TSX Penny Stocks Under CA$90M Market Cap: 3 Promising Picks

As the Canadian market navigates through a landscape marked by evolving inflation dynamics and resilient consumer spending, investors are increasingly attentive to opportunities that may arise from these conditions. Penny stocks, although an outdated term, continue to represent a compelling investment area for those interested in smaller or newer companies. With strong financial foundations, these stocks have the potential to offer significant value and stability amidst broader economic shifts.

Here we highlight a subset of our preferred stocks from the screener.

C21 Investments (CNSX:CXXI)

Simply Wall St Financial Health Rating: ★★★★★☆

Overview: C21 Investments Inc. is an integrated cannabis company that cultivates, processes, distributes, and sells cannabis and hemp-derived consumer products in the United States with a market cap of CA$34.42 million.

Operations: The company's revenue is primarily generated from its cannabis cultivation segment, which amounts to $32.61 million.

Market Cap: CA$34.42M

C21 Investments Inc. is navigating financial challenges typical of many penny stocks, with short-term assets covering liabilities but long-term liabilities remaining uncovered. The company reported a net loss of US$3.24 million for the year ending March 31, 2026, despite generating US$32.61 million in sales from its cannabis operations. While unprofitable, C21 has maintained a positive cash flow and reduced its debt-to-equity ratio significantly over five years. Recent developments include an acquisition agreement with Vireo Growth Inc., potentially leading to C21's delisting from exchanges pending shareholder approval in August 2026.

• Navigate through the intricacies of C21 Investments with our comprehensive balance sheet health report here.
• Explore historical data to track C21 Investments' performance over time in our past results report.

Medicure (TSXV:MPH)

Simply Wall St Financial Health Rating: ★★★★☆☆

Overview: Medicure Inc. is a biopharmaceutical company focused on the research, development, and commercialization of human therapies in the United States, with a market cap of CA$13.57 million.

Operations: The company's revenue is derived from its Retail and Mail Order Pharmacy segment, generating CA$22.74 million, and the Marketing and Distribution of Commercial Products segment, contributing CA$8.58 million.

Market Cap: CA$13.57M

Medicure Inc. faces challenges common to penny stocks, with its market cap at CA$13.57 million and recent financial performance showing a net loss of CA$0.406 million for Q1 2026 despite sales of CA$7.95 million. The company is unprofitable, with a negative return on equity and less than a year of cash runway based on current free cash flow levels. However, it remains debt-free, and its short-term assets cover both short-term and long-term liabilities adequately. Recent executive changes include the resignation of CFO Haaris Uddin, with James Kinley stepping in as interim CFO after his previous tenure in the role.

• Get an in-depth perspective on Medicure's performance by reading our balance sheet health report here.
• Gain insights into Medicure's past trends and performance with our report on the company's historical track record.

Westhaven Gold (TSXV:WHN)

Simply Wall St Financial Health Rating: ★★★★☆☆

Overview: Westhaven Gold Corp. is involved in the acquisition, exploration, development, and evaluation of mineral properties within the Spences Bridge Gold Belt in southern British Columbia, Canada, with a market cap of CA$83.25 million.

Operations: Westhaven Gold Corp. has not reported any revenue segments.

Market Cap: CA$83.25M

Westhaven Gold Corp., with a market cap of CA$83.25 million, is pre-revenue and involved in extensive exploration efforts at its Shovelnose property in British Columbia. Recent assay results from its 35,000m infill drilling program indicate promising gold and silver mineralization continuity. Supported by Dundee Corporation's strategic earn-in agreement, Westhaven aims to accelerate exploration and development activities, including a pre-feasibility study targeted for completion in the second half of 2027. Despite having more cash than debt, the company faces challenges typical of penny stocks such as limited cash runway and unprofitability with increased losses over five years.

• Unlock comprehensive insights into our analysis of Westhaven Gold stock in this financial health report.
• Understand Westhaven Gold's track record by examining our performance history report.

Seize The Opportunity

• Jump into our full catalog of 332 TSX Penny Stocks here.
• Curious About Other Options? We've found 8 US stocks that are forecast to pay a dividend yeild of over 6% next year. See the full list for free.

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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