Cannabis stocks endured a torrid time for much of the past few months, and many of those stocks sank further owing to the sell-off that ensued following the coronavirus pandemic. However, things seemed to turn around for cannabis stocks last week after many pot stocks saw significant gains. As a matter of fact, cannabis stocks ended up beating some of the most-tracked market indexes. In such a situation, it could be worthwhile for investors to take a closer look at weed stocks.

One of the reasons behind the rally could be due to the fact that these stocks are now trading at record lows, and some investors may consider this to be a buying opportunity. In addition to that, there is renewed hope that marijuana could be legalized in more states in the United States due to the expected economic crisis. Plus, lockdowns have resulted in much higher cannabis sales in North America as thousands of people are now holed up in their homes. Here is a look at 3 cannabis stocks that could be worth following at this point.

Organigram has emerged as one of the better-managed cannabis firms in Canada in recent times and is particularly well-known for its fiscal discipline. At a time when most operators in Canada were struggling, Organigram was one of the few companies to have generated positive EBITDA earnings. It should be noted that the company has also set up one of the lowest-cost operations in the industry.

Organigram decided to move into the cannabis 2.0 space in a big way and is all set to launch vape pens and edibles. The company has also developed a cannabis-laced beverage powder. These products are expected to be launched at some point in Q2 2020.

Potential investors should also keep in mind that Organigram has made a move into the CBD sector through its acquisition of Hyasynth. Hyasynth uses biosynthesis and genetic engineering to extract CBD, which could prove to be a highly cost-effective method of extraction.

Organigram currently has a valuation of $325 million, and its shares are trading at a multiple of 4.7 when compared to its trailing 12-month sales.

Canopy Growth is the biggest cannabis company in the industry in terms of market cap, so it could be worthwhile to have a closer look at it. It has the highest market share in the adult-use market in Canada, and in recent times, Canopy has tightened its spending. Canopy Growth is also the biggest player in the medical cannabis market in Canada, making it a company that is hard to ignore.

Canaopy has successfully expanded into the international market as well. It is one of the few Canadian companies to operate in the German market. It has also set up operations in South America and Australia. The potential acquisition of Acreage Holdings (OTCQX:ACRGF) will also give Canopy a foothold in the American market.

The company ended 2019 with cash and investments worth C$2.28 billion. During this coronavirus pandemic, companies with a strong cash balance have a higher chance of absorbing the hit from the lockdowns. That is also another major factor in favor of Canopy.

The Green Organic Dutchman is one of the more promising companies in the cannabis industry. On Wednesday, the company announced that it had managed to secure a $30 million revolving credit facility from a private lender. The credit facility will be available for a year, with the possibility of being extended by another year.

It has been an eventful week for TGOD. Earlier in the week, the company announced that Health Canada has approved the processing facility at its Ancaster site.

On March 26, it emerged that TGOD is taking cost-cutting measures in light of the coronavirus pandemic. The company has decided to lay off some employees and has also delayed the opening of a facility in order to control costs. These are steps that are aimed at making the operation more sustainable.