The marijuana industry is set to change forever in just five days. That’s when Canada will end approximately nine decades of recreational pot prohibition and wave the green flag of licensed dispensary sales.
There’s no doubt that the legalization of marijuana will result in billions of dollars being added annually to Canada’s economy. And clearly, these dollars have to flow somewhere. The big question is, what marijuana stocks stand ready to benefit?
With this in mind, we asked our three marijuana-focused Foolish contributors to sound off on one marijuana stock that you’d be wise to follow during the month of October as we lead into the legalization of recreational cannabis. Interestingly enough, two of the three stocks suggested aren’t even going after the Canadian market…
According to our contributors, California-focused distributor CannaRoyalty(NASDAQOTH:CNNRF), Florida-licensed medical cannabis producer Liberty Health Sciences(NASDAQOTH:LHSIF), and Canadian growing giant Aphria (NASDAQOTH:APHQF) could have investors seeing green in October and beyond.
Who needs Canada when you have California
Sean Williams (CannaRoyalty): Rather than fall back on OrganiGram Holdings as my usual marijuana stock of the month to watch, I’d instead encourage investors to pay close attention to CannaRoyalty, which isn’t even all that focused on the upcoming Canadian recreational legalization.
Similar to Auxly Cannabis Group, CannaRoyalty got its start as an investment company that angled for royalties. However, that’s not where it places its focus today. Instead, it’s attempting to become a genuine disruptor in California’s burgeoning pot market.
You see, while there are expected to be thousands of products competing for shelf space in hundreds of licensed dispensaries throughout the state, there are a very limited number of distributors within the state that are legally allowed to move cannabis from Point A to B. This places CannaRoyalty in a very advantageous position…
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