Marijuana businesses are celebrating a recent breakthrough. The U.S. House of Representatives voted in favor of several amendments to protect cannabis users in legal states. These amendments will prohibit federal agencies from interfering with cannabis programs, individuals and businesses in legal states.
Thus far, the amendments have won approval from the U.S. House Rules Committee. They are now on their way for vote on the House floor. The amendments will also need approval in Senate after receiving full House vote. In addition, the FDA has been instructed to regulate CBD products as conventional foods and dietary supplements.
The approval of these amendments is expected to push the already booming marijuana industry to even greater heights. After its legalization for recreational and medicinal use, the industry has nothing but potential. It is also enjoying the benefits of expansion into other industries like food, beverage, tobacco and cosmetics.
Marijuana Market Has Strong Potential
According to Arcview Market Research’s annual report, the global cannabis market size could reach $15 billion just this year. This implies a gain of 36 percent year over year. This report evaluates “total cannabinoid market”, which includes sales of medical and recreational cannabis at dispensaries, hemp-derived products in CBD and the U.S. FDA approved CBD-based pharmaceuticals.
Looking further into the future, research firm Cowen projected that the market size of the U.S. legal cannabis industry will reach $75 billion by 2030. Likewise, Barclays has estimated that the U.S. cannabis market will grow to $41 billion by 2028. Even so, the marijuana industry is still considered to be extrememly volatile.
Most of the marijuana companies are in the early stages of development, making them risky for investors. Cannabis stocks, however, are considered solid long-term bets. The five top stocks – that will likely continue to be gainers based on performance – include:
- Canopy Growth Corp.–CGC engages in growing, possession and sale of medical cannabis in Canada with products ranging from dried flowers and oils to concentrates and softgel capsules.
- GW Pharmaceuticals plc–A biopharmaceutical company, GWPH focuses on discovering, developing and commercializing cannabinoid prescription medicines using botanical extracts derived from the Cannabis plant.
- The Scotts Miracle-Gro Co.–SMG is not only the world’s leading marketer of branded consumer lawn and garden, but also hydroponic growing products (especially cannabis).
- Cronos Group Inc. – CRON engages in investment in firms that are licensed to produce and sell medical marijuana.
- Aurora Cannabis Inc. – ABC produces and distributes medical cannabis products.
Where to Find Marijuana Dispensary Funding
Even with the recent breakthrough and industry growth, finding funding is still a big challenge. If your business needs extra cash, consider working with a high risk specialist like First American Merchant. Your business can secure cash in as little as 24 hours. The application can be accessed online and completed in a matter of minutes.
First American Merchant specializes in helping merchants in the marijuana industry. Our experts can help you get the marijuana dispensary funding you need to take advantage of opportunities and grow.