With a quick signature earlier this week, Democratic Governor Daniel McKee officially legalized adult recreational cannabis usage in the state of Rhode Island. The Ocean State becomes the 19th state to legalize cannabis, a number that continues to rise with each passing year. The legalization certainly casts a stark juxtaposition to the federal legalization landscape, as the MORE Act awaits Senate approval, which to many, still seems unlikely.
While state governments continue to earn tax revenues from the sale of legalized cannabis, stocks in the industry have not been doing as well this year. A quick look at the broader POTX ETF shows that the fund is down by 43% so far in 2022 and 76% over the past 52-weeks. Many of the more popular names in the industry are holdings in POTX, including Cronos Group (NASDAQ:CRON), Sundial Growers (NASDAQ:SNDL), and Organigram Holdings (NASDAQ:OGI).
One company that is looking to capitalize on the CBD side of the cannabis industry is Endexx (OTC:EDXC). The company has shown massive growth in sales and revenues this year, after adding its products to over 2,800 mass retailer locations in America. The result is a 79% rise in year over year sales through the same first six months of 2021. Endexx also has a foot in the pet CBD industry, which is gaining global popularity as a natural and cost-effective solution to deal with chronic pet ailments.
$CRON $SNDL $OGI $EDXC
$EDXC – Endexx Corporation