5 Marijuana Penny Stocks To Watch Right Now
Marijuana penny stocks are among some of the hottest names to watch right now. I’m not just talking about speculation on who wins this 2020 Presidential Election either. The slew of new legislative moves made in states like New Jersey, Arizona, Mississippi, South Dakota, and Montana have investors buzzing about U.S. pot. In fact, it takes less time to count the states without legal cannabis (rec or medical) than ones with legal cannabis. After this election, only 17 U.S. states are left without access to some form of legal marijuana.
What does this tell you about the trend right now? Furthermore, with states like New Jersey & Arizona going fully legal, their geolocation could make for an interesting scenario for surrounding states. New Jersey, in particular, rubs up right against New York (obviously), with only bridges separating it from the highly populated NYC. Is a New York State recreational bid inevitable at this point?
What’s Next For Marijuana Stocks?
While time will certainly tell, many new laws won’t go into effect until the beginning of 2021. This might be a sad reality for consumers but for cannabis companies, a welcome opportunity to begin expanding infrastructure. As we saw earlier today, Aphria, Inc. (APHA Stock Report) took a direct initiative to enter the U.S. market. The company announced that it acquired SweetWater Brewing Company. The branding of SweetWater, for those unfamiliar, is more akin to cannabis consumers than others. However, until now, there’s only hops and barley in their brews.
In light of this, many traders are focusing their attention on marijuana MSOs or “multi-state operators” in the U.S. This isn’t to say that Canadian marijuana stocks are out