The cannabis industry has remained incredibly lucrative for some time now, but with new updates in terms of legislation and the changing public sentiment, it seems that now is the time more than ever to take a look at the marijuana industry. Several stocks have continued to shine to the front of the market as they present new ways to join in on such a fast-paced market.
One of the stocks that have continued to present new opportunities to the market is the company Tilray. Tilray is the only stock on this list not to be listed on an exchange as of yet, but there is a good reason. Tilray recently became listed on the NASDAQ as one of the first few cannabis companies to do so. The IPO was filed only a few weeks ago, with the panned ticker as TLRY. Tilray has been known to be one of the first medical cannabis growers in Canada to receive a license from Health Canada. This has also seen their valuation shoot up to as much as $1.3 billion, which means that they are in the top part of the industry. The company recently made their debut on the NASDAQ as of Thursday of this past week. The President of the company and CEO Brendan Kennedy, recently stated that the buzz around the cannabis market is only continuing to grow as we move into the future of the industry. He stated that “Eight years ago you would have seen 90 percent of the revenues in Colorado would have come from products that would be smoked,” Kennedy said Thursday.” “Today it’s about 40 percent. Long term, I think we’ll end up with smoking being about 10 percent [of cannabis consumption] and all the other products being 90 percent.”
He continued to state that “instead of alcohol, they’ll have cannabis. And they’ll have a low, or no-calorie product with no hangover.” It’s clear that the potential in the cannabis market is continuing to grow as more and more individuals become comfortable with the market and the use of cannabis.
One of the other companies that many people have been watching for some time now has been The Cronos Group (NASDAQ: CRON). The company has been a heavy hitter with those who invest for value with a market cap of over $1.2 billion. The company managed to secure as much as $4.9 million in revenue over the past year or so, but the potential growth for the stock is quite large. The company has secured three different parts of their business that they have been focusing on. The first of these is supplying medical cannabis domestically within Canada. Second is selling recreational cannabis through the domestic market as it is now legal in Canada. Lastly, the Cronos Group has been looking outward for growth as their production of cannabis could benefit markets abroad such as Germany, Jamaica and beyond. Many companies in the space have been working to send their excess product to markets around the world, and the Cronos Group seems to be on the cutting edge of this.
The cannabis market as a whole has continued to be extremely lucrative as these new laws go into place. The hopes are high that companies like the ones mentioned above will continue to supply the industry with innovation so that new companies can enter the space. Only time will tell how the industry can continue to reach its full potential as we move over the course of the next few years and beyond.
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