Cannabis culture is growing with leaps and bounds with more states introducing legislation to fully legalize marijuana and to make medicinal weed legal for users. As more people become able to enjoy the benefits of legal marijuana, more businesses in the cannabis industry are bringing in profits, and some are even going public and becoming traded.
Since the full legalization of marijuana in Washington and Colorado, more than 50 companies have offered public offerings. The majority of these companies are selling stock through brokers, but a few of them have found their way onto the NASDAQ stock exchange, which is known for being a technology-based exchange. Other companies are financing growth with the help of private equity firms, some of which have made large multi-million dollar deals with cannabis companies.
Among the companies that have caught the eye of public and private investors include:
- Medbox. This is a company that produces vaporizer units for inhaling cannabis. The company recently acquired $10.7 million from private equity firms and is traded with the symbol MDBX. Many shares were purchased by the private equity firm Lizada Capital.
- Terra Tech. This company manufactures hydroponic equipment that allows marijuana to be grown indoors year round. The company acquired $2 million through selling shares under the abbreviation TRTC.
- GlowBlox Sciences.This is a scientific research company that develops and manufactures medicinal treatments that contain cannabis. The company has generated more than $1.8 million in funds, trading under GBLX.
- MassRoots.This is a mobile app geared toward the cannabis industry that provides informational articles and a marketplace. The company has raised more than $1.1 million in funding under the abbreviation MSRT.
- 22nd Century. This is a tobacco company that produces cigarettes as well as cannabis-related products under a subsidiary named Botanical Genetics. The company has raised more than $24 million since 2011, with the most recent round of funding bringing $6 million from a private equity firm.
- Arena Pharmaceuticals. The primary line of business of this company is manufacturing drugs for obesity and circulatory conditions, but recently, the company has begun researching and developing cannabis medical treatments. The company has brought in more than $360 million through funding deals since 2009.
- Affinor Growers.This is a Canadian agricultural company that grows marijuana to sell in the U.S. In February, the company received a $30 million line of credit from a firm called Duchess Capital Management.
- AbattisBioceuticals.This company is developing a number of medicinal marijuana products and has received a $25 million line of credit from Duchess Capital Management.
With more cannabis legislation being discussed across the country, you can expect the list of companies that are bringing in millions in the marijuana industry to continue to grow.