Later on this week, thousands of cannabis executives and investors will arrive in Las Vegas for the MJ Biz Daily conference. The conference should provide important actionable information on the burgeoning industry and believe our readers need to be aware of certain trends in the sector.
From the United States (US) to the European Union (EU), we are seeing legal cannabis legislation gain traction and this is a trend we expect will become more significant in 2023. Last week, several states voted on some form of cannabis legislation and we believe the US is reaching an inflection point. In the EU, we are following Germany’s cannabis industry and expect to see recreational cannabis legalized in the region’s largest market (as measured by gross domestic product or GDP).
During the last month, we have noticed positive momentum in the cannabis sector and are favorable on the trend. High profile operators like Canopy Growth Corporation (Nasdaq: CGC) (TSX: WEED) and Tilray Brands Inc. (Nasdaq: TLRY) (TSX: TLRY) have benefited from the positive momentum and we are closely following how the sector continues to perform.
Although the recent move higher has been significant, the sector is trading well below its 52-week highs and we expect to see more volatility in the months ahead. We believe the market is highly focused on how legislation advances in the US and in the EU as these markets will have a major impact on the sector’s performance in the near-term.
If you are interested in learning more about the cannabis sector and the companies that could benefit from the recent trend, please send an email to firstname.lastname@example.org with the subject “Cannabis Sector Trends” to be added to our distribution list.
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