marijuana stocks news

This past Tuesday, marijuana stocks hit new all-time highs as investors planted more into their portfolios prior to next month’s recreational legalization in the state of California. The North American Marijuana Index, which is compromised of 35 marijuana companies, increased by 5.5% on Tuesday closing at a new all-time high of 189.58. The index continues to go higher and higher, no pun intended. This year to date, it has gained over 30% percent and over the last month and a half alone it has gained 70%.

Investors can thank the Canadian marijuana stocks for most of the gains posted earlier this week. This included the well capitalized companies such as CannTrust Holdings Inc. (CNTTF) and Cronos Group Inc. (PRMCF). The Canadian Marijuana Index gained 8.3% on Tuesday, closing at 504.97 while the U.S. Marijuana Index rose a modest 1.5% to close at 65.53. Canada’s marijuana market has been booming, as the entire country is preparing for national legalization, while the U.S has not went down that road, yet.

Beginning on January 1, the state of California will commence the legalization of recreational marijuana. Analysts forecast this action to become a multi-billion-dollar industry in the state. Marijuana consumers and businesses have anticipating this day since Proposition 64 was officially passed in 2016. The state’s Bureau of Cannabis Control will be responsible for the regulations well as licensing dispensaries and other marijuana-based businesses. In just under three weeks, California residents over the age of 21 will be able purchase marijuana.

Legalization in California has been a major catalyst for the marijuana industry’s growth as well as marijuana stocks. Traditional marijuana has generated $375 million worth of sales in the second quarter alone, which only represent 55% of the state’s marijuana market. California is certainly on track for a multi-billion-dollar industry with more than enough of room to grow.

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