Why This 1 Marijuana Stock Could Bring Life-Changing Returns
Did you give up on marijuana stocks after their disastrous 2019? The industry benchmark, the Horizons Marijuana Life Sciences ETF, slumped 36% last year, compared to the S&P 500's increase of 29%. If you decided to hold on your shares despite the industrywide setbacks, you've been on a wild ride. The coronavirus pandemic helped cannabis sales surge as people started accepting it as a consumer staple product, but the benchmark ETF is still down 31% since Jan. 1.
Both Canada and the U.S. saw impressive sales numbers this summer. The Canadian market, which has always been challenged by the black market, saw legal cannabis sales surpass illicit sales for the first time in the second quarter. In the U.S., states including Illinois -- a rather new recreational pot market -- have broken sales records. Illinois saw a massive $431 million in total sales between Jan. 1, when legalization took effect, and September.
The U.S. cannabis stocks are among the best in the industry right now, with many sporting triple-digit revenue growth. Their Canadian counterparts are also catching up, barring a few that have miscalculated supply and demand. But there is one company that could bring life-changing returns if added to your portfolio now. Canada-based Canopy Growth (NYSE: CGC) might not currently be in the same space as its U.S. counterparts, but has a bright-looking future. Let's see why.
Source Fool.com
