CORAL GABLES, FL / ACCESSWIRE / November 13, 2018 / Gallup has been conducting surveys on the public’s opinion toward marijuana since the 1960s. The pollster has found that 60% of respondents now want to see cannabis legalized nationally and this is as recent as 2016. In comparison, roughly 25% approved of legalizing marijuana nationwide back in 1995.
This was the year before California became the first state to legalize medical marijuana for “compassionate” use. As consumer sentiment continues to support a legal market and, more importantly, entire countries like Canada go fully legal, investors have been eyeing new opportunities that this market is offering.
With the North American sales of legal pot coming in at $6.9 billion in 2016 alone, (according to cannabis research firm ArcView Market Research) companies have already begun targeting exponential sales growth this year. Additionally, investment firm Cowen & Co. anticipates legal marijuana sales growth of more than 23% per year through 2026. As this market realizes more growth, here are 3 cannabis stocks to have an eye on heading into the rest of the 4th quarter.
Leafbuyer Technologies (LBUY) announced today that it has entered into a new partnership with The Stranger , a well-known media outlet and content site in Washington. According to Leafbuyer’s press release, the company states that this new partnership will “significantly expand the reach of Leafbuyer’s deals platform in the region.”
“We are always looking for valuable, trusted media partners in niche areas around the country where we can better serve our clients and their consumers. The Stranger fulfills these goals, and we’re excited to add them to the Leafbuyer Network,” said Kurt Rossner, Chairman and CEO of Leafbuyer.
Leafbuyer targets users interested in cannabis dispensaries and products to drive traffic via the company’s online platform and network partners. With this deal specifically, Leafbuyer is looking to take advantage of The Stranger’s unique audience and website traffic from markets in the Northwest.
This new featured website plugin will be hosted across The Stranger’s website starting as early as mid-November 2018. The online tool will help consumers find deals at nearby dispensaries for their favorite cannabis-related products , without ever leaving the site. Consumers will benefit from the sophisticated tool that aggregates cannabis deals into an easy-to-use online application.
Canopy Growth. (NYSE:CGC) (TSX:WEED.TO) has seen its shares jump on Tuesday morning during the opening session. The company announced this month that it has entered into a multi-year agreement with The Brink’s Company (BCO) through its Brink’s Canada subsidiary to provide secure logistics and cash management services for Canopy Growth’s domestic and international cannabis operations.
“Brinks’ reputation as a trusted industry leader has been earned by providing reliable secure transport services for over 90 years in Canada,” said Mark Zekulin , President and Co-CEO, Canopy Growth. “As a cannabis producer with growing national and international needs, we are proud to enter into this agreement and look forward to working with Brink’s to consistently deliver a variety of high-quality cannabis products to our retail locations and affiliates across the country.”
Cronos Group (NASDAQ:CRON) (TSX:CRON.TO) announced its 3rd quarter results this morning. Among the numerous highlights, Cronos Group reported increased revenues of 186% and kilograms sold were up 213% year-over-year. Cronos also announced a landmark partnership with Ginkgo Bioworks to produce cultured cannabinoids as well as a launched a mainstream recreational brand called Spinach?.
“We are encouraged with our third quarter results, which reflect the meaningful progress we are making on our strategic initiatives. In the quarter, we announced a number of landmark partnerships to expand our reach beyond the flower and beyond Canada and launched our second differentiated recreational cannabis brand,” said Mike Gorenstein, CEO of Cronos Group. “The recent legalization of cannabis sales for adult recreational use in Canada was a watershed moment for our industry and our Company. We are energized by the opportunities this creates for Cronos Group in Canada and look forward to leading the industry forward responsibly.”
Though shares tumbled in the AM session, Cronos has seen a rally heading into the afternoon.
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