These could be among the best cannabis stocks to purchase this year

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There are several cannabis companies that are poised to see major growth

Experts say 2023 is shaping up to be a good time for those looking to invest in marijuana stocks. It is no secret that this industry has been rapidly gaining legal status, not only in the US but globally. If one thing is certain, it is that the legalization of recreational cannabis is expected to continue to grow for the remainder of this decade. With that projection in mind, 2023 seems to be a period in which many investors should pay special attention to a few potential growth companies.

One of the most named of late has been Innovative Industrial Properties (IIP), a real estate investment trust (REIT) that has shown nothing but steady growth. Based in San Diego, this company has managed to increase the value of its stock by approximately 1000% over the past five years. Its focus is on finding and providing facilities for the cultivation, manufacturing, and distribution of marijuana.

Another big player to consider is the Canadian cannabis company Aurora Cannabis. Its various brands, such as Aurora, Daily Special and Whistler, have made waves among consumers, causing its profits to continue to skyrocket. The firm has been looking to branch out its medical cannabis practices into international markets, including the US.

And finally, there is Cresco Labs, a valuable stock to buy this year. This high-performing and consistent cannabis company is expanding significantly. With operations in ten states, the company oversees consumer packaged cannabis products and their cultivation, manufacturing, and distribution. Its 70 production facilities and dispensaries house renowned brands such as Cresco, Good News, Remedi and Wonder Wellness Co.