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MedReleaf Corp (LEAF) has a market capitalization of about 1.8 billion Canadian dollars. Unlike Canopy Growth (WEED), Aphria (APHQF), and Aurora Cannabis (ACBFF), which have been around for a while, MedReleaf came out with its IPO in June 2017 at a price of 9.50 Canadian dollars. Although the stock didn’t have an impressive opening day, it’s now trading almost 89.0% higher than its IPO price.
Who can sell marijuana? As Canadian regulators review the recreational marijuana bill on its way to becoming a law, which would enable recreational marijuana in the country, there are still many questions left unanswered—especially as to how the cannabis will reach consumers. Canopy Growth Corporation (WEED), in its company filings, stated that the current Canadian Licensed Producers (or LP) would supply marijuana for recreational markets as they already do for the medical marijuana market (MJX).
The chart above illustrates the market capitalization trends of marijuana companies versus bitcoin and other major companies. Plus, the recreational marijuana market has been picking up steam. To learn more about this market, please read Must-Knows before Investing in the Marijuana Industry.
In 2018, two investment waves set the market ablaze—marijuana and cryptocurrencies. The investor sentiment on cryptocurrencies peaked in the first two weeks of January 2018 following the launch of bitcoin futures in the US in December 2017. On the other hand, the marijuana wave has held up so far, as we can see in the chart below.
Marijuana is still classified as a Schedule 1 drug in the United States and is illicit under federal law. For example, marijuana companies in states in which the drug is legal do not have access to the banking system as regular businesses do. In our series Must-Knows before Investing in the Marijuana Industry, we discussed how the marijuana industry is entering the mainstream investment market in North America and around the world.