As the Canadian market navigates potential rate cuts by the Bank of Canada and the Federal Reserve, investors are keeping a close eye on economic stabilization and fiscal stimuli that could influence market dynamics. In this context, penny stocks—though an outdated term—continue to represent an intriguing investment area for those interested in smaller or less-established companies. By focusing on those with robust financials and clear growth trajectories, these stocks can offer both stability and potential upside for investors seeking opportunities beyond traditional large-cap investments.
Top 10 Penny Stocks In Canada
| Name | Share Price | Market Cap | Rewards & Risks |
| Westbridge Renewable Energy (TSXV:WEB) | CA$2.80 | CA$67.01M | ✅ 3 ⚠️ 4 View Analysis > |
| Canso Select Opportunities (TSXV:CSOC.A) | CA$4.79 | CA$23.16M | ✅ 2 ⚠️ 2 View Analysis > |
| Montero Mining and Exploration (TSXV:MON) | CA$0.32 | CA$2.76M | ✅ 2 ⚠️ 4 View Analysis > |
| CEMATRIX (TSX:CEMX) | CA$0.335 | CA$48.82M | ✅ 2 ⚠️ 1 View Analysis > |
| Thor Explorations (TSXV:THX) | CA$1.08 | CA$738.48M | ✅ 3 ⚠️ 2 View Analysis > |
| Automotive Finco (TSXV:AFCC.H) | CA$0.99 | CA$19.62M | ✅ 2 ⚠️ 3 View Analysis > |
| Amerigo Resources (TSX:ARG) | CA$2.35 | CA$379.5M | ✅ 3 ⚠️ 2 View Analysis > |
| Pulse Seismic (TSX:PSD) | CA$3.43 | CA$178.66M | ✅ 2 ⚠️ 1 View Analysis > |
| Hemisphere Energy (TSXV:HME) | CA$2.08 | CA$188.91M | ✅ 3 ⚠️ 1 View Analysis > |
| Matachewan Consolidated Mines (TSXV:MCM.A) | CA$0.70 | CA$8.34M | ✅ 2 ⚠️ 4 View Analysis > |
Click here to see the full list of 409 stocks from our TSX Penny Stocks screener.
Underneath we present a selection of stocks filtered out by our screen.
EnWave (TSXV:ENW)
Simply Wall St Financial Health Rating: ★★★★★☆
Overview: EnWave Corporation designs, constructs, markets, and sells vacuum-microwave dehydration machinery for the food, cannabis, and biomaterial industries in Canada, the United States, and internationally with a market cap of CA$42.73 million.
Operations: EnWave Corporation does not report specific revenue segments.
Market Cap: CA$42.73M
EnWave Corporation, with a market cap of CA$42.73 million, is navigating the challenges typical of penny stocks by leveraging its proprietary vacuum-microwave dehydration technology. Despite being unprofitable, EnWave has reduced losses over five years and maintains a sufficient cash runway exceeding three years due to positive free cash flow growth. Recent developments include agreements with BranchOut Foods and MicroDried for equipment purchases and exclusive licenses, potentially boosting revenue streams through royalties. While short-term assets cover liabilities comfortably, the company's debt-to-equity ratio has slightly increased over five years. Shareholder dilution hasn't been significant recently.
- Get an in-depth perspective on EnWave's performance by reading our balance sheet health report here.
- Learn about EnWave's historical performance here.
Cannara Biotech (TSXV:LOVE)
Simply Wall St Financial Health Rating: ★★★★★☆
Overview: Cannara Biotech Inc. operates in Canada, focusing on the indoor cultivation, processing, and sale of cannabis and cannabis-derived products, with a market cap of CA$160.01 million.
Operations: The company generates revenue primarily from its cannabis operations, which account for CA$97.95 million, and additionally from real estate operations contributing CA$3.82 million.
Market Cap: CA$160.01M
Cannara Biotech Inc., with a market cap of CA$160.01 million, is making strategic moves in the cannabis sector. The company has reported strong revenue growth, reaching CA$78.99 million for the nine months ending May 31, 2025, compared to CA$58.71 million a year ago. Recent amendments to its credit facility with BMO include a $10 million capital expenditures facility aimed at expanding its Valleyfield operations, enhancing processing and storage capabilities. Additionally, Cannara's acceptance by SQDC for five vape cartridge products signifies potential growth in Quebec's lucrative vape market segment as it enters new product categories like live rosin vapes.
- Navigate through the intricacies of Cannara Biotech with our comprehensive balance sheet health report here.
- Assess Cannara Biotech's future earnings estimates with our detailed growth reports.
Auxly Cannabis Group (TSX:XLY)
Simply Wall St Financial Health Rating: ★★★★★☆
Overview: Auxly Cannabis Group Inc. is a consumer packaged goods company focusing on the cannabis products market in Canada, with a market cap of CA$182.02 million.
Operations: The company generates revenue primarily through its Venture Capital segment, amounting to CA$139.38 million.
Market Cap: CA$182.02M
Auxly Cannabis Group Inc., with a market cap of CA$182.02 million, has demonstrated financial improvement by becoming profitable this year and reporting high-quality earnings. The company's debt is well covered by operating cash flow, and its net debt to equity ratio is satisfactory at 23.2%. Recent financial results show revenue growth to CA$38.8 million in Q2 2025, up from CA$29.18 million a year ago, with net income rising significantly to CA$8.31 million from CA$2 million previously. Strategic amendments to its credit facility aim to enhance liquidity and support long-term growth initiatives while reducing debt obligations.
- Unlock comprehensive insights into our analysis of Auxly Cannabis Group stock in this financial health report.
- Gain insights into Auxly Cannabis Group's past trends and performance with our report on the company's historical track record.
Make It Happen
- Navigate through the entire inventory of 409 TSX Penny Stocks here.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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