Our Favorite Marijuana Stock is ExplodingJune 21, 2018
In early June 2018, we highlighted the four marijuana stocks to buy and hold for the long-term.
Those included Kush Bottles (KSHB), Canopy Growth (CGC), OrganiGram Holdings (OGRMF) and GW Pharmaceuticals (GWPH). If you haven’t taken a position just yet, there’s still plenty of time. We believe the run higher has only just begun as more states approve the use of marijuana, and as Canada just legalized it countrywide.
By 2021 analysts say Canada could have nearly four million recreational marijuana users, creating a monstrous $4.5 billion industry. The industry could balloon to $8.7 billion shortly after, as marijuana retail sales just in Canada are likely to surpass beer, wine and spirit sales combined. That’s big money.
Of all of the marijuana trades, one of our favorites continues to be Canopy Growth (CGC), which is still a buy after exploding from a June 2018 low of $28 to a current price of $35.67. With a price target of $40, we’re still bullish on the stock. Buy.
Marijuana may still be one of the most controversial topics among investors, but we can’t ignore the fact that it’s also one of the most profitable stories around.