Whether its eating a gooey, chocolatey brownie or taking a few hits off a freshly rolled joint, it’s common knowledge that a lot of people like to get high. Many investors, however, have yet to “light up.” Some hesitate from adding marijuana stocks to their portfolio on apprehensions that pot companies are involved in scams or that it’s still deemed illegal by the federal government.
Let’s not forget that this market has turned into a big money-maker. Not only is it one of the fastest growing industries in the U.S., but it also received a major boost after the 2016 election, where marijuana was declared legal for recreational and medical purposes in seven additional states.
Marijuana sales have the potential to greatly add to the government’s treasury as well, and it will be immensely helpful in medical fields. Nowadays, it is also easier for banks for provide services for legal marijuana businesses. Banking on this optimism, we have selected the largest, most stable, and legal cannabis related companies that will rake in high returns for you.
Focus on Legalization
When Americans headed to the polls during the last presidential election, nine states—Arizona, California, Maine, Massachusetts, Nevada, Arkansas, Florida, and North Dakota—were set to vote on medical and recreational cannabis initiatives. Gallup polls ahead of the election showed that voters backing full legalization soared from a meager 12% in 1969 to 60% in recent times.
When the results came in, Maine, California, Massachusetts, and Nevada all passed measures to legalize recreational marijuana use, while Arizona’s highly contested Proposition 205 recreational marijuana measure failed. Florida, North Dakota, and Arkansas all voted to legalize medical marijuana usage, and Montana voted to expand the state’s medical marijuana laws.
In fact, the number of states legalizing marijuana has been rising at a steady pace since 2000. Prior to that year, only three states—California, Maine, and Oregon—had made medical cannabis legal. In the last six years, however, around 15 states have officially authorized medical marijuana, and 25 states have adopted medical marijuana programs, including the District of Columbia. Just last year, medical marijuana was legalized in Ohio and Pennsylvania.
