The cannabis industry continues to attract attention from investors around the globe.Â
In the United States, 38 states and Washington, D.C. have adopted partial or total legalization of cannabis and related products. This growing acceptance of marijuana among American consumers and their elected representatives has made this edgy asset class a potential source of growth for portfolios.
As of June 2023, 38 states and Washington, D.C. have adopted partial or total legalization of cannabis and related products in the United States. This increasing acceptance of marijuana among American consumers and their elected representatives has created the potential for growth in the cannabis industry once again. The market for public cannabis companies in Canada has been thriving since marijuana was legalized nationwide there in 2018​​.
Top Performers – Market Cap
When it comes to cannabis stocks, some of the top performers as of June 2023 include Curaleaf (CURLF), Green Thumb Industries (GTBIF), and Tilray (TLRY) among others. The market capitalization of these companies ranges from $2.02 billion for Curaleaf to $1.07 billion for Tilray​​.
However, Curaleaf’s share price has significantly decreased over the last two years, including a 10% drop in April 2023. Despite this, it remains one of the largest publicly traded cannabis stocks by market cap​​. Similarly, Green Thumb Industries has seen impressive growth since it was founded in 2014, but its share price fell nearly 60% in 2022 and an additional 11% in Q1 of 2023​​. Tilray, a Canadian company, has been aggressively pursuing acquisitions in hopes of breaking into the U.S. market, but its shares have also fallen significantly from their all-time high in 2018​​. Don’t forget to be mindful when making investment decisions. Other investments that may be more sound are in the realm of AI ETFs That Are Beating the Market in 2023.
The Legislative Front & Safe Banking Act:Â
Getting some #SAFEBanking love from @SenWarren on her Birthday! pic.twitter.com/DkpSptpBr8
— Don Murphy (@donmurphy12a) June 22, 2023
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On the legislative front, there have been developments at both the state and federal level. In the U.S., there have been efforts to decriminalize marijuana at the federal level. Still, these have faced significant opposition and it remains to be seen if they will be successful. In the meantime, individual states continue to pass their own laws regarding the legalization of marijuana, with varying degrees of restrictions and regulations. If you’re interested in keeping up with breaking overall stock updates you can sign up to the Wealthy VC free newsletter!
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