The marijuana market has continued to show a large amount of promise over the course of the past year or so. With new legislation going into place around North America and the world, it seems as though the cannabis industry is just now getting started.
Momentum during the past week has slowed however throughout the whole stock market given some unfavorable pieces of news, but this looks to be restored in the coming weeks. With Canada legalizing cannabis for recreational use nationwide, it seems as though there will continue to be a bright future ahead for the cannabis industry.
In recent news, the company Constellation Brands (NYSE:STZ) has continued to work with Canopy Growth Corporation (NYSE:CGC) after securing an almost 10% stake in the company towards the end of last year.
One of the cannabis stocks that is continuing to show a large amount of promise in the industry is Aurora Cannabis (OTCMKTS: ACBFF). The company has stated that they will begin talking to the U.S. company Molson Coors on how they can help to distribute their product throughout the country. Aurora has recently completed a round of acquisitions which has helped their growth in a market that currently is valued at around $5-9 billion. When adding in the ancillary industries of packaging, growers and so on, the industry has been valued at almost $14 billion more than that amount. Canada has continued to lead the fight on cannabis throughout the world, and Aurora is just another example of this taking place.
Canopy Growth (NYSE:CGC) has been another one of the largest players in the Canadian market and the cannabis market overall. The company has been securing their future in the industry as of recent by applying for over 40 new patents that would help them to continue producing more products for the market. With greenhouse facilities totaling at over one million square feet, the company has also been one of the first cannabis companies to take advantage of the online space, by giving customers a way to purchase their products online. The company has also reported a growth in the amount of patients totaling as much as 138% more than last year during the same time period.
The company GW Pharmaceuticals (NASDAQ:GWPH) has also been at the forefront of growth in the industry for some time now, as their recent approval of the drug Epidiolex, has helped to change the entirety of the cannabis industry in relation to pharmaceuticals. GW Pharmaceuticals has been undoubtedly leading the pharmaceutical side of the market, and with the approval of the new drug mentioned above, they have helped to open the marijuana industry up to positive legislation from the federal government in the U.S. The drug that they have produced has been one of the most promising cannabis-related drugs in the industry, helping those two years or older struggling with a variety of ailments from seizures to other related conditions. GW Pharmaceuticals continues to be an interesting stock to watch for the future of the industry.
The cannabis market is still very much in its infant stages which means that there is a large amount of room to grow for the future. The hopes are high that the companies mentioned above will continue to provide a backbone for growth throughout the industry as it is able to reach its full potential in the coming years. Only time will tell how the mix of new legislation and the changing public sentiment will help to push the industry into the future.
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