It wasn’t long ago when investing in marijuana meant giving your buddy money for seeds, grow lamps, and bail money for when he would inevitably get caught with weed and go to jail. Times are different now.
8 states have legalized the use of recreational medical marijuana while 28 states have legalized the use of medical marijuana. The change of opinion by the general public regarding marijuana and the level of social acceptability has also created a profit opportunity.
It is difficult to argue with the growth rate of MJ stocks over the last few years. Marijuana penny stocks have seen some of the highest growth rates of any stocks in recent history and we don’t see that growth slowing down any time soon. In fact, some of the best marijuana stocks to buy have been lower priced cannabis penny stocks over the past couple years.
Below are the top 10 pot stocks to watch that have the potential to double or triple in 2017. As medical marijuana continues to become more accepted and legalized around the country, medical MJ stocks will continue to gain popularity and recognition from the rest of the stock market. Also, pay attention to the hype around the cryptocurrency trading trend in 2018. This could be like trading marijuana stocks in 2016!
Why People are Investing in Marijuana Stocks
The next gold rush will get its investors higher than the pot that is creating the opportunity for the profits. This new medical marijuana market could be worth upwards of $21 billion by 2020 according to some estimates. Do you have your favorite marijuana penny stocks picked out yet?
The process of selecting the best cannabis stocks to invest in starts with doing some research on the current state of affairs for this delectable marketplace. Colorado was the first state to legalize recreational marijuana and sales for the fiscal year ending June, 30th 2016 exceeded $1 billion for the first time in US history. The growth of Colorado’s medical marijuana and recreational marijuana is projected to more than double by 2020.
Market experts differ regarding projections for growth in the marijuana market as well as which are the best stocks to buy in the marijuana niche. The one thing they all agree on is that the marijuana market is a multi-billion dollar titan of growth that has not been seen in the stock market for years. Some advisors, including Matt Karnes from GreenWave, estimate the compound annual growth rate for the marijuana sector to be pushing 35% by the year 2020.
35% per year is an incredible projection, but this doesn’t come close to some other market analysts who are projecting that the market could climb higher than $50 billion in the next 10 years provided that marijuana is legalized on a federal level.