Investors can count on ancillary stocks when they don’t want to invest in cannabis directly
It is no secret that the marijuana industry has grown a lot in recent years. This is why, on many occasions, investors have looked favorably at the possibility of investing in cannabis company stocks. However, many others prefer to put their money in ancillary companies as they have no direct relationship with the plant. This is a good thing, given the volatility of the industry, as any changes in the market will not directly affect these companies. There are two ancillary companies that are performing very well so far and could be a good investment now that September has reached its first half.
Leafly Holdings continues to be recognized as one of the most favored ancillary cannabis stocks among all investors. This online cannabis retailer and consumer resource has had a pretty solid year.
In fact, starting in 2022, the firm declared that trading of its common stock, LFLY, had begun on the NASDAQ. The site is used by many consumers to locate and purchase marijuana products from licensed and highly popular vendors. With the industry growing by the day, it is obvious why the platform has become extremely popular among the community.
On the other side is WM Technology, Inc., considered a driving force behind much of the legislative change in the cannabis industry over the last decade. Weedmaps, as it is widely known, is an online listing marketplace that serves as an important hub for cannabis consumers and businesses in the industry.
Through WM Business’ tools, it can support compliance with regulations that, at times, become quite complex and constantly changing. Weedmaps currently has an estimated 10 million monthly active users, which has led to revenues in its second quarter of $47 million.