Canopy Growth (NASDAQ: CGC) is one of the biggest names in the cannabis industry. For years, the company has been at the forefront of the legalization movement in Canada. And it also is looking to be a key player in the U.S. pot market in the future. The company has struggled to generate significant growth of late but it's bullish on its long-term prospects. Where could the company be 10 years from now, and is it worth investing in the business for the long haul?

Within the next decade, there's the possibility that the U.S. legalizes marijuana and the cannabis market opens up for business. That would be the ideal situation for Canopy Growth because it would allow the company to enter the largest cannabis market in the world. By 2030 alone, the U.S. cannabis market could be worth more than $40 billion, according to a recent estimate from Grand View Research, which projects the industry will grow at a compound annual rate of 14.2% between now and then.

Canopy Growth has been preparing for the opportunity for years; in 2019, the company made plans to acquire multi-state operator Acreage Holdings once it became permissible to do so. That day hasn't arrived yet but the company is still looking to consolidate the U.S. businesses it has interests in through Canopy USA, a special purpose vehicle.

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Source Fool.com