The burgeoning cannabis industry is set to expand further in the years to come. To illustrate, the value of the legal cannabis market now stands at $8 billion, based on yearly sales, and is expected to surge almost threefold to $22.6 billion by 2021.
As such, several business players have entered the cannabis industry in the hopes of getting a share of this growth. However, only a few companies managed to establish a trusted brand for cannabis products and are set out to sustain the momentum of their businesses.
Here are some companies that have been going on a stable ride with the industry’s growth and are seen to continue their performance toward and beyond the end of the year:
1. Terra Tech Corp.
With the tagline “Changing the World, One Seed at a Time,” this cannabis-focused agriculture company continues to redefine cannabis cultivation, as it has been doing for the past four decades.
Through the vertically integrated method of Terra Tech Corp. (OTCMKTS:TRTCD), the company plants cannabis in a controlled modern greenhouse environment. It also gives pride in its environment-friendly GrowOp Technology, which specializes in the design and creation of the firm’s horticultural equipment and automated controls for its cultivation systems.
In December last year, Terra Tech said it received the State of California Temporary Authorization to continue cultivating cannabis for adult use.
2. PotNetwork Holding, Inc.
In an interview with the Mick Bazsuly Show, PotNetwork Holding Inc. Senior Advisor Bruce Barren said this puts the firm “right on target,” as it has been doing great “consistently” for the past few years. For 2018, the company is looking at another 60 percent to 70 percent year-on-year gain, a target it deems achievable, as was the case last year when it exceeded its fiscal target by 71 percent.
PotNetwork—through its wholly owned subsidiary, Diamond CBD, Inc.—is tagged as the leading CBD oil product manufacturer today. Aside from oil products, Diamond CBD offers gummies, vape liquids and additives, pet products, and pain relieving cream, among many others that are richly infused with high-quality CBD.
Recently, the subsidiary attracted over 550 wholesale distributors who agreed to spread the brand’s products to a wider market across the U.S. where all the firm’s products are legal. This puts the company well-positioned to meet its target revenues this year.
3. NightFood Holdings, Inc.
Innovative snack brand development company NightFood Holdings, Inc. (OTCMKTS:NGTF) specializes in manufacturing night food snacks with cannabis. The firm offers its products to people who tend to crave at midnight to avoid resorting to unhealthy chips and snacks.
In a Mar. 9 statement, the firm said it has produced more than $400,000 worth of NightFood nutrition bars in the prior week, the biggest value and volume produced on a weekly basis to date.
The NightFood bar snack is currently available in two flavors, namely Cookies n’ Dreams and Midnight Chocolate Crunch. The company is looking to further boost production of these snacks this year.
In the same statement, the company also revealed that it has once again talking to a “major” ice cream distributor that wishes to launch the NightFood ice cream brand in the second semester of 2018.
There may be other cannabis firms that have been making it in the news today, but these are the top picks projected to make it big not only this year but also in the long run. This is not based on their growing popularity as even big names fall. But the innovative minds behind their reliable products and technologies are redefining the cannabis and CBD industries in a way that is pushing the competition tighter. When that happens, expect to see these names leading the ranks.
(Featured image via DepositPhotos)
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