These cannabis stocks are on track to see breakouts next year

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Cannabis investors can start preparing now for several improved stocks next year

October bids farewell today, and with that comes a new month for the cannabis industry. Both the rest of the year and 2023 could represent great opportunities for investors who know where to look. President Joe Biden’s recent moves related to marijuana reform have reignited the flame of investor interest in cannabis companies. At the moment, there are three cannabis stocks that have great potential, so it shouldn’t be a bad idea to take a look at them.

A good opportunity can be found in Cresco Labs. While its stocks have plummeted nearly 80% from the high set early last year, it is possible that the POTUS actions could become a major catalyst going forward. If cannabis is removed from the federally Controlled Substances list, it would pave the way for this company to list its shares on a major US stock exchange.

Innovative Industrial Properties (IIP) also remain on the radar of many analysts. This is a real estate investment trust (REIT) that focuses on the country’s regulated marijuana market. IIP should have no problem benefiting from any development that improves the financial prospects of its tenants. A clear example of this would be removing marijuana from the list of scheduled drugs.

And finally, there is Scott’s Miracle-Gro. This company compares itself to the rest in that its fortunes are not entirely dependent on the cannabis market. It is considered an ancillary stock, meaning it does not work directly with the plant. It focuses on being a leading supplier of lawn and garden products to the US consumer, which is beneficial to the thousands of growers in different states.