Bold news is taking place these days in the cannabis industry, and a number of firms are reaping the benefits.
Tuesday, Sugarmade Inc (OTC:SGMD) was cited as having made the most of this opportunity through investment in Hempistry, a hemp cultivator with big plans for expansion. The popularity of cannabidiol (CBD) products means that hemp may soon surpass the value of other cannabis products, which is providing strong profits for companies such as Tilray, Inc. (NASDAQ: TLRY).
This popularity will likely to lead to growth in the food and beverage industry, one reason why Canopy Growth Corp. (NYSE: CGC) has received substantial investment from that sector.
Recent legal changes on both sides of the border have enabled companies such as Sugarmade to execute its ambitious plans to support cannabis cultivation. The company is one of the largest publicly traded hydroponics supply companies, with brands that include Zen Hydro, Carry Out Supplies, BudLife Cannabis Storage Solutions and Cali Grown Supplies.
The firm’s stock climbed 39-100ths of a cent, or 4.3%, to 9.39 cents by noon ET, on Tuesday, on volume of more than 558,000 shares.