When you are aware of the fact that two out of three Americans are in favor of legalizing recreational cannabis on a federal level, it seems it’s only a matter of time before marijuana obtains its full legal status. Therefore, you had better be prepared for the influx of marijuana stocks and their value.
The global marijuana market is worth approximately $150 billion per year, and the US market alone accounts for a third of it. So it’s clear that the potential is here. Let’s see which marijuana stocks you should keep an eye on in 2019.
Marijuana Stocks in 2019: Canopy Growth
Hailing from Canada, Canopy Growth (TSX:WEED) (NYSE:CGC) is one of the biggest marijuana stocks up north, and it may become even larger once the US introduces new cannabis laws.
The federal cannabis prohibition has deep roots in US history, but will hopefully come to an end soon enough. Once that happens, then sky’s the limit for companies like Canopy Growth.
Canopy Growth recently gained a license to start a hemp industrial park in the state of New York, which is an investment worth some $150 million. In addition, the products that are to be manufactured will most probably contain CBD. CBD products are high in demand at the moment, and this deal, among many others, places Canopy Growth in a good position to maximize on this growing market.
Marijuana Stocks in 2019: MariMed
If you like playing it safe, then MariMed (OTCQB:MRMD) might be a cannabis stock worth looking at. To say that 2018 was MRMD’s year would be an understatement; in 2018, the company’s shares grew 371% higher. With those kinds of climbs, MariMed is definitely a marijuana stock worth watching in 2019, to see if there is any more growth potential here.
Last November, MariMed invested $30 million into a Kentucky-based hemp company, and a month later, the updated US Farm Bill was signed, legalizing industrial hemp in the US. With MariMed’s investment, this is another company that got its foot in the CBD door at the right time.
Marijuana Stocks in 2019: GW Pharmaceuticals
Finally, GW Pharmaceuticals (NASDAQ:GWPH), which could be considered the underdog here. However, February saw GWPH skyrocketing, and it’s not the first time this marijuana stock has done well. GW has achieved the results in the past that have surpassed Wall Street’s expectations.
What makes GW Pharmaceuticals stand out is its breakthrough in the medical cannabis sector. One of the company’s most recent success stories is its Epidiolex drug, which was the first FDA-approved cannabis drug. Epidiolex surpassed the estimated sales of $3 million, achieving $4.7 million in the last quarter of 2018. January’s prescriptions almost doubled, which goes to show the value placed on GW Pharma and its drug.
The future of marijuana stocks looks stronger every day, and the three outlined above are good ones to keep an eye on. Naturally, market fluctuations and surprises are unavoidable parts of the money game, so do your own research before making any investing decisions.
Feature image: DepositPhotos © Fotofabrika