The Best Cannabis Stocks Of 2023

If you’re looking to buy cannabis stocks, the time is now.

For one thing, the plant is quickly gaining legal status in various parts of the world. While we’ve seen recreational markets flourish in Uruguay and Canada, the United States is also taking advantage of the cash crop even though it’s still federally illegal.

There is also a handful of thriving cannabis markets overseas, like in the Netherlands, Germany, and Spain, all under decriminalization. If one thing’s for sure, it’s that recreational cannabis legalization is expected to boom over the next 5-10 years.

While we watch the industry expand during this time, it’s in your best interest to start investing in cannabis companies that are in it for the long haul. Below, you’ll find the top 5 cannabis stocks to buy in 2023 that are high performing and excellent for long-term growth.

Innovative Industrial is a real estate investment trust (REIT) that’s sure to see some impressive growth in the coming years.

It’s located in San Diego, and its share value has increased by roughly 1000% over the last five years. Innovative Industrial finds and provides facilities for cannabis cultivation, manufacturing, and distribution. It rents out properties to cannabis companies and obtains income from rental payments.

Trulieve Cannabis is constantly expanding, and it’s an exceptional stock to buy in 2023. 

For starters, it’s one of the biggest (if not the biggest) cannabis retailers in the United States, taking up a large portion of Florida’s massive medical market. As of now, Trulieve is operating in 180 dispensaries throughout 11 states. Focussing on Florida, Trulieve runs 122 of Florida’s 493 dispensaries. Expect continuous and steady growth from the Trulieve Cannabis stock. 

Canadian cannabis company Aurora Cannabis houses various popular brands like Daily Special, MedReleaf, Aurora, Aurora Drift, and Whistler.

It’s more centered around medicinal cannabis and products, focussing on the production, distribution, and sale of these items. Aurora Cannabis is currently looking to branch its medicinal cannabis practices into international markets, including the United States, where CBD and cannabis products under 0.3% THC are legal.

Perhaps one of the largest cannabis corporations, Canopy Growth, is a Canadian company that works internationally in the United States and Germany.

The company’s subsidiaries do so by producing, distributing, and selling cannabis for both medicinal and recreational purposes. Furthermore, the company announced that it’s on track to saving roughly $30 million over the next year and a half while launching other efforts to expand its profits.

Another valuable stock to purchase in 2023 is Cresco Labs Inc., a high-performing and consistent cannabis company that’s quickly expanding.

For starters, the company operates in 10 states where it oversees consumer packaged cannabis products and growing, manufacturing, and distribution. Across those 10 states are 70 production facilities and dispensaries that house brands like High Supply, Good News, Mindy’s, Cresco, FloraCal Farms, Remedi, Wonder Wellness Co., and Sunnyside.