Marijuana sales are booming, which is helping the top marijuana stocks skyrocket. And the savvy investors who have been at the front of this trend are banking massive profits.
So far in 2017, the Dow Jones Industrial Average is up just 5.57%. So even though Wall Street is excited about indexes trading at record levels, the returns of a fund tracking the Dow's performance aren't as phenomenal as one would expect.
However, the top two marijuana stocks to watch this week are up 35.25% and 63.53% in 2017, respectively.
On March 12-14, ROTH Capital Partners will host the 29th Annual ROTH Conference. This conference features presentations from public and private companies working in the small and mid-cap space.
And on March 8, InMed Pharmaceuticals announced its CEO, Eric A. Adams, will be presenting.
According to InMed Senior Vice President of Investor Relations, the ROTH Conference "does a wonderful job introducing small and mid-cap companies to institutional investors who are focused on these emerging opportunities."
Institutional investors, private-equity investors, and venture capitalists all attend the event to learn about new investment opportunities.
This will help increase InMed's brand awareness, which could help the stock price rise. That's because when trading volume increases, the stock price can rise because there are more buyers who may be willing to pay more for the stock.
IMLFF has an average trading volume of 845,691, according to Yahoo Finance. However, other cannabis therapeutic companies have much higher trading volumes.
Special Report: Cannabis Is the Gold Rush of the 21st Century - 30 Stocks to Invest in Now
For example, Insys Therapeutics Inc. (Nasdaq: INSY) has an average trading volume level of 1.08 million shares. Cara Therapeutics Inc. (Nasdaq: CARA) has an average trading volume of 1.7 million shares.
So after the presentations, keep IMLFF on your watch list to see if there is more interest.
The IMLFF stock price has climbed 63.53% in 2017, which is more than 10 times the performance of the Dow. However, IMLFF opened this morning at $0.27 per share, and we know most investors aren't comfortable investing in penny stocks.
That's why the next pot stock we're watching this week is traded on the Nasdaq. And according to one-year price targets, this stock could climb 50.83%...
This Marijuana Stock Could Net You a 50% Return
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Zynerba Pharmaceuticals Inc. (Nasdaq: ZYNE) was founded in Pennsylvania in 2007.
It develops and commercializes proprietary synthetic cannabinoid therapeutics.
Zynerba has two lead development pipeline products, ZYN001 and ZYN002. ZYN001 is pro-drug (often used when a normal drug is poorly absorbed by the gastrointestinal tract) of THC that uses transdermal delivery through the skin and into the circulatory system.
It could potentially be used to treat fibromyalgia and peripheral neuropathic pain.
Its other product, ZYN002, is the first and only synthetic CBD formulated as a patent-protected permeation-enhanced gel for transdermal delivery through the skin.
And we're watching ZYNE this week because it just completed its enrollment of ZYN002 in two phase 2 clinical trials for epilepsy and osteoarthritis today (March 13). In phase 2, drugs are not considered to have any therapeutic value.
But if Zynerba can prove ZYN002 does have therapeutic value, it will be moved to phase 3. In phase 3, more patients are tested and the drug is assumed to have some therapeutic effect.
In phase 4, trials involve the safety monitoring and ongoing technical support of a drug after it receives permission to be sold.
So while it's still in the early stages of trials, ZYN002 could be on its way to market. Plus, each phase of drug trials can serve as major catalysts for stock prices.
Today, the ZYNE stock price opened at $20.30 per share. According to FactSet, the ZYNE stock price has a one-year price target of $30.62.
That's a potential profit of 50.83% over the next year.
Up Next
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