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Investors looking for the best technology stocks should consult the TSX Venture 50. Here’s an overview of the latest list.

To showcase its best-performing stocks, the TSX Venture Exchange (TSXV) issues a yearly list, dubbed the TSX Venture 50. The Canadian exchange breaks the list into the following five sectors: clean technology and life sciences, diversified industries, energy, mining and technology.

In order to earn a spot on the list for 2022, companies needed a market capitalization greater than C$5 million and a closing price of over C$0.25 as of the end of 2021, as well as a minimum closing price of C$0.10 as of the last day of 2020. On top of these criteria, they had to have held a TSXV listing for over a year as of the end of 2021.

Companies meeting those criteria were then ranked using an equally weighted formula that takes into account share price change, along with trading volume and market cap.


"Early-stage growth companies are a critical component of our capital markets ecosystem. This year's list is a reflection of the ongoing evolution of Canada's markets and the face of TSXV, featuring a cross-section of companies from a range of sectors, using public capital to fund their expansion strategies and making a positive impact on the communities in which they operate,” said Tim Babcock, vice president and head of the TSXV.

Here’s a look at the five best technology stocks on the TSX Venture 50.

1. Bitfarms (TSXV:BITF)

Bitfarms is a blockchain infrastructure company that operates one of North America’s largest cryptocurrency-mining operations. The tech sector company has five hydropower-operated facilities in Quebec, Canada, and provides computing power to cryptocurrency networks such as bitcoin. It earns fees from these networks for securing and processing transactions.

As of early March 2022, Bitfarm was working to finalize the first 12 megawatts of capacity at its Bunker site in Sherbrooke, Quebec. The capacity upgrade will bring over 3,000 new miners into operation and add over 300 petahashes per second ⁠— 1 petahash is equal 1 quadrillion hashes ⁠— to the company’s online hashrate.

2. Powerband Solutions (TSXV:PBX)

Fintech company Powerband Solutions is making waves in the automotive industry. The company’s integrated, cloud-based transaction platform DRIVRZ facilitates transactions between consumers, dealers, financiers and manufacturers. Via smartphones and other mobile devices, users can buy, sell, trade, finance and lease new and used vehicles across North American and global markets.

Powerband looks set to take a position in the emerging insurtech space as well. In mid-2021, the company signed a memorandum of understanding with a global insurance financial services provider under which the firm will sell automotive insurance products via Powerband's DRIVRZ transaction platform.

3. Voxtur Analytics (TSXV:VXTR)

Voxtur Analytics is targeting the real estate industry, specifically the property lending and property tax sectors in the US and Canada. Its proprietary data analytics hub and workflow platform helps investors, lenders, government agencies and servicers with simplifying tax solutions, property valuations and settlements. Users can more accurately and efficiently value assets, originate and service loans and evaluate tax assessments.

In December 2021, data tech company Voxtur completed the strategic acquisition of Benutech, bolstering its subscription-based software-as-a-service offerings. “With the acquisition of Benutech, we continue to build our repository of Voxtur-validated data and innovative SaaS solutions,” Voxtur CEO Jim Albertelli said.

4. A2Z Smart Technologies (TSXV:AZ)

Israel-based A2Z Smart Technologies has specialized in military technology for over 30 years and is now expanding into the civilian robotics and automobile markets. Its client base includes the Israel Defense Forces, Security Forces and Ministry of Defence, among others. A2Z’s products include unmanned remote-controlled vehicles designed for bomb disposal, counter terrorism and firefighting, as well as energy storage power packs and generators.

In February 2022, the company launched a pilot program for its Cust2Mate smart carts with Chedraui, the third largest retail grocer in Mexico. Chedraui also has stores in four US states. The smart carts recognize every item placed in the cart and enable in-cart payment. The carts also allow "retail grocers to direct shoppers to discounted products and in-store promotions to efficiently manage and move inventory,” states a press release.

5. Digihost Technology (TSXV:DGHI)

Digihost Technology is a blockchain technology company focused on bitcoin mining. Its goals are to increase its mining hashrate, reduce its energy costs and increase the number of bitcoins it can mine and hold.

Digihost has a hashrate of about 415 petahashes with plans to expand to a hashrate of 3.6 exahashes by the end of 2022. For January 2022, the company reported an 86 percent year-over-year increase in bitcoin production.

Other top TSX Venture 50 tech stocks

The other best technology stocks that made it onto the 2022 TSX Venture 50 list are Nubeva Technologies (TSXV:NBVA), Reliq Health Technologies (TSXV:RHT), Goldspot Discoveries (TSXV:SPOT), Neptune Digital Assets (TSXV:NDA) and DMG Blockchain Solutions (TSXV:DMGI).

Don’t forget to follow us @INN_Technology for real-time news updates!

Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

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