Finding the best marijuana stocks to watch isn't easy with all the choices out there. Marijuanastocks.com lists 96 securities right now, and that number is sure to soar as legalization legislations continue to pass in the United States.
That's why we're bringing Money Morning readers three pot stocks to put on your radar for October 2017.
Now, these aren't firm recommendations.
Most pot stocks are penny stocks, which are notoriously volatile. Cannabis is also still illegal under federal law, making these speculative investments.
However, we want our readers to know which marijuana penny stocks bear watching in October because of their long-term profit potential.
And the first one on our list for October is Hemp Inc. (OTCMKTS: HEMP)...
Marijuana Stocks to Watch in October, No. 3: Hemp Inc.
On Sept. 21, 2017, Hemp Inc. announced it entered into an agreement with One Step Vending Corp., a self-serve vending specialist.
Special Report: Cannabis Is the Gold Rush of the 21st Century - 30 Stocks to Invest in Now. Details here...
Per the agreement, Hemp Inc. will create a unique, hemp oil-based consumer product for One Step to sell through its existing micro markets and kiosks across the country.
Hemp Inc. CEO Bruce Perlowin said the partnership could lead to "huge economic opportunities" for his company and One Step Vending, according to MarijuanaStocks.com.
And Perlowin is spot on about the profit opportunity...
You see, hemp is used to make cannabidiol (CBD) oils, which are being researched because of their potential anti-inflammatory and medicinal uses.
The CBD market is expected to grow from $202 million in 2015 to $2.1 billion by 2020, according to market intelligence firm Hemp Business Journal.
That's a 939% increase in just five years.
Marijuana Businesses Are Teaming Up with This Billion-Dollar Company
Of course, the Hemp stock price is still very volatile. Over the last 52 weeks, it has traded as low as $0.01 and as high as $0.06. Today, it opened at just $0.02 per share.
But as the company makes more deals that could increase revenue, owning shares of HEMP could be profitable in the long term for patient shareholders.