There is no doubt that marijuana stocks have been the backbone of stock market hype for several months now, but new research is continuing to highlight how the industry is shifting toward the future. Investors who otherwise would not have joined the market, have chosen to do so due to the newfound legitimacy with the industry. As more and more states legalize weed across the U.S., weed is becoming the latest trend.
The top companies in the marijuana stock space such as Canopy Growth (NYSE:CGC) and Cronos Group (NASDAQ:CRON) are considered to be the strongholds in the industry. These companies represent where the market is heading in the future, and where to look back on the past to see how to innovate new products. Some estimates have shown that cannabis in the U.S. alone could reach sales of as much as $75 billion by the year 2030. This is quite a hefty number considering where we currently stand with the marijuana market.
Many big changes have happened over the past year that have contributed to the current standing of cannabis. One of the largest shifts in the market is the fact that varying alcohol distributors and producers have decided to invest in cannabis companies. These big alcohol businesses have done so due to the prospect of creating marijuana-infused products for sale to consumers. Cannabis experts have stated that these products may be able to replace the current medicines we use for everything from pain reduction to insomnia.
GW Pharmaceuticals (NASDAQ:GWPH) is a business that is highly intertwined with that of the cannabis world. GW has been working to find new ways to utilize the various components of the cannabis plant to make groundbreaking pharmaceuticals. The companies flagship drug, Epidiolex, recently saw a large amount of notoriety as it became the first cannabis derived pharmaceutical to be approved unanimously by the Food and Drug Administration in the U.S. Not only was this a big deal for the company, but the approval by the government body showed a complete paradigm shift in how cannabis is viewed within the domestic landscape.
For too long, cannabis has been considered too taboo to legalize. The public however, have shown a massive positive sentiment for legalizing its use that is unparalleled in recent history. This approval is something that has sparked the mass legislation going on around the nation and furthers the industry as a whole.
GTEC Holdings, Inc. (GGTTF) is one of the major Canadian growers of cannabis. The company has been able to gain approval for as many as 24 retail cannabis storefronts throughout Canada. Through the use of various subsidiaries, GTEC Holdings has been able build its business in an attempt to make it somewhat future proof. The company prides themselves on producing some of the highest quality, craft cannabis available on the market. The hopes are that with these new subsidiaries they will be able to build out more and more retail locations.
Investing in the marijuana stock market is no easy task, but as companies become more established it seems as though the industry is beginning to stabilize even further. The next coming year will be extremely telling to see the future of the industry as it continues to profligate around the world.
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