Over the last five years, there have been a number of legal changes governing how and where you can use weed in the US. As more and more states look towards legalizing the drug, the weed industry has exploded in response.
Weed is quickly becoming one of the fastest-growing markets in the US, with new brands appearing on an almost daily basis. There is now more choice than people could have even thought possible a decade ago. It is, therefore, no surprise that even established companies who have been trading for decades are looking to branch out and grab a piece of the market.
The two biggest industries that have been affected are gardening stores and health food brands. It has become a regular sight to see CBD adverts in the window of your local health food store or plant nutrients explicitly designed for marijuana from top garden suppliers.
With all of these changes taking place both legally and in terms of what is available, it can often feel like a confusing industry to those on the outside. Let’s take a closer look at the current law governing the use of weed and what this means for you as a consumer.
Is Weed Legal in the US, and Where?
Laws regarding the legality of weed are set on the state level, meaning that it can change depending on where you live.
This can make it somewhat confusing at times for the consumer, as well as the investor. This is not a problem when shopping in a physical store, as they are unlikely to be openly selling something illegal. However, it is essential to understand the law when shopping online. For those looking to grow their weed plants at home, it is also vital to have an understanding of what you can legally do.
Weed is currently legal to use for medical purposes in 33 states, including Arizona, Connecticut, and Maryland. Eleven of those states also have legalized its use for recreational purposes, such as California and Maine. The list is only set to continue growing over the next few years, with Hawaii looking to decriminalize recreational weed at the start of 2020.
How Have Changes in the Law Impacted the Industry?
As the list of states where weed is legal continues to grow, so does the profitability of the industry. Investors are increasingly looking to pump their money into marijuana brands, hoping to benefit from the changing market.
In 2017 alone, approximately $6.1 billion worth of recreational products were sold within states where it was legal at the time. This is set only to increase as more and more states legalize recreational use, and people become more accepting of the drug. California saw almost $3 billion sold within the recreational market in 2018.
So, with all of this massive potential growth and an enormous amount of market value, which companies are currently the most prominent industry leaders in the US?
Cannabis Science, Inc.
Cannabis Science Inc. is currently one of the most significant names when it comes to cannabis research, working to develop new ways that people can experience the health benefits of regular cannabis use.
Working closely with experts from across the industry, Cannabis Science Inc. design and manufacture revolutionary treatments and therapies. These therapies are all about using cannabinoids to help further people’s quest for a higher quality of life. They focus mostly on recreational and pharmaceutical products, expanding the range of different products available for marijuana users.
With a decently sized market cap and an excellent prognosis on future revenue, this company is likely to expand way beyond expectations.
After all, everything needs research first, and Cannabis Science Inc is where it happens.
Medical Marijuana Corp
Some companies are funded and linked only to money-making enterprises or investors, but others are tied inherently to their industry and care about their processes.
Medical Marijuana Corp is definitely in the latter category. With around 85 employees, they were one of the very first public companies to begin working within the industrial hemp and legal cannabis markets. The company is fully involved in every step of the production process, with subsidiaries handling manufacturing, production, and even retail vendors.
With a massive market cap of $480 million and an endlessly upwards growth potential, this is a company to pay attention to and follow its meteoric rise.
Terra Tech Corp
Agricultural technology has only been getting more and more advanced in recent years, with innovations coming out of some unlikely places.
Terra Tech Corp is based in California. You might expect it to be researching new ways of exploring Mars or revolutionizing the world, but instead, it’s all about hydroponics. Hydroponics is the strange-sounding idea of growing your plants in nutrient-enriched water, rather than using soil.
This large company of 175 employees focuses its efforts on creating the latest and greatest innovations for hydroponic marijuana growers.
With a myriad of customers, including Fortune 500 companies, Terra Tech Corp is at the forefront of developing new and exciting ways to push the envelope for marijuana.
Growing your marijuana can sometimes feel impossible with all the unique and confusing equipment you need.
GrowingLife Inc. supplies sustainable growing equipment to industrial and recreational growers alike. With a whole host of products, including top-of-the-line lighting, nutrients, and even marijuana media, this company is all about improving marijuana growing.
With an intense focus on sustainable industry practices, this company has attracted massive investor attention, shooting up to $1.8 million in revenue in 2018 alone.
This is definitely a company to keep an eye on if you care about preserving the integrity of sustainable agriculture, especially for marijuana.
GreenGro Technologies Inc.
GreenGro Technologies Inc. sells everything that you need to set up your own grow room, including solar lighting and extractor fans. They also have a few more unique products, such as their vertical gardens and hydroponic gardens.
As a mass supplier for everything green and eco-friendly, GreenGro is all about supplying a niche market of conscientious growers. Everything is about minimizing the carbon footprint of trying to grow your marijuana, with plenty of different products to choose from.
With a surprisingly high market cap of $26 million in 2017 and a considerable rate of revenue in the last few years, this niche industry is fit to explode in popularity. For those with sustainable practices in mind, this company might just be the next biggest thing.
Scotts Miracle-Gro is an excellent example of a company that has acted fast to grab themselves a share in the market.
Initially established in 1868, most people will recognize the name Scotts Miracle-Gro from popular garden products such as soil and flower pots. Using the brand’s popular name, Scotts Miracle-Gro has branched out into selling a range of gardening products directed at those growing marijuana plants.
With a strong appeal for hydroponic growers, Scotts Miracle-Gro Co has grown massively, with a monumental market cap of $6.15 billion in 2017 alone.
Final Verdict About the Biggest Weed Companies in the US
When trying to decide who the biggest weed companies are, you often need to scale your expectations to what you are looking for. Unlike other investment possibilities or industries, marijuana companies tend to be on the smaller side, as more giant corporations have yet to form.
Some massive companies like Scotts Miracle-Gro Co have shifted from an already established market demographics. However, most other companies are still finding their feet. This makes it the best time possible to try and get your foot in the door with all these different, yet potentially highly profitable, marijuana companies.
Though most of them don’t have any direct link to marijuana production itself, their products are integral to its growth.
Just remember that, though this list is only six companies long, there are countless thousands of other marijuana companies out there. Though their size might be small and their capital low, the next big thing in the marijuana world is likely sitting there, waiting for investment.
The question is – will you be the first to find them?