After an Exceptional 2020, Can This Pot Stock Maintain Its Momentum?
Marijuana sales skyrocketed in 2020. This pandemic-induced boom took the U.S. cannabis industry to great heights. Among the stocks affected was Illinois-based Green Thumb Industries (OTC: GTBIF), whose exceptional performance last year makes it my top cannabis pick right now.
The company's actions last year showed how important it is for a company to strengthen its position in its home state. Illinois legalized recreational cannabis on Jan. 1, 2020, and saw record-breaking sales throughout the year -- total legal marijuana revenue hit the $1 billion mark, with $669 million of that coming from recreational pot. If one new legal cannabis market can bring in this much sales, imagine what the growth will be when federal legalization happens -- the possibility of which is rising.
Green Thumb rode this cannabis wave to success last year. Here's why it is not too late for investors to join in.
Source Fool.com
