CRLBF - 2 Marijuana Stocks To Watch On Memorial Day
California is without a doubt, the largest individual cannabis market in the US. Although the state is facing some challenges, a large number of marijuana stocks still choose to call it home. The state is considered to be royalty among U.S. cannabis markets, and for that reason there are some distinct pot stocks to watch that work locally. Now only has the Californian cannabis industry grown substantially in the past few years, but studies are showing that there is still a large amount of growth that has yet to occur at this point. This means that we should continue to witness large increases in sales over the course of the next few years.
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Because of that, there are several Californian pot stocks that are worth watching. The state has continued to be an example for marijuana legislation around the world, despite having a large black market and exorbitant tax rates. These issues however are being solved which should allow the market to flow very smoothly moving forward. And while these issues are serious, many of the marijuana stocks that are based in California, have strong ties to other states as well. These broadened marijuana stocks might just be worth watching as we move into the near future.
A Large Californian Based Marijuana Stock
Terra Tech Corp. (TRTC Stock Report) is a Californian based marijuana stock that is working to grow extensively into the rest of 2020. The company has large expansion plans which an even larger amount of profits to match. The company owns a large amount of subsidiaries in the state that operate in multiple areas of the industry. This includes everything from medical cannabis to extract products and more.
CEO of Terra Tech, Derek Peterson stated that “in California, we currently have dispensary operations in Oakland and Santa Ana, and are continuing to build out another dispensary in San Leandro as well as cultivation and extraction facilities in the state. We are encouraged by our progress establishing recognizable brands, a loyal customer base and developing extensive cultivation capabilities, which we expect to allow for the production of up to 20,000 pounds of cannabis per year when complete.” With California as the company’s backbone, it seems like Terra Tech is definitely an interesting cannabis stock to watch.
A Californian Marijuana Stock by Acquisition
Cresco Labs Inc. (CRLBF Stock Report) is based in Illinois, which is pretty far away from California. But, the company’s choice to purchase California cannabis operator, Origin House, gives it strong ties to the Golden State. With the acquisition of Origin House, Cresco Labs was able to gain access to a large amount of production and operations in the state of California. CEO of Cresco Charlie Bachtell stated a few months back that “this is a transformational deal for Cresco and represents the culmination of the better part of a year’s work for both the Cresco and Origin House teams. With the closing of this transaction, Cresco is in a position to accelerate its entry into one of the largest legal cannabis markets in the world.”
With this deal, the two should be able to position themselves quite broadly within the Californian cannabis market. But, with Origin House showing limited profitability in the past few months, the hopes are that the real profits will come in the next few years. Until that time, the company still remains a leading marijuana stock to watch.