Finally! A Marijuana Stock Without an Astronomically High P/E Ratio

The marijuana industry is growing like a weed, and stock investors have really begun to take notice. According to a recent report from Marijuana Business Daily, U.S. legal weed sales are expected to grow by a blazing 30% in 2017 to a range of $5.1 billion to $6.1 billion, tack on another 45% growth in 2018, and march toward $17 billion in legal sales by 2021. Investors have struggled to find industries with a quicker compounded annual growth rate than marijuana stocks.

Favorability toward marijuana has also dramatically shifted in just two decades. Back in the mid-1990s, the federal War on Drugs was still underway, and a mere one in four respondents in Gallup's survey on marijuana wanted to see it legalized nationally. As of 2016, when Gallup conducted its latest poll, 60% of respondents wanted to see recreational cannabis legalized, which represents an all-time high. This rapid change in pot's perception has been critical to the legislative push we've witnessed in select states that have since legalized the drug. Today, 29 states have legalized medical cannabis and eight have OK'd the use of recreational, adult-use weed.

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Source: Fool.com