With full cannabis legalization hitting Canada today (Oct. 17), investors are wondering which marijuana penny stocks should be on their radar.
And the top marijuana penny stocks to watch right now are companies that can offer services throughout the globe.
You see, it doesn't matter where cannabis is legal.
These companies have products or services that are borderless.
That makes them two of the top cannabis stocks to watch right now.
And the first marijuana penny stock on our watch list is utilizing blockchain technology to transform the industry...
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 today because the company is developing a "large-scale platform based on blockchain technology," according to MarijuanaStocks.com.
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."
Critical: Speaker Boehner Heads America's First-Ever Cannabis Summit - Click Here to Attend This Free Online Event
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.
But we're still excited about the future. Blockchain technology is in its infancy, and the global blockchain industry was worth just $339.5 million in 2017, according to Statista.
Statista expects that to skyrocket 577.46%, to $2.3 billion by 2021.
And our next marijuana penny stock to watch could be one of the "safest" ways to play the $10 billion cannabis market...
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Marijuana Penny Stocks to Watch, No. 1: Blue Line Protection Group Inc.
Founded in 2006, Blue Line Protection Group Inc. (OTCMKTS: BLPG) provides protection, logistics, and compliance services to businesses in the legal U.S. cannabis industry.
One of its most important protection services is the transportation and storage of cash.
You see, marijuana businesses in the United States conduct all of their business in cash because cannabis is still illegal under federal law. Marijuana dispensaries can't open bank accounts and process credit card transactions since banks fear federal lawsuits or asset forfeiture.
Unfortunately, operating as a cash-only business increases the odds that marijuana dispensaries will be robbed.
According to business development firm SIVA Enterprises, the odds of a cannabis dispensary getting burglarized in 2015 were 50%. In comparison, banks only had a 34% chance of being burglarized in 2009, while convenience and liquor stores only had a 20% chance.
Securely transporting and storing cash is a service every cannabis dispensary needs right now.
And on Feb. 13, Blue Line announced plans to open a cash vaulting and processing facility with Hypur to serve marijuana-related businesses and cash-intensive businesses in Nevada.
Hypur is a financial tech company, and the collaboration will provide businesses with tools to schedule cash deposit pickups and withdrawals. It will also provide a real-time ledger to track account balances and delivery verification of funds when they reach their destination.
Blue Line will provide the muscle with armored transportation services.
This service is expected to launch in Q2 2018, according to MarijuanaStocks.com.
When I first published a report on Blue Line Protection Group Inc. on June 8, 2017, it traded for $0.02 per share.
It now trades for $0.03 per share, which is a 50% climb.
And as Blue Line expands its services, it's not hard to imagine more 50% price jumps.
America's Great Green Gold Rush Is Just Getting Started
We stand at the forefront of an unstoppable economic revolution. It's a new gold rush - a green gold rush. And it's just getting started.
That's why we've gathered two of the leading members of America's cannabis revolution for an exclusive, first-of-its-kind event.
Together, former Speaker of the House John Boehner and Danny Brody, the architect behind two of the largest cannabis IPOs in history, will show you why they are "all in" on this burgeoning sector and why every serious investor should be, too.
Just click here to claim your seat at this free online event.