On Election Day, majorities of voters in New Jersey, Arizona, South Dakota, and Montana cast their ballots to legalize recreational marijuana. That brings the number of states in which adult-use cannabis is legal to 15 states plus Washington, D.C. Another 20 states have legalized the use of marijuana for medical purposes. Next year, Florida, New York, and Ohio are likely to pass their own legalization proposals, at which point close to one in two American adults would live in a state where they’d have legal access to cannabis.
Marijuana stocks have been on fire since a new handful of legal walls were toppled last week. The Horizons Medical Marijuana Life Science ETF (TSX:HMMJ), a benchmark fund that tracks the overall performance of the industry, rallied by more than 25% in just five trading sessions.
Let’s consider two U.S. marijuana companies that have the potential to surge ahead on the green wave that’s rippling across the nation, and discuss why you might consider grabbing some shares of each as they deliver their earnings reports this month.
1. Cresco Labs
Founded in 2013, Cresco Labs (CNSX:CL) (OTC:CRLBF) is one of the nation’s fastest-growing marijuana companies. It currently operates 19 dispensaries across nine states, and its products are sold in more than 780 dispensaries.