- Four Marijuana stock companies report revenue increases, following a more specialized focus on international distribution, the expansion of cultivation facilities, development of pharmaceutical technologies, and other key changes to their business strategy.
Politically, at least, 2018 is turning out to be one heroic year for the cannabis industry. Canada became the first G7 nation to legalize recreational marijuana. Epidolex became the first cannabinoid medicine to earn the approval of the U.S. Food and Drug Administration (FDA). And Canopy Growth became the first cannabis company to list on the New York Stock Exchange.
At the halfway point, it is time to look at which marijuana stocks are coming out ahead. These are the four marijuana stocks with the best move in 2018 so far:
Canopy Growth Corporation
Despite a recent setback, Canopy Growth Corporation (TSX:WEED) (NYSE:CGC) is one cannabis stock that made some impressive moves during the first half of 2018. In May, they officially up-listed to the NYSE. The welcome may have been cold at first, but the company shook it off and is working hard to maintain their momentum.
With marijuana legalization on the horizon in Canada, Canopy Growth is playing it smart. They are in the process of diversifying their product line to meet demand and have already secured long-term supply agreements across five provinces. The most recent contract was with Alberta, where Canopy entered into a six-month agreement with their Gaming, Liquor, and Cannabis Commission to supply the province with weed once recreational sales begin in October.
But Canopy’s gains transcend the local recreational cannabis market. For the rest of 2018, Canopy Growth is focusing on international expansion. Their recent acquisition in Lesotho sets them in motion in the African market, just as they are looking at building a medical marijuana market in Latin America. On July 5, Canopy announced a new subsidiary, Canopy LATAM Corporation. The company acquired Colombian-based Spectrum Cannabis and secured licenses for production and distribution in Colombia. New facilities will be constructed by the end of the year.
Canopy Growth set their sights pretty high for 2018. Is it too soon to say they exceeded their own expectations? Perhaps. But after announcing their Latin American expansion, Canopy’s stock shot up three percent. If anything, their international power moves make them a marijuana stock to watch for the rest of the year.
Aurora Cannabis Inc.
Aurora Cannabis Inc. (TSX:ACB) (OTCQB:ACBFF) has also seen quite a few gains in 2018, so far, none more significant than their merger with MedReleaf this past spring. Around this time last year Aurora was breaking ground at their new Sky facility, and…