The cannabis industry may be very new when compared to other markets, but the recent influx of capital has helped to produce some of the most cutting edge companies in the space and marijuana stocks have been on the rise. With a new legal recreational market coming to fruition in Canada, it seems as though the marijuana space is only posted to continue this massive growth into the future. One of the stocks that many investors have been watching has been Canopy Growth (CGC).
The company has been one of the main producers of cannabis throughout Canada, but has also recently ventured into the possibility of exporting their product as well. Many companies in the cannabis space have begun to look at this new possibility of exporting due to the fact that these other increasing markets are beginning to gain traction in their respective areas. Canopy was recently listed on the NYSE as one of the first cannabis companies to be listed on the exchange, but they also remain listed on the Toronto Stock Exchange under the ticker symbol (WEED).
This number may be seen as slightly high, but many of the marijuana companies in the industry have seen this higher valuation due to the large amount of promise that they have to change the market completely. Next on the list is the company known as Leafbuyer Technologies Inc. (LBUY). Leafbuyer has come to the forefront of this new and changing industry by offering cannabis companies a way to drive the technology side of their business.
The company also recently reported that they have increased their annual web traffic by as much as 400%, showing that there is a massive and continuing amount of interest in this space of the market.
The CEO of the company, Kurt Rossner recently stated, “We are very pleased with the results since we went public last year. Our major expansion push has been in California and that traffic has increased by 740% year to year and Florida has increased over 800%. As we gain more traffic in a market it is easier for prospects to make the decision to come onto the platform and highlight their brand. A year ago, we had clients in 6 states, we are now in 14 states and growing.”
Many companies in the space have been working to secure this high amount of growth, but Leafbuyer continues to offer investors a large amount of promise when investing in the cannabis industry. The cannabis market is still very much in its infant stages, which means that there is a large amount of room to grow over the course of the next few years.
With changing legislation happening around the world and the public sentiment shifting in favor of the growth of the cannabis market, it seems as though the next few years will be extremely instrumental in making this new industry permanent.
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