Legislators Reconsider Stance on Cannabis as the Industry Continues to Develop
The support for cannabis legalization is reaching all-time highs every year as more countries continue to explore opportunities within the cannabis industry. In the early 2000s, approximately 31% of Americans supported the legalization of marijuana. By 2018, six in every ten Americans, or more precisely, 62% said that marijuana should be legalized, according to Pew Research Center's survey. Not surprisingly, most millennials are in favor of legalizing marijuana compared to other generations. Approximately 74% of millennials advocated for legalization, while 63% of Gen Xers and 54% of Baby Boomers supported the movement. Moreover, politicians have also begun shifting their stances on the matter. The survey highlighted that 69% of Democrats said marijuana should be legal while the Republican party remains split with 45% in favor and 51% opposed. Nevertheless, support among Republicans has risen from just 39% in 2015. The growing support comes as more and more countries and U.S. states continue to move towards legalization whether it's for medical or recreational use. While medical cannabis is currently more widely available compared to recreational cannabis, the North American region's recreational market is witnessing substantial growth. And although the U.S. still has not federally legalized cannabis, many speculate that it will follow in the footsteps of Canada and Uruguay in fully legalizing the plant. Overall, the U.S. has established its large market because of its early adoption of the plant, which dates back to the 1990s. Nonetheless, the Canadian cannabis market is still developing and maturing and the two countries are expected to continue to dominate the overall global market. According to data compiled by Mordor Intelligence, the global cannabis industry was valued at USD 14.5 Billion in 2018. By 2024, the market is expected to reach USD 89.1 Billion while registering a CAGR of 37% during the forecast period from 2019 to 2024. Pasha Brands Ltd. (OTC: CRFTF) (CSE: CRFT), Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB), Organigram Holdings Inc. (NASDAQ: OGI) (TSX-V: OGI), Cresco Labs Inc. (OTC: CRLBF) (CSE: CL), Curaleaf Holdings, Inc. (OTCQX: CURLF) (CSE: CURA).
Top Cannabis Stocks Beginning to See Larger Pools of Investor Interest
Cannabis companies are quickly gaining exposure with U.S. investors. Either through new listings on the NASDAQ, NYSE or with Depository Trust Company (DTC) eligibility, their stocks are just beginning to draw in bigger pools of investors. Cronos Group Inc. for example became the first cannabis company to list on the NASDAQ in early 2018. Aurora Cannabis Inc. debuted on the New York Stock Exchange in October 2018. Canopy Growth listed on the NYSE in 2018.