This Marijuana Stock is Worth $1 Billion - Should You Buy In? - TheJointBlog
Medical marijuana use in the U.S. is picking up steam, but in Canada, the marijuana market is getting white hot, and that’s caused Canadian marijuana stocks like Canopy Growth Corporation(TSX:CGC)(NASDAQOTH:TWMJF) to soar to sky-high valuations. Can this marijuana stock keep climbing?
In the U.S., marijuana remains illegal under federal law. However, 28 states have legalized medical marijuana, and after November’s election, eight states have legalized recreational marijuana.
The success of pro-pot advocates has been helped by an increasingly more widespread positive view of cannabis, particularly for medical use. According to Gallup, 60% of Americans favor marijuana legalization, the highest on record, and an even greater proportion of Americans support the use of marijuana as medicine.
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U.S. marijuana markets are emerging, but they’re playing catch-up to Canada’s marijuana market. Canada passed national pro-pot laws allowing medical marijuana use back in 2001, and more recently, laws have led to the creation of integrated marijuana companies that grow and sell medical marijuana, including Canopy Growth.
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