At the time of the general election, several U.S states voted on marijuana legalization of some degree. Fast forward to the present, there are thirty-one states that have legalized the use of medicinal marijuana and nine, as well as the District of Columbia, that have gone a step further and legalized adult-use recreational marijuana as well.
Apart from the increase in social acceptance of pot, the indisputable financials of the industry are highly attractive. Last year, cannabis businesses generated over $1.5 billion just in Colorado, according to Colorado.gov. United States sales of medical and recreational marijuana are forecast to reach $22 billion by 2022, according to the 2018 edition of the Marijuana Business Factbook. As more states push to lift the prohibition on pot, it makes many question whether we will see legalization on a federal level in the future.
Recently we have seen many marijuana stocks such as Tilray (TLRY), Pyxus (PYX) and Cronos Group (CRON) rally on comments made by Constellation Brands’ (STZ) COO Bill Newlands and Citron Research. As investors continue to place bullish bets on the industry, here are four marijuana stocks to consider adding to your portfolio.