Which Is the Better Cannabis Growth Stock for You: Cresco Labs or TerrAscend?
Cannabis stocks have seen a resurgence over the last month thanks to recent moves that point toward the U.S. reclassifying the drug and allowing more open banking for cannabis companies. In the long term, cannabis stocks, while risky, offer some of the best possibilities for growth.
Only six states in the U.S. don't allow cannabis sales in any form: South Carolina, Idaho, Kansas, North Carolina, South Dakota, and Wyoming. The number of states allowing both medicinal and adult-use sales has grown to 24. Federal decriminalization probably would make the sector more profitable. One report by Fortune Business Insights puts the compound annual growth rate (CAGR) for the U.S. cannabis market at 34% between 2023 and 2030.
U.S. cannabis sales are forecast to come in at $33 billion this year and rise to $57 billion by 2028, according to MJBizDaily. If the Drug Enforcement Administration, at the request of the Department of Health and Human Services, reclassifies cannabis as a Schedule III drug rather than a Schedule I substance as it is currently listed, it will open the door to lower income taxes for cannabis companies.
Source Fool.com
