For decades, the cannabis industry has been considered taboo. However, that changed in 2018. The passage of the Cannabis Act in Canada, and the ending of nine decades of recreational marijuana prohibition in October, paved the way for billions of dollars in added annual sales for the legal pot industry, as well as legitimized the cannabis business model.
This normalization of marijuana has led to a number of brand-name companies taking the plunge, so to speak. Molson Coors Brewing has partnered with Quebec-based grower HEXO, and Anheuser-Busch InBev formed a joint venture with Canadian grower Tilray, to research and develop cannabis-infused beverages. Meanwhile, tobacco giant Altria, the company behind the premium Marlboro brand in the U.S., is sinking $1.8 billion into Cronos Group, which’ll be good enough for a 45% equity stake…
Could Tesla “go green?”
Pretty much everywhere you look, corporate America is suddenly giving cannabis the time of day it never previously received. This leads to the question of which brand-name company might be next to dip its toes into the pond. While pure speculation on my part, that next great marijuana stock could be Tesla (NASDAQ:TSLA).
Tesla is, of course, best known for its line of innovative electric vehicles (EVs) that include its upscale Model S, more affordable Model 3, and its SUV, the Model X. Like most automakers, Tesla provides its customers with a bevy of options that can improve the driving range of their vehicle as well as its performance.
But Tesla is also unique in many ways. Namely, it’s the first new automaker to successfully introduce a line of mass-produced vehicles in more than 50 years. It’s also attempting to internalize a number of its EV production expenses via the construction of its gigafactory (now known as gigafactory 1) in Nevada. The multibillion-dollar project produces lithium-ion batteries for its EVs and aids in subassembly. Essentially, Tesla is also trying to revolutionize how vehicles are manufactured from start to finish.
Yet, there’s even more to Tesla. There’s its renewable energy operations and solutions, which includes its acquisition of SolarCity for $2.6 billion in November 2016, which provides residential and commercial lease options for solar panels. It also involves the…
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