The market on cannabis has remained extremely lucrative over the course of the past several years, but with new updates to legislation and the changing public perception of cannabis as a medicine, it seems as though cannabis stocks are now seeing their time to shine.
According to one report, the global spending on cannabis is scheduled to grow by as much as 230% to $32 billion by 2020. This number is extremely large considering the market was only at around $9.5 billion as of last year. Much of this money will come from the U.S. as more states continue to legalize the use of cannabis throughout. The only issue here that remains is that of legislation in the industry. The U.S. has been in a constant battle between the federal and state governments for some time now, but as we move into the near future, it seems as though this battle is beginning to settle down and states are becoming more comfortable with allowing the use of the substance.
This year thus far has been quite substantial for the future of the cannabis industry as several companies have begun to list on prestigious U.S. exchanges which has helped with the adoption of the industry as a whole. Although there are some companies that are listed on these major exchanges, the majority of cannabis stocks still remain on the OTC market as penny stocks. This however, should not demote them in the mind of the investor, but rather show the high amount of potential that they have in the future. Debra Borchardt, founder of greenmarketsreport.com stated recently that “Just because a cannabis company is trading on the OTC Markets Group, that doesn’t mean that they’re a sketchy stock, it just only means that it’s the only place that they could go. So there are some good names in the OTC Markets group, so don’t let that scare you away. And having said that, there are some less than stellar names in the New York Stock Exchange trading there.”
The company, The Green Organic Dutchman Holdings (TGOD) has been on the rise for some time now, and is a perfect example of a company with a large amount of opportunity for the future. The company has seen its shares rise by as much as 57% in the last few months, which is a normal practice in the cannabis market as big news continues to hit.
Another stock that has brought many investors into the space has been Leafbuyer Technologies Inc. ( LBUY ). Leafbuyer is an online resource for those looking to purchase cannabis or learn about the industry in general. The company has seen its traffic increase by very substantial amounts, making Leafbuyer a very solid place to start when looking at the cannabis market.
All in all, the cannabis industry is filled with a large amount of opportunity which may not be realized until the near future. Nevertheless, once legislation begins to equal what the people would like to see, and what deserves to happen in the industry, it seems as though the market will continue to shoot up in value and utility.
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