Cannabis became fully legal in Canada today (Oct. 17), and that's just one big reason to know the top weed stocks to watch in October 2018.
Up to eight U.S. states will vote on ballot measures related to marijuana this fall. New Jersey's legislature is also considering legalizing the plant. New Jersey will be the second largest state to legalize weed after California. Cannabis is quickly becoming legal in the United States via state vote or legislative action.
By 2021, legal marijuana could become a powerhouse industry, worth a whopping $24.5 billion in the U.S. alone. That's more than the double the current value of the legal marijuana industry.
You see, legalization leads to more people buying cannabis; more companies growing, distributing it, and selling it; and more companies experimenting with the medical benefits of cannabis.
Legalized marijuana could be an explosive catalyst, and we're bringing you the top cannabis stocks to watch in October to help you cash in.
Weed Stocks to Watch, No. 2: GW Pharmaceuticals
United Kingdom--based pharmaceutical manufacturer GW Pharmaceuticals Plc. (NASDAQ: GWPH) targets the development of marijuana-based experimental drugs for specific conditions in its business.
GW's Epidiolex drug is focused on treatment for two rare forms of epilepsy. Researchers at GW are currently investigating its use for two other conditions that cause seizures.
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In late June 2018, the U.S. Food and Drug Administration (FDA) approved Epidiolex for patients with Dravet Syndrome and Lennox-Gastaut Syndrome. The approval was the first time the FDA had approved a drug that used a cannabis-derived substance.
Money Morning Defense and Tech Specialist Michael A. Robinson forecasts that Epidiolex could generate revenue of up to $1.7 billion by 2026.
GWPH is currently trading at $151.72, up 13% on the year. But analysts are projecting gains of over 50% over just the next year alone.
But our top pot stock to watch just signed a deal with a major brand...
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Weed Stocks to Watch, No. 1: Canopy Growth Corp.
Our top weed stock to watch is one of Canada's biggest - and most rapidly growing - pot companies. It's Canopy Growth Corp. (NYSE: CGC), which is traded on the New York Stock Exchange.
Canopy has invested significantly in projects using marijuana oil over the last year. Its strategy is sound because cannabis oil products have a higher potential profit margin. In fact, the company has already seen sales grow 107% and revenue spike 30% in that time period.
The hefty sales increases have provided Canopy with the financial health to expand globally. It has signed export agreements in Australia, Spain, Denmark, Germany, Brazil, Jamaica, and Chile.
But those aren't the biggest deals Canopy has made.
Constellation Brands Inc. (NYSE: STZ) - the makers of Corona, Modelo, and Svedka - purchased a nearly 10% stake in Canopy this summer. Constellation plans to invest $5 billion more in Canopy going forward.
For Canopy, Constellation's stake means that it will have the capital needed to be a leading player in the legal cannabis sector as its expansion goes forward.
Canopy shares are at $47.49 currently, and analysts are projecting a potential 54% gain over the coming year.
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