Cannabis stock futures are on the rise, with the price of a 1-ounce package of the plant hitting an all-time high of $2,086 on Monday.
The average price for an ounce of cannabis is $4.99, according to data from the New York Stock Exchange, and investors are buying the plant at the fastest rate in five years.
The surge in price comes amid a broader market surge as more states and cities decriminalize the possession of the drug.
Cannabidiol, or CBD, is the active ingredient in marijuana, and it has been used to treat certain types of pain, seizure disorders and cancer.
The drug’s popularity has grown amid an uptick in medical marijuana dispensaries and growing support from President Donald Trump and some in Congress for its legalization.
The number of states and the District of Columbia that have legalized recreational marijuana is rising.
And more than half of Americans say they would support legalizing the drug if they could, according a new poll from Gallup released on Monday, though only 36 percent said they support marijuana legalization outright.
On the other side of the spectrum, some stocks have been trading flat or down in recent weeks as investors worry about the impact legalization will have on the U.S. marijuana industry.
On Tuesday, the New Jersey-based medical marijuana company CannaMed Holdings Inc. dropped 6.3 percent after its stock was down nearly 8 percent in a week.
The rise in price for cannabis has also been accompanied by a decline in demand for the plant.
As people turn to other products for relief, some marijuana stocks have seen their prices fall.
For example, the stock of cannabis company Hemp Pharma Inc. fell 8.4 percent on Monday after the company reported that it was expecting a drop in orders as the legal market for the drug loosens.
The Cannabidios Cannabis Stock Index has climbed more than 15 percent this year.