3 Top Pot Stocks To Watch After The SAFE Banking Act Update

Pot, cannabis, marijuana, however, you know it by, things are heating up in this part of the stock market now. For the most part, this would see investors eyeing the top pot stocks around. The current focus on the industry is thanks to…

yet another win for pot on the legislative level. Namely the U.S. House of Representatives voted for the Secure and Fair Enforcement (SAFE) Banking Act. Ideally, should things go as planned, it would be included in the National Defense Authorization Act. This, in turn, would provide legislative protection for banks servicing state-legal cannabis businesses. Accordingly, this would explain the current attention on pot stocks.

Now, the marijuana industry as a whole has been riding such tailwinds most of this year. From the change in administrative tone since the latest presidential election to a flurry of bills fighting for federal legalization. With these factors building a case for the best marijuana stocks in the stock market today, investor hype isn’t unwarranted. If anything, the industry is hard at work bolstering its operations in anticipation of nationwide legalization. Earlier this month, Green Thumb Industries (OTCMKTS: GTBIF) expanded its retail footprint in Massachusetts by acquiring GreenStar Herbals. Thanks to this move, Green Thumb now has additional retail locations and distribution facilities in the populated New England market.

Elsewhere, the likes of Innovative Industrial Properties (NYSE: IIPR) and High Tide (NASDAQ: HITI) are making similar moves as well. On one hand, IIPR added another property to its portfolio while entering into a long-term lease with CPC, an award-winning cannabis products provider in California. On the other hand, High Tide provided design concepts for its upcoming cannabis retail value outlets, “Cannabis Chop Clubs”. Given all this activity in the space now, will you be keeping an eye on these top pot stocks?

Top Pot Stocks To Watch Ahead Of October 2021

Canopy Growth Corporation

To begin with, we will be looking at the Canopy Growth Corporation or CGC for short. In brief, CGC is a Canada-based cannabis cultivator and provider of cannabinoid-based consumer products. In detail, the company offers weed enthusiasts a wide array of offerings worldwide. This ranges from high-quality dried flowers, cannabis oils, infused beverages, edibles, and vaporizers among other things. Additionally, CGC also caters to the medical marijuana market via its medical brand, Spectrum Therapeutics. Notably, Spectrum Therapeutics is a market leader in the Canadian and German markets, by CGC’s estimates.

While all this is great, the real question is whether CGC stock is worth investing in or not now. Like most names in the marijuana industry, the company’s shares jumped by over 4% during intraday trading yesterday. This would serve to highlight its latest moves on the operational front. Yesterday, news broke of its collaboration with Oxford Cannabinoid Technologies (OCT), a U.K.-based developer of licensed prescription cannabinoid medicines. To elaborate, OCT is working towards obtaining regulatory approval by agencies worldwide while targeting the U.S. multi-billion-dollar pain market.

By and large, the current prospects of the deal could be worth noting for investors now. Through this exclusive licensing agreement, OCT will have access to CGC’s cannabinoid library for research purposes. In turn…

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