4 Cannabis Stocks Heating Up For 2021

: CGC | Canopy Growth Corporation  News, Ratings, and Charts

The cannabis sector has gained significant prominence with the recent Democratic presidential win in the U.S. The legalization of pot companies in the United States has been underway for years in a fragmented way. But the industry is likely to gain momentum with the new Administration because President-elect Joe Biden has indicated that he aims to end the federal prohibition of recreational marijuana.

Medical marijuana is now legal in 38 states and the District of Columbia. Fifteen states have legalized the consumption of cannabis for recreation. Four states that stand at the cusp of decriminalization of medical marijuana are Montana, South Dakota, Arizona, and New Jersey. Further, earlier this month, the Marijuana Opportunity Reinvestment and Expungement (More) Act was passed in the U.S. House of Representatives, but it has yet to become a law, for which passage in the U.S. Senate is required.

Increasing stress and limited forms of entertainment during the pandemic are factors that are believed to have pushed the demand for cannabis in the United States. According to data from Akerna KERN.O (a leading cannabis data aggregator and research company), marijuana sales on Thanksgiving eve surged 80% above the daily average in 2020. These developments indicate that the cannabis industry in the United States is positioned for strong growth in the future. The stigma around the use of cannabis is slowly vanishing, and increased legalization across states is paving the way for better access to capital for pot companies.

Canopy Growth Corporation (CGC - Get Rating), Innovative Industrial Properties, Inc. (IIPR - Get Rating), Cronos Group Inc. (CRON - Get Rating), and Aphria Inc. (APHA - Get Rating) are four companies that are likely to witness immense growth in 2021. Let’s look at little more closely at each

Canopy Growth Corporation (CGC - Get Rating)

CGC is involved primarily in the manufacture, distribution, and sale of recreational and medical cannabis in Canada, the United States, the United Kingdom, and Germany. Cannabis, Hemp, and Other Consumer Products, and Canopy Rivers are the two segments through which it operates. Dried cannabis flowers, oils, as well as soft gel capsules are the major products sold by CGC under the brands Tweed, Deep Space, Quatreau, and Spectrum Therapeutic.

CGC recently announced its latest deal with The Vitamin Shoppe wherein the signature Martha Stewart CBD gummies offered by CGC will be sold by its online store. In a move to tap into the holiday shopping season, the gummies will be offered at a 25% discount.

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