One of the most profitable sectors in the soaring cannabis industry is medical marijuana.
That's why long-term investors are watching the top medical marijuana stocks now.
In 2014, medical cannabis sales made up a whopping 92% of the cannabis industry's total $4.57 billion in sales, as reported by ArcView Market Research.
And by 2020, marijuana sales in North America are projected to generate over $20 billion.
However, Money Morning is not recommending any particular stock in the legal cannabis sector. Rather, this is just a watch list of pot stocks to keep on your radar.
And the first marijuana stock to watch is already up 56% in 2017...
Top Medical Marijuana Stocks to Watch No. 3: Cara Therapeutics Inc.
Cara Therapeutics Inc. (Nasdaq: CARA), a clinical-stage biopharmaceutical company, was founded in 2004.
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.
Trending: Top Marijuana Stocks to Watch This Week
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.
So far in 2017, the CARA stock price is up 56.62%. In comparison, the Dow Jones Industrial Average is up just 5.29%. According to FactSet, the CARA stock price also has a one-year target price of $21.75.
From the closing price on Feb. 23 of $14.55, that could be a potential profit of 49%.
And the next two marijuana stocks could climb double digits as well...
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Top Medical Marijuana Stocks to Watch No. 2: AbbVie Inc.
Like Cara, AbbVie Inc. (NYSE: ABBV) is a biopharmaceutical firm founded in 2013, and its most well-known product is Marinol.
Marinol is FDA approved for treatment of vomiting and nausea associated with chemotherapy. It is one of only several cannabis-based drugs to be so approved.
It also promotes appetite in patients with AIDS.
AbbVie also has a large list of products, with more than 50 clinical-stage or non-cannabinoid drugs in its pipeline.
If one of its medical marijuana treatments doesn't do well in trials, there are plenty more to support the company's profits.
Over the last 12 months, the ABBV stock price has climbed 14.09%.
Top Medical Marijuana Stocks to Watch No. 1: GW Pharmaceuticals Plc.
GW Pharmaceuticals Plc. (Nasdaq ADR: GWPH) is one of the top medical marijuana stocks to watch in 2017.
GW researches medical marijuana-based treatments for a wide range of conditions.
GWPH's top drug is Sativex, which treats spasticity arising from multiple sclerosis. It is also under development to reduce cancer-related pain and is in phase 2 trials for decreasing spasticity in children with cerebral palsy.
Sativex is approved for use in 15 nations, including the United Kingdom, Germany, and Italy.
GWPH's also has a pot-based epilepsy drug named Epidiolex. In April 2016, the FDA granted Epidiolex orphan status to treat tuberous sclerosis complex. This is a genetic disorder causing epilepsy in more than 80% of people who suffer from the disease.
The FDA grants "orphan" status to drugs that treat rare diseases. The manufacturers get favorable tax treatment as well. GPWH has exclusive rights to sell the drug for seven years in the United States.
Over the last 12 months, the GWPH stock price has climbed 186.41%.
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