NYSE Marijuana Stocks
In what is being seen as a major boost for the legal marijuana industry, President Donald Trump has agreed to give the go-ahead to states to decide how to regulate marijuana.
For those coming in late, Attorney General Jeff Sessions had rescinded a memo that shielded marijuana operations from enforcement of the federal ban on marijuana in states that have legalized the drug.
Currently, marijuana is legal for medical use in 29 U.S. states, and for recreational use in eight states.
Now, with Trump backing states’ marijuana rights, all publicly traded marijuana stocks are ready for a surge, including New York Stock Exchange (NYSE) marijuana stocks.
Cannabis Stocks Listed on the NYSE
While the majority of marijuana stocks can be found in the United States only on the over-the-counter (OTC) markets, there are a few prominent players that are making their presence felt on the U.S. exchanges the NYSE and the Nasdaq.
With eight states legalizing recreational marijuana and more states to follow, cannabis stocks listed on the NYSE should reverse their recent downward slide.
Here is a list of cannabis stocks that are currently traded on the NYSE.
|Marijuana Company||Stock Ticker|
|22nd Century Group Inc||NYSEAMERICAN:XXII|
|Compass Diversified Holdings||NYSE:CODI|
|ETFMG Alternative Harvest ETF||NYSEARCA:MJ|
|India Globalization Capital, Inc.||NYSEAMERICAN:IGC|
|Innovative Industrial Properties Inc||NYSE:IIPR|
|Level Brands Inc||NYSEAMERICAN:LEVB|
|Scotts Miracle-Gro Co||NYSE:SMG|
Top Pot Stocks to Watch for 2018
While the above list represents all of the marijuana stocks traded on the NYSE, a select few of them have the potential to make it big in 2018. My investing radar beeps very loudly when it comes to the following four stocks, which is why I consider them the top pot stocks to watch for 2018.
1. Scotts Miracle-Gro Co (NYSE:SMG)
The lawn and gardening products company Scotts Miracle-Gro Co (NYSE:SMG) is one of the few companies that is playing the game right by capitalizing on its inherent strengths and adapting to emerging trends.
The stock reached a recent low of $68.24, but it has since gone from strength to strength, eventually reaching a high of $98.82 and continuing to hover close to that high mark. The reason for this northbound trend? Marijuana.
Seeing the opportunities looming large, Scotts Miracle-Gro realized that its technologies could easily be transferred to help legal marijuana growers.
The company is not just resting on the laurels of its past products; it has been developing new pesticides specifically for marijuana growers. Once the full-scale legal marijuana rollout starts to take shape, these pesticides could help push SMG stock’s price up even further.
2. 22nd Century Group Inc (NYSEAMERICAN:XXII)
22nd Century Group Inc (NYSEAMERICAN:XXII) is a biotechnology company that develops, markets, and licenses genetically-modified cannabis and tobacco plants.
One of the company’s goals is to lower the harm caused by smoking. Following in the footsteps of its tobacco division, which has been able to grow tobacco with 97% less nicotine than conventional tobacco plants, the company is looking to develop a line of marijuana with lower levels of tetrahydrocannabinol (THC).
The cannabis division is working to produce low-THC marijuana plants for use as food, oil, fabric, and more. The goal is to help people benefit from the various medical positives of cannabis without the physical and legal complications of the high.
At the same time, 22nd Century Group is developing marijuana plant varieties with high cannabidiol (CBD) levels for the medical cannabis industry.
Both strains of weed show how sophisticated scientific understanding of plant genetics can lead to positive contributions.
3. Innovative Industrial Properties Inc (NYSE:IIPR)
Innovative Industrial Properties Inc (NYSE:IIPR) stays true to its name by being innovative. This newly-formed Maryland corporation is growing roots in the marijuana industry without growing or selling plants.
The company leases industrial properties to state-licensed medical marijuana operators.
Since many start-up weed companies don’t have the capital to own the sophisticated infrastructure necessary to grow specific strains of weed, they will see the benefit of hooking up with Innovative Industrial Properties.
4. AbbVie Inc (NYSE:ABBV)
AbbVie Inc (NYSE:ABBV) is a biopharmaceutical company that focuses on developing advanced treatments for some of the world’s most complex and critical conditions. AbbVie’s researchers work on improving treatments in four primary therapeutic areas: immunology, neuroscience, oncology, and virology.
For over a quarter of a century, AbbVie has produced and marketed a capsule called “Marinol,” which contains dronabinol, which is a synthetic version of THC.
The drug is used to treat chemotherapy-induced nausea and vomiting in patients who did not respond adequately to other treatments. It is also used to treat loss of appetite and weight loss in AIDS patients.
The above four stocks are my current top picks for cannabis stocks listed on the NYSE.
But with marijuana legalization in full swing, and with the Trump administration giving the okay for states to enforce their own marijuana laws, many more marijuana stocks could end up migrating from the OTC markets to the premier stock exchanges like the NYSE and the Nasdaq.