President Joe Biden is in favor of decriminalizing marijuana, while Senate Majority Leader Chuck Schumer is ready to push ahead with full legalization efforts even if Biden isn’t completely on board just yet.
Canopy Growth has partnerships set up so that it can start working on expansion almost immediately after legalization takes place.
And that is why this marijuana stock is at the top of this list — it is easily the best positioned cannabis company in Canada to benefit from U.S.
Tilray has partnered with Anheuser-Busch Inbev since 2018 on developing drinks for the Canadian pot market, and it will also have beverages that are ready to go.
Hemp plays a big part in its business, generating more than one-third of its revenue in 2020. In 2019, Tilray acquired Manitoba Harvest, a leading hemp business with products that are sold in thousands of retailers across the U.S.
Earlier this year it partnered with actress Kristen Bell to launch a series of CBD products under its Happy Dance brand, which will be available at more than 550 Ulta Beauty locations.
Like Canopy Growth, Cronos also benefits from having a partner that can accelerate its growth in the U.S.
Reliva’s products are in more than 20,000 retail locations and at the time of the acquisition, it claimed to be the “only CBD company in the three largest U.S.
Although Aurora doesn’t specifically break out U.S.-related sales, it is safe to assume this transaction, which cost the company approximately $40 million worth of shares , isn’t going to put the company into as promising a position as the other pot stocks on this list.
Although billionaire investor Nelson Peltz was unable to broker a transaction, more opportunities could arise once the prohibition of marijuana is over and it no longer deters companies in other industries from jumping into the cannabis sector.