NEW YORK (AP) — General Motors plans to spend $800 million to turn a Canadian SUV plant into one that will make electric delivery vans.
Work on the plant, which is in Ingersoll, Ontario, will start immediately and take two years. The plant currently makes Chevrolet Equinox SUVs.
The electric delivery vans are part of GM's new venture BrightDrop, which is building electric vehicles for delivery companies. The growth of online shopping has increased demand for electric vans as delivery companies look for cleaner vehicles to deliver packages.
BrightDrop's first customer is FedEx, which will begin receiving GM's EV600 electric vans later this year.
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12 Marijuana Stocks to Buy Now
There are now more than 50 publicly-traded companies operating in the cannabis industry. Most of these companies aren't directly growing and selling marijuana themselves, but they do stand to benefit greatly as more states legalize the sale and possession of marijuana. Some of these marijuana stocks are media companies. Others are privately studying the medical uses of marijuana. Yet others are providing tools and software for marijuana growers. As more cannabis companies file IPOs and enter the stock market, it will become increasingly difficult for investors to identify which marijuana stocks will truly benefit from the cannabis boom.
Our subscribers have begun digging through these companies, checking out their financials, business models and long-term growth prospects. They know that some "marijuana stocks" are just empty shell companies that deserve to be penny stocks, but they also recognize there are some legitimate and growing companies that truly stand to benefit from the green rush. As a group, they have added 10 different cannabis stocks to their watchlists and are actively investing in them. More than 1,400 MarketBeat subscribers are now following our top-trending cannabis company.
This slide show lists the 12 pot stocks that MarketBeat subscribers are have added to their watchlists and are actively monitoring.
View the "12 Marijuana Stocks to Buy Now".