Amazonas Florestal Ltd (AZFL)

[Nascarrat]

CNBC

Importantly, the addressable market continues to grow state by state,” he said. “Each state that has a medical program seems to be advancing and moving towards [recreational use]. Those that don’t have a medical program are beginning to go through that ballot process.”

The U.S. cannabis market has grown to around $23 billion while the Canadian market sits at roughly $4 billion, according to Headset. Arkansas, Florida, Idaho, Mississippi, Missouri, Nebraska, North Dakota and Ohio all have cannabis-related initiatives on their 2022 ballots, according to Ballotpedia.

Decriminalization at the federal level will also eventually be a huge plus for the group, as it would allow U.S. cannabis companies to trade on major exchanges and gain access to some of the world’s largest investors, Seymour said.

“If you’re investing now in cannabis you’re largely in ahead of some of the biggest investors in the world and I think that’s part of the excitement,” he said.