.46 | CA$13.18M | ★★★★★★ |
Click here to see the full list of 932 stocks from our TSX Penny Stocks screener.
Here's a peek at a few of the choices from the screener.
Trulieve Cannabis
Simply Wall St Financial Health Rating: ★★★★☆☆
Overview: Trulieve Cannabis Corp. operates as a cannabis retailer with a market cap of CA$893.91 million.
Operations: The company generates revenue from its pharmaceuticals segment, totaling $1.19 billion.
Market Cap: CA$893.91M
Trulieve Cannabis Corp. has experienced significant expansion, recently opening new dispensaries in Florida and Ohio, alongside launching Onward, a non-alcoholic THC beverage line. Despite generating US$1.19 billion in revenue, the company remains unprofitable with a net loss of US$155.11 million for 2024. The stock trades at a substantial discount to its estimated fair value and maintains sufficient cash runway for over three years due to positive free cash flow growth. However, long-term liabilities exceed short-term assets by nearly US$900 million, indicating financial challenges that investors should consider when evaluating this penny stock opportunity.
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Jump into the full analysis health report here for a deeper understanding of Trulieve Cannabis.
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Evaluate Trulieve Cannabis' prospects by accessing our earnings growth report.
Calibre Mining
Simply Wall St Financial Health Rating: ★★★★☆☆
Overview: Calibre Mining Corp., along with its subsidiaries, focuses on the exploration, development, and mining of gold properties and has a market cap of CA$2.71 billion.