Start the conversation
Legal marijuana sales in North America are expected to skyrocket from $10 billion in 2017 to $24.5 billion by 2021, and our readers want to know how profit from the booming industry.
And to help our readers profit from this potentially explosive growth, we have two marijuana penny stocks on our watch list for March 2018.
These marijuana stocks aren't recommendations, but we still wanted Money Morning readers to know about them because of recent developments within the companies.
The announcements from the companies could increase revenue, attract more investors, and send the stock prices higher.
And the first pot stock to watch in March 2018 is utilizing blockchain technology to enhance its services, a technology that could be worth $2.3 billion by 2021…
Marijuana Penny Stocks to Watch, No. 2: Leafbuyer Technologies Inc.
Headquartered in Colorado, Leafbuyer Technologies Inc. (OTCMKTS: LBUY) offers discounts and deals for marijuana on its website.
It also provides information about marijuana laws and estimates on cannabis prices.
We're watching LBUY in March because the company is developing a "large-scale platform based on blockchain technology," according to MarijuanaStocks.com.
Collect a Colossal Payday Thanks to California's Legal Cannabis – Click Here Now to Learn How to Position Yourself for Windfall Profits
There were few details released by the company in its Feb. 14 announcement. But the company did say blockchain technology will allow users to register and participate in "special deals."
You see, the blockchain technology could streamline purchasing marijuana online.
Through a blockchain program, the technology could identify who is a medical marijuana patient, or an individual who lives in a state where recreational marijuana use is legal.
The cannabis user could then theoretically pay for marijuana using the blockchain. The dispensary would receive its part of the sale, and Leafbuyer could receive a commission for promoting the deal.
With a streamlined process, more dispensaries may want to pay Leafbuyer to promote deals.
To be clear, Leafbuyer did not say this is how its program will work, but it's just one way blockchain technology could be used to generate more income for LBUY.
Keep in mind that blockchain technology is in its infancy, and the global blockchain industry was worth just $339.5 million in 2017, according to Statista.com.
However, the research site expects that to skyrocket 577.46%, to $2.3 billion, by 2021.
The LBUY stock price climbed 147% over the past 12 months, from $0.76 per share to $1.88.
If it can net another 147% gain over the next year, LBUY would trade for roughly $4.70 per share.
And our next marijuana penny stock to watch could be one of the "safest" ways to play the $10 billion cannabis market…