It feels like change is in the air for the U.S. cannabis industry, which has been beaten down throughout much of the past two years. However, President Biden’s recent moves related to marijuana reform have reignited investors’ interest in cannabis companies.
In particular, Biden’s direction to the U.S. Attorney General and the Secretary of Health and Human Services to review federal marijuana scheduling under the Controlled Substances Act generated enthusiasm. If marijuana is indeed rescheduled, the change would have a significant impact on the U.S. cannabis industry.
Three companies stand out as good representatives of the different segments of the cannabis industry. Cresco Labs (CRLBF -0.61%) ranks as one of the biggest marijuana producers and retailers. Innovative Industrial Properties (IIPR 3.80%) is the leading provider of real estate capital to cannabis operators. Scotts Miracle-Gro (SMG 0.93%) is the top supplier of hydroponics and gardening products to the industry.
Could these three marijuana stocks skyrocket in 2023?
1. Cresco Labs
Shares of Cresco Labs have plunged close to 80% from the high set in early 2021. The stock is down around 50% so far this year. Investors hope that 2023 will be a better year for Cresco.
It remains to be seen, though, just how much of a catalyst President Biden’s actions will provide for the stock. If marijuana is rescheduled to a less restrictive classification but remains illegal at the federal level, Cresco won’t benefit…
