Mainstream acceptance of cannabis is growing—especially in Canada, which will legalize recreational use of cannabis in October. But how is the overall industry doing? It's not just a matter of whether people are using the drug or not. There are people who want to know what the latest marijuana industry projections are.
And we have them.
Marijuana Industry Projections: The Year So Far
Reports surfaced this week, citing Viridian Capital Advisors, which state that through the end of last month, cannabis companies raised $4.3M.
Found by the same advisors, of the $4.3M raised, publicly traded companies raised $3.29M.
What's Next?
By the end of 2018, the marijuana industry is forecasted to bring in $8B. It's on the right track to getting there, and this is for multiple reasons.
1. Exchanges
First, more and more cannabis stocks are being added to exchanges in both Canada and the United States.
Earlier this month, Tilray (NASDAQ:TLRY), based in Canada, debuted on the Nasdaq exchange and closed the day up 30%.
We also saw Cronos Group (TSX:CRON) and Canopy Growth (TSX:WEED) list on the Nasdaq and NYSE, respectively, earlier in the year.
2. Deals, Deals, Deals
Aside from cannabis stocks infiltrating exchanges, marijuana businesses are also making more acquisitions and entering into more partnerships, which is good for the overall industry.
Aurora Cannabis (TSX:ACB), for instance, is killing the game. Last month we saw the company partner with Shopify, close the agreement with MedReleaf (TSX:LEAF), and receive approval for cannabis cultivation in Malta.
Meanwhile, Acreage Holdings just announced that it raised $119M to bankroll acquisitions. It will also be listing its shares on the CSE. Elsewhere, Flow Kana closed a $22M funding round.
The Takeaway
What are your marijuana industry projections? Do you think the sector will hit $8B by the end of the year? Let us know what you think in the comments below!
Featured image: Twitter
