The marijuana industry has remained incredibly lucrative over the course of the past several years with new innovation being the driving factor in growth for the future. With this large amount of innovation and partnerships occurring in the broader market, it seems as though this is just the beginning of where the cannabis industry could potentially go in the near future.
One research report has stated that a half a dozen of the top cannabis stocks in the industry has gone higher in terms of market value by at least 23%. This kind of growth in a period of only 3 or so months means that there is a large and continuing amount of potential to move forward in the near future. With Canada recently passing the Cannabis Act, allowing for legal recreational cannabis use and sale nationwide as well as the Food and Drug Administration in the U.S., giving the first green light to drug-using cannabis components, this is just the beginning of the marijuana industry.
One of the largest and most popular companies in the industry continues to be that of GW Pharmaceuticals (NASDAQ:GWPH). GW has reported gains of around 23.8% for the past 3 months, mostly derived from their approval and hopeful sale of a new drug known as Epidiolex. Epidiolex is a drug made for the treatment of various types of rare seizures in young children and older. The drug is a major milestone for the cannabis industry as it is the first one to be approved by the Food and Drug Administration using cannabis components as mentioned prior. The company has a chance according to one report, to hit as much as $1 billion in peak sales once this new drug is able to hit the market, all adding to a large amount of potential that GW has for the near and not too distant future.
Next on the list is another popular company in the space known as OrganiGram Holdings (NASDAQOTH:OGRMF). The company has recently reported gains of as much as 29%, which has no specific reason behind it other than the growth of the market as a whole and OrganiGram’s contribution to it overall. One report states that its new facility has the potential to have “OrganiGram’s projected annual production at full capacity to 113,000 kilograms of cannabis from a previously forecast 65,000 kilograms per year. Its strong performance in the second quarter could finally be recognizing this added output and efficiency.” This type of high efficiency is something that companies in the industry are working to move toward as much production capacity as they can. One of the largest issues has been with the consistency of the products, and this issue is being solved through new methods of growth and various high levels of scientific production methods.
Last on the list is the company known as Innovative Industrial Properties (NYSE:IIPR). This company has reported growth of around 37.8% which is quite staggering considering the average growth of companies in other industries. The company currently operates as a greenhouse based business with greenhouses in many states in and around the U.S. The company is working to make greenhouses have the ability to produce a high level of standardized cannabis which can often be difficult for companies to maintain.
The cannabis industry is still very much in its infant stages which means that there is a large amount of growth that still has to occur before the industry can reach its full potential. The hopes are high that the market can begin to reach this full potential in the near future, but only time will tell.