We're pointing out some of the best marijuana stocks on the market today. That's because the marijuana sector is poised to receive a major catalyst from the upcoming Nov. 8 election.
In fact, it could be a game changer for marijuana stocks...
Before we get into the best marijuana stocks to watch now, here's why this election could be historic for marijuana stocks.
After Nov. 8, marijuana could be legal for medical or recreational use in 29 U.S. states. Nine states will vote on marijuana initiatives next week.
Best Marijuana Stocks to Watch as Nov. 8 Election Nears
Currently, marijuana is legally permitted for medical use in 26 states. Voting to raise that number to 29 are Florida, Arkansas, and North Dakota. Meanwhile, voters in Montana are voting to decide whether to ease current regulations on medical marijuana.
Additionally, Arizona, California, Massachusetts, Maine, and Nevada - all of which already allow medicinal marijuana use - are voting on marijuana legalization for recreational use. Those five states could join Alaska, Colorado, Oregon, Colorado, and Washington, which already permit recreational marijuana use.
The growing trend of relaxing marijuana restrictions puts further pressure on the federal government to lift its ban on the drug.
Most Americans overwhelmingly support medical marijuana use. Gallup polls show the number of Americans backing full legalization has surged from just 12% in 1969 to 60% today.
As acceptance of marijuana use has surged, so has the marijuana industry. And it is expected to grow much bigger...
The market for both recreational and medical marijuana is forecast to grow from $7 billion this year to $22 billion by 2020 if California votes yes, according to Arcview Group.
And we've already seen some of the best marijuana stocks soar because of this industry growth.
For example, Aurora Cannabis Inc. (OTCMKTS: ACBFF) has seen its stock soar nearly 300% in 2016 alone. The company works with a variety of medical marijuana and cannabis oil products.
Or look at Mentor Capital Inc. (OTCMKTS: MNTR). This marijuana stock has skyrocketed 357% in 2016. MNTR is a private-equity firm, specializing in marijuana companies.
While many marijuana stocks are soaring now, there is still a massive opportunity in the best marijuana stocks on the market.
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- The Arcview Group: Market Research
- The New York Times: Election May Be a Turning Point for Legal Marijuana
- CBS News: Just Say "No" to Recreational Pot