While it may be crass to promote grass, investors are jumping on the medical and recreational use of marijuana in record numbers, according to various recent reports and studies. Cannabis stocks have continued to soar to heights not seen before in an industry that will generate revenues as much as $74 billion in the next few years–with some of that billion-dollar bang will be felt in New Jersey.
Cannabis stocks rallied to unchartered territory in the past several weeks—with one small Canadian based company, Aphria Inc., skyrocketing from a recent low of about $5.00 a share to a high of more than $30 a share and netting some investors a whopping 225% gain on their penny stock investments. Jason Wilson, an advisor to ETF Managers Group—a Summit, New Jersey-based money management firm said, The cannabis industry is continuing to normalize and evolve beyond the traditional cultivation of flower, with a potential well outside of our borders.” The company has about $1.5 billion in assets under management, including investments from cannabis-related industries. Wilson added that investing in cannabis requires a diverse and seemingly aggressive approach when it comes to investing.
Some contend the eventual and immediate widespread government approval and social acceptance of weed’s recreational use is the impetus for the sudden financial interest in cannabis by millennials and some senior investors. And late last month, Democratic Majority Leader Chuck Schumer and other Democratic Senators, including Cory Booker, (D-NJ), vowed to make reform legislation a key priority in the current Congress.
Also, investment advisors are touting recent medical findings that suggest that regular use of marijuana is efficient in treating medical conditions, such as cancer, arthritis, Parkinson’s disease, and Alzheimer’s. Some in the medical community have floated the notion that a regiment of vaccinations, diet, exercise, and perhaps an occasional toke on a bud of weed may be an effective deterrent to emerging variants of COVID-19. “This is a sign pharmaceutical cannabis is here to stay,” said Kyle Detwiler, chief executive officer of Clever Leaves, a cannabis processing company with operations in the U.S., Canada, Colombia, and Germany. The company has also experienced exponential growth in its stock in recent months.
Lastly, the five best cannabis stocks to watch and invest in according to various market analysis and trends from followers of the Dow Jones and NASDAQ markets include, Item 9 Labs Corp, (OTCQX: INLB0, Tilray Inc., (NASDAQ: TLRY), Aphria Inc. (NASDAQ: APHA) Curaleaf Holdings, Inc., (OTCQX: CURLF) and MedMen Enterprises Inc., (OTCQX: MMNFF).