The marijuana industry has become extremely profitable. Because of that, we're keeping Money Morning readers up to date with the top marijuana stocks to watch for the week of Jan. 23, 2017.
In the United States alone, marijuana sales reached $5.86 billion in 2016. From the $5.4 billion in sales for 2015, that's an 8.5% increase.
And marijuana sales are projected to keep climbing...
According to Marijuana Business Daily, U.S. recreational and medical marijuana sales could total $7.8 billion by 2018.
That's why we are bullish on the long-term outlook for marijuana stocks.
And the first marijuana stock on our radar this week is Canopy Growth Corp. (OTCMKTS: TWMJF).
Canopy Growth is headquartered in Smith Falls, Ontario, and it produces and sells medical marijuana in Canada.
Before December, Canopy Growth was renting a vacant building that belonged to Hershey Co. (NYSE: HSY).
In the building, Canopy housed its headquarters and production facilities.
But in order to expand its production facility and growing needs, Canopy offered Hershey $6.6 million to purchase the 42-acre site, according to InsideOttawaValley.com. The deal reportedly closed on Jan. 16.
Now with the increased space, Canopy could triple its production and processing capacity, according to New Cannabis Ventures.
This move is likely in anticipation of Canadian Prime Minister Justin Trudeau recommending legalizing recreational marijuana in the spring.
However, TWMJF isn't the only marijuana stock to watch this week. Here are three of the other top marijuana stocks on our radar for the week of Jan. 23...
3 of the Top Marijuana Stocks to Watch Now
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CV Sciences Inc. (OTCMKTS: CVSI) develops and commercializes therapeutics using synthetic cannabidiol (CBD).
The company also manufactures, markets, and sells plant-based CBD products.
According to PR Newswire, CV Sciences is currently developing a CBD-based chewing gum.
Known as CVSI-007, the chewing gum will contain synthetic CBD and nicotine to support cessation of smokeless tobacco use and addiction.
Special Report: Cannabis Is the Gold Rush of the 21st Century. 30 Stocks to Invest in Now.
The second marijuana stock on our watch list this week is Medical Marijuana Inc. (OTCMKTS: MJNA).
MJNA develops and sells hemp oil in the nutraceutical and cosmeceutical industries. Its products are used as dietary supplements, skincare products, and for treatment of illnesses.
Recently, MJNA signed an agreement with Paragon HealthCare BR (wholesale distributor of pharmaceutical products) to expand access of CBD in Brazil. According to PR Newswire, Paragon has relationships with hospitals, pharmacists, doctor's groups, and medical professionals.
This partnership will reportedly help facilitate medical research around the applications of CBD.
The partnership could also help reduce wait times for patients that use CBD for medical treatments.
The final marijuana stock to watch this week is MassRoots Inc. (OTCMKTS: MSRT).
MassRoots provides a social media platform for marijuana enthusiasts. Users can review cannabis strains and products, and share content.
And the audience can continue to grow after a recent update...
On Jan. 10, MassRoots announced an update to its iOS mobile application, which is available in the Apple App Store.
According to Accesswire, the new features in the update are expected to rapidly accelerate user growth for MassRoots' social networking site.
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