The marijuana industry is being called the gold rush of the 21st century, and Money Morning wants to keep our readers up-to-date with the top marijuana stocks to watch each week.
According to Arcview Market Research, legal marijuana sales in North America totaled $6.7 billion in 2016.
By 2020, analysts project that number will climb to over $20 billion. That's an increase of 198% in just four years.
However, the market is even bigger than investors realize. And this untapped market will be a major catalyst to the top marijuana stocks...
Arcview projects there was a total of $53.3 billion in legal and illicit marijuana sales in North America in 2016. That means over $46 billion in marijuana sales went untaxed and didn't contribute to sales totals for legal marijuana businesses.
And the first marijuana stock we are watching in this massive market this week is the Marijuana Company of America Inc. (OTCMKTS: MCOA).
Special Report: Cannabis Is The Gold Rush of the 21st Century. 30 Stocks to Invest in Now.
The Marijuana Company of America markets and distributes cannabis products.
MCOA provides:
- Product sourcing
- Branding
- Payment
- Distribution
- Information on strains
According to MMJ Reporter, the company has hired CPAs and other financial service providers to audit its financial statements for the last two years.
This is part of a strategic move to get MCOA stock listed on a national stock exchange of higher value. Most pot stocks right now are listed on over-the-counter markets, which are known to be volatile or even scams.
So being listed on a major index would make investors feel more comfortable investing in MCOA stock.
And while this is big news for MCOA shareholders, it's not the only marijuana stock we are watching this week.
Here are the three other cannabis stocks on our radar for Jan. 30...
3 of the Top Marijuana Stocks to Watch This Week
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Terra Tech Corp. (OTCMKTS: TRTC) is a cannabis-focused agriculture company that operates through two segments: cannabis products and hydroponic produce. The company designs, markets, and sells hydronic equipment.
The company also offers cannabis products that are rigorously tested to ensure the highest standards of potency and consistency.
The dispensary will offer Terra Tech's proprietary IVXX brand of premium medical cannabis, flowers, shatters, waxes, and oils, and other high-quality cannabis products.
This now marks the fourth dispensary the company operates in Nevada.
But what's most impressive is the company opened a total of five dispensaries in 2016.
The next marijuana stock on our marijuana watch list this week is GW Pharmaceuticals Plc. (Nasdaq ADR: GWPH).
GW develops and commercializes therapeutics from its cannabinoid product platform.
According to FOX Business, GW plans to apply for FDA approval for its marijuana-derived cannabidiol (CBD) product Epidiolex.
Epidiolex is used to treat Lennox-Gastaut syndrome, Dravet syndrome, and two childhood epilepsy syndromes.
Data from clinical trials can also help Epidiolex be approved overseas.
The company plans to apply for FDA approval at the end of the first half of 2017. Depending on when the FDA accepts the application and if it's given a priority review, Epidiolex could be approved by the end of 2017.
The final marijuana stock to watch this week is Cara Therapeutics Inc. (Nasdaq: CARA).
Cara Therapeutics is a clinical-stage biopharmaceutical company that develops and commercializes products to alleviate pain.
And one of its most impressive products is CR845...
CR845 is designed to limit the entry of uremic pruritus into the central nervous system. Uremic pruritus can cause sleep loss and depression. It is also reportedly associated with chronic kidney failure.
There are no approved ways to battle uremic pruritus in the United States right now. But in its phase 2 trial, CR845 had positive results.
Compared to a placebo, dialysis patients using CR845 had a 54% greater reduction in worst itch sores.
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