The global market for legal cannabis continues to soar as one of the most lucrative and attractive investment opportunities. With more countries like Germany offering health insurance coverage for cannabis, the market is expanding quickly outside of Canada and the United States. As demand grows, supply continues to rest on the few licensed producers that have the resources to expand into global markets. Here are three of the top cannabis companies who are moving quickly on international expansion.
1. Aurora Cannabis Inc. (ACB)
Aurora Cannabis Inc. is an industry leader in the global marijuana market. As one of the hottest cannabis stocks on the NYSE, Aurora Cannabis has big plans to further their expansion into new geographies. This Canadian producer has rapidly gained market share from Australia to Germany and has the cash and resources to further expand its reach into new markets.
Aurora recently posted over $54 million in revenue, which was an 83% increase, quarter over quarter, with most of that revenue coming from nearly eight tons of cannabis they sold. 92% of their net revenue was secured in the Canadian market, but European sales are quickly ramping up. Aurora has made several significant investments in other cannabis companies recently, and all signs point to a continued focus on global markets.
2. Canopy Growth Corporation (CGC) (WEED.TO) (TWMJF)
With net sales of over $625 million, investors are pegging Canopy Growth Corporation as one of the hottest weed stocks on the market. They recently announced plans to invest heavily in a massive hemp production facility over the next three months, and have launched a strategic partnership within the Jamaican cannabis market. They also quadrupled sales volume, thanks to recreational sales in Canada, and anticipate demand to grow even higher as legalization and health insurance coverage expand overseas.
As one of the largest licensed medical marijuana producers with the most overseas sites, Canopy Growth is well-positioned as one of the best investment opportunities in the cannabis market.
3. Biome Grow Inc. (BIO) (6OTA)
Canadian cannabis producer Biome Grow Inc. is taking aim at international markets by being the “first in the door” as more countries legalize marijuana use and expand healthcare coverage for medicinal use. The Biome Grow team credits much of their success to focusing on the customer and buyer experience–starting with local customers. Their partner brand, Back Home Cannabis Corporation, recently signed a three-year production and supply deal with the Provinces of Newfoundland and Labrador, with anticipated annual revenue of up to $100 million.
By building a solid foundation in their local market and taking a strategic approach to international expansion, Biome Grow is poised to become one of the most profitable global cannabis providers and a lucrative pot stock for investors.
While the cannabis market continues to evolve on a daily basis, these three companies have found their rhythm in keeping up with new global opportunities. By continuing to support local markets while striking international deals and partnerships, they can keep pace with increasing demand while still operating with high profitability.