The cannabis industry has been on the verge of significant rebound considering the latest developments and increasing prospects for complete legalization in the U.S. and Canada. Cannabis sales rose almost 100% in the last four years, while market reports show substantial growth potential in the following years.
The latest national polls from Gallup, CBS News, Pew Research Center, Fox News, and the independent Quinnipiac University shows general public support for national scale legalization stands in the range of 59% to 64%. The support for medical marijuana rises above 90% from U.S. citizens.
ArcView Group, the Cannabis research firm, expects North American legal marijuana sales to exceed $47 billion by 2027. The total cannabis sales stood around $9.7 billion last year, up 33% from the year-ago period.
Indeed, the latest financial results from cannabis companies indicate strong future fundaments. Cronos Group Inc. (NASDAQ:CRON), which is engaged with the production and sale of cannabis, reported sales growth of more than 270% year over year in the final quarter of 2017. Its full-year sales rose 636% year over year.
Furthermore, its CEO expects to extend the momentum in fiscal 2018. Mike Gorenstein, CEO of Cronos Group said, “We look forward to a year of rapid increases in sales, commencing distribution in new markets, further developing the disruptive intellectual property and launching new iconic brands.”
Namaste Technologies Inc (OTCQB:NXTTF) has also stunned investors by posting record second-quarter sales growth of 193% Y/Y to $5.6 million. Its sales surge close to 160% in the first six months of the year, which represents a strong demand for medical marijuana.
Namaste Technologies management believes that they have the potential to expand their sales growth and market share by adding medical cannabis sales to its portfolio and by accelerating patient acquisition. Its stock price jump 5% after the earnings release. NXTTF stock currently trades around $1.25, down from the 52-week high of $3.25 a share.
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