The cannabis market has been continuing to move up amidst the excitement surrounding the new recreational legalization that is going into place as of October 17th in Canada. With so much potential for the coming future, it seems as though the industry on cannabis is just getting started.
The company Tilray (NASDAQ :TLRY) has been one of the primary focuses for the cannabis market for several weeks now, and recently posted gains oaf around 17% over the course of one trading day. Tilray has also recently reported a revenue of $9.7 million, which is almost 10% more than their expected earnings. This number also represents an almost doubling of their revenue from only one year prior. Given that the company is one of the primary Canadian producers of cannabis, the fact that the price of the substance has shot up by around 3% has also helped their cause. The Chief financial officer of Tilray recently stated that “the drivers of the pricing improvement is really based on mix. We sold some higher-potency flower, which was a higher percentage of the mix. We also sold some wholesale flower, which actually brought pricing down, and also extracts was a higher percentage in the mix as well.”
One of the other most popular cannabis stocks throughout the industry has remained Canopy Growth Corp. (NYSE :CGC). The company made headlines recently with a third investment from Constellation Brands (NYSE:STZ), one of the major alcohol distributors and producers throughout the world. Receving a $4 billion investment in the form of share purchases, Canopy has been stated to be one of the fastest growing stocks over the past several months for the cannabis industry. The company is also highly poised to have a large amount of exposure to the cannabis market once recreational cannabis goes into play on October 17th, which means that there is nothing but excitement for the future of this company.
One of the companies that not many know about, but one that still offers a large amount of value to investors has been Leafbuyer Technologies Inc. ( LBUY ). The company has been one of the major players in terms of online resources for the cannabis industry. Leafbuyer provides a large amount of information to consumers looking to purchase cannabis whether it be where to do so, or information on what product they are buying. The company has also recently reported massive gains in the amount of web traffic that they have received, which further helps to secure their cause for investment.
Cannabis remains one of the most exciting industries to watch over the course of the coming years. As the market continues to improve with legislation and the changing public sentiment, only time will tell how well these companies continue to do.
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