SNDL (SNDL -3.38%), Tilray Brands (TLRY), and OrganiGram Holdings (OGI -1.03%) are three of the most popular stocks on the Robinhood trading platform for retail investors looking to invest in the future of cannabis.

Part of the reason for these stocks' popularity is an issue of availability. All three are Canadian companies, so they can trade on the Nasdaq. However, many U.S. cannabis companies are traded over the counter; they are banned from being on U.S. stock exchanges because the federal government prohibits marijuana. The Canadian companies don't face the same ban -- they aren't breaking any U.S. federal laws because their business is north of the border.

Cannabis companies have struggled this year in the market. Canadian cannabis companies have struggled in particular because of a glut of products, along with high federal and provincial taxes in Canada. ATB Capital Markets put the expected growth in Canadian cannabis sales at less than 20% in 2022, after previous years when the growth rate was 73% or more. Knowing that, are any of these three stocks worth a buy?

1. Shadows for SNDL

Shares of SNDL are down more than 59% so far this year. The company, which rebranded to its new name this year after previously doing business as Sundial Growers, is moving from specializing in wholesale cannabis sales to focusing on retail sales.

The company was close to being delisted on the Nasdaq, so in June, it did a 10-for-1 reverse stock split, which is rarely the sign of a health company.

Thanks to its purchase of Canadian liquor retailer Alcanna in March, it has 355 stores and is the biggest private-sector liquor and cannabis seller in Canada. In the second quarter, its liquor side generated $148.6 million in revenue in Canadian dollars while it had CA$63.5 million in cannabis retail revenue and CA$11.6 million from cannabis cultivation and production. The total means the company brought in CA$223.7 million, a rise of 2,344% year over year. That's the good news. The bad news is that revenue didn't make SNDL profitable, as it finished the quarter with a loss of CA$74 million, compared to a CA$52.3 million loss in the same period last year.

It's easy to see the argument for some retail investors that made SNDL a meme stock. The pure size of the company's operations could give it a big advantage against any competitor. The problem is that economy of scale doesn't seem to be helping much yet, and even though there's long-term potential, now SNDL has to find a way to manage both sides of its business well, and it was struggling with the first part of its business.

2. Tilray is focused on growth

Tilray Brands is down more than 49% so far this year. On Oct. 7, the company reported its first quarter of fiscal 2023, and the company's market share in Canada, once dominant, fell to 8.5%.

The company reported revenue of $153.2 million, down 9% year over year, with a net loss of $65.8 million, compared to a loss of $34.6 million in the same period a year ago. One positive is the company had its 14th consecutive quarter of positive adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), with $13.5 million in the quarter.

Like SNDL, Tilray has grown through acquisitions and is branching out into alcohol sales to diversify its revenue streams, albeit at a more limited level. It inherited SweetWater Brewing when it merged with Alphria in 2020, becoming, at the time, the world's largest cannabis company by revenue. Last year, SNDL purchased Colorado-based Breckenridge Distillery for $102.9 million. This should help Tilray once U.S. federal laws change regarding cannabis, as it is building market experience in the U.S. while it waits for the chance to sell cannabis here.

In July, the company purchased the convertible debt from struggling cannabis company Hexo Corporation. It is working with that company on cost savings and said it expects that will help save both companies $80 million within the next two years.

3. OrganiGram is one to watch

OrganiGram's shares are down more than 45% so far this year and have been consistently trading below a dollar since Sept. 19, so there's some risk of it being delisted on the Nasdaq if the trend holds. Financially, though, the company seems to be on the upswing.

In the third quarter, thanks in part to strong dried flower sales, the company reported revenue of CA$38.1 million, up 88% year over year and 20% sequentially. It has also grown its market share among Canadian producers to 7.8%, including an 8.5% share of the adult-use market in Canada. Since early 2021, it has gone from No. 6 in Canadian adult-use sales to No. 3 in market share while increasing its revenue in the past four quarters. It narrowed its net loss from CA$4.0 in the third quarter a year ago to CA$2.8 million, which the company attributed to better margins, tightened inventory, and lower financing costs, all while reducing its debt.

Of the three stocks, OrganiGram, while smaller, seems best positioned to have continued growth, thanks to its tighter focus on its product and better money management. There's plenty of risk for all three stocks, but the key for Canadian cannabis companies is surviving, and OrganiGram appears to be in the best position to do that. SNDL, despite its current struggles, is also worth watching as the full fruits from its Alcanna purchase haven't really manifested themselves yet.