Continue Reading Below
“Obviously look at SOL Global,” said SOL Global Investment CEO Brady Cobb in response to FOX Business' Kennedy asking him to name one money-making cannabis stock. “If you’re looking for a U.S. operator I’m a fan of [Cresco Labs]. I still think Aphria in Canada is undervalued… it’s crazy when you look at the infrastructure they have.”
|SOLCF||SOL GLOBAL INVESTMENTS||0.3599||+0.02||+5.85%|
|CRLBF||CRESCO LABS INC||6.49||+0.14||+2.19%|
|CGC||CANOPY GROWTH CORP||20.68||-0.45||-2.13%|
Support for marijuana’s legalization in the U.S. zoomed to a record 66 percent, a Gallup poll showed.
Roughly 69 million Americans now live in states where adults are able to legally consume recreational or medicinal marijuana. Illinois just took a major step in becoming the 11th state plus Washington D.C. to legalize pot for recreational use. They used legislation to passing a bill for legalization rather than voter referendum.
What’s more, the cannabis industry is growing rapidly. In 2018 U.S. consumers spent $11 billion in the legal pot market, according to leading marijuana industry investment and research firm ArcView Group and New Frontier. The market is expected to reach more than $23 billion by 2022 and has the potential to create more than 467 thousand full-time jobs.
It has also drawn the attention of a slew of celebrity investors, including Martha Stewart, Whoopi Goldberg and Mike Tyson. Politicians are also suddenly embracing it. Former Speaker of the House John Boehner, who was so admittedly opposed is now a board member of Acreage Holdings, the largest multi-state owner of cannabis licenses and assets in the U.S. Acreage just announced a major merger with Canopy Growth, one of the largest publicly traded pot companies in the world.
“What you’re seeing is a migration from, you’re now seeing big business leaders, you’re seeing politicians, former politicians embrace this issue because the cats out of the bag – you can’t out the genie back in the bottle when you look at the amount of states we have,” said Cobb.
Marijuana is still classified as a Schedule 1 drug, according to the Drug Enforcement Agency, which equates it with ecstasy, heroine and LSD.