The marijuana industry continues to progress. Just four years ago, Colorado became the pioneer of recreational sales to its adult citizens. Presently, in the United States, nine states and Washington, D.C., have legalized recreational marijuana, while 29 states have legalized the plant for medicinal purposes. Next month, Canada will become the first G7 nation in the world to and launch legal recreational marijuana sales and many believe that the U.S. could be the next to go full on legal.
Canada’s legalization efforts have not only heightened expectations for the industry on a national level but international level as well. Global spending on legal marijuana is expected to grow 230% to $32 billion in 2020, compared to $9.5 billion in 2017, according to Arcview Market Research and BDS Analytics. The report also anticipates that most of the spending will be coming from North American continent.
As the legal marijuana industry continues to advance, so do marijuana stocks. This has been a monumental year for many contenders in the space. Both the United States and Canadian Marijuana Indices are up this year, along with the North American Marijuana Index showing substantial growth. With this being to case, several marijuana companies are making headlines as of late.