Over the last 10 years, 11 U.S. states have fully legalized cannabis. During that time, cannabis has become a $10.4 billion industry.
Since December 2018, CBD has grown to account for $591 million of that $10.4 billion, according to Business Journal.
The CBD market is still very young. Legal marijuana has already created a new wave of millionaires, but with the recent legalization of CBD, there are even more opportunities to get in early on this ballooning industry.
In fact, CBD has billions more to give to investors. And the best CBD penny stocks could hand you life-changing windfalls.
Brightfield Group says the CBD market is forecast to increase by 3,623% to $22 billion. And it's exactly why we're all in on CBD, even with the most recent hiccup in the market following controversy over black-market, homemade, THC-based vape oils.
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You see, this issue is unrelated to legitimate marijuana and CBD businesses. And that's exactly why we're confident the best CBD penny stocks to watch now could continue to grow well into the future.
Check out our three best CBD penny stocks to watch now below - and what's driving them to stand out above the rest.
The Best CBD Penny Stocks to Watch Now, No. 3: CV Sciences
CV Sciences is a CBD pharmaceutical company in Las Vegas with a ton of potential.
In early 2019, CV Sciences launched is PlusCBD oil product. By the end of March, it was available in over 3,300 stores. That's a 48% jump in availability since December 2018.
Similar to other CBD firms, CV Sciences has benefitted greatly from the 2018 Farm Bill.
In fact, this CBD penny stock's revenue rocketed to $48 million in 2018. And its net income was over $10 million.
Plus, it continues to grow. In the first half of 2019, it's already made over $30 million in revenue. And its net income was $1.23 million. So, CV Sciences is a CBD penny stock that's profiting as it expands.
This CBD penny stock currently trades for $1.80 per share, but over the next year, it's forecast to grow 344.4% to $8 per share.
The Best CBD Penny Stocks to Watch Now, No. 2: Elixinol Global
Elixinol is an Australia-based CBD company, but it dabbles in everything from medical marijuana to marijuana supplements and food.
Elixinol is one of the best CBD penny stocks for two reasons.
First, it manufactures and sells CBD all over North America, Europe, and Asia.
Secondly, Elixinol has a big hemp-based food business in its home country of Australia. And it's created hemp- and cannabis-based food for over a decade.
Plus, Elixinol continues to expand its operations. Just this year, it expanded its Colorado facility by 20,700 square feet. So, in this location alone, Elixinol can produce 24,000 bottles of CBD every day. And GlobeNewswire says that's more than double its previous production.
And Elixinol isn't stopping there. This year, it raised $50 million from investors. With this funding, it bought another 23,000 square feet of land.
Between 2017 and 2019, Elixinol's sales rocketed 121% to $26 million. On top of that, its net income was $500,000.
For a CBD penny stock, profitability is fairly uncommon. And that's why Elixinol is a CBD penny stock to watch now.
Right now, this CBD penny stock trades for $1.33 per share. And it's expected to soar even higher to $6.06 per share. That's a potential 357% upside over the next 12 months.
But our top CBD penny stock could soar even higher. In fact, it could go as high as 393% over the next 12 months...
The Top CBD Penny Stock to Watch Now
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