It’s been quite a month in the legal marijuana industry, and that’s just the beginning for one of the best marijuana stocks on the market…

Canada’s Senate passed a bill bringing the country one step closer to full legalization on June 7.

And then the FDA approved this country’s first cannabis-based drug, which treats two rare and devastating forms of epilepsy, just this week (June 25).

Epidiolex from GW Pharmaceuticals Plc. ADR (Nasdaq: GWPH) is based on cannabidiol (CBD), one of the major compounds contained in the marijuana plant.

Unlike the better-known tetrahydrocannabinol (THC), this compound does not get you high.

Both of these compounds work with receptors in the human nervous system, but CBD’s therapeutic properties are already shown to help with opioid addiction, brain cancer, ALS, and autism.

Money Morning Defense and Tech Specialist Michael A. Robinson expects Epidiolex sales alone to make $1.7 billion by 2026.

That’s just the tip of the iceberg…

You can already find CBD-based or -infused products in stores, including soothing massage cream, gummies for relaxation, hemp oil capsules, infused coffee, and vaping supplies. And because CBD also works with all mammalian systems, there are even products for pets.

Robinson expects that the overall global medical cannabis market will reach $55.8 billion by 2025.

And Robinson has uncovered a Canadian company at the center of the cannabis oil explosion.

Robinson has recommended and followed this cannabis company for two years, and it keeps getting better.

On May 24, the company uplisted, and its shares are currently trading on the New York Stock Exchange, in addition to trading on the Toronto Stock Exchange.

This move will help unlock the stock’s full potential by bringing it a wider audience, greater liquidity, and potential appreciation.

And this pot stock just raised $500 million, the largest ever for a cannabis firm…

One of the Best Ways to Play the Cannabis Boom

Canopy Growth Corp. (NYSE: CGC) is the biggest cannabis grower in Canada and is constantly expanding its capacity.

In addition to exposure in the blossoming Canadian market, Canopy already has agreements to export products to Germany, Australia, Spain, Denmark, Jamaica, Chile, and Brazil.

But over the past year, the company started to focus on cannabis oil products, which carry higher profit margins. Sales from oils increased 107% year over year, and the segment’s contribution to overall revenue rose from 14% to 18%.

Corporate investors also took note as the giant adult beverage maker Constellation Brands Inc. (NYSE: STZ) took a 9.9% stake in the company and has an option to buy more. Constellation is no stranger to this market, either, as it gained a strong presence in California ahead of that state’s vote for full legalization on Jan. 1 of this year.

Canopy’s strong performance in the stock market shouldn’t surprise anyone who is following the company either. Earlier this month, the company raised $500 million Canadian via convertible note offering, which was the largest ever in the cannabis space.

The offering was upsized 25% from the previously $400 million Canadian aggregate principal amount announced just two days prior.

That gives it the capital it will need to expand – and dominate – the cannabis space.

And it won’t be just for casual smokers. CBD oils will appear in many products, and as more and more governments – from state to federal – realize that cannabis is for healing, not just recreation, this industry will reach its tipping point.

From there, the sky’s the limit, especially as cannabis legalization continues across North America…

Source: Money Morning