Why Marijuana Stocks Got High in 2017
Marijuana stocks have had a great year, to say the least, as most have at least doubled if not more than tripled in value.
Marijuana stocks have had a great year, to say the least, as most have at least doubled if not more than tripled in value. While a bullish market has pushed these stocks higher, there are several other reasons behind this year’s marijuana rally.
The rapid sales growth of the industry has attracted investors from all around the globe. Regardless of the source, analysts forecast substantial annual growth from the legal marijuana industry. Marijuana research firm, ArcView has predicted North American legal marijuana sales to grow twenty-six percent annually between 2016 and 2021. If this estimate is correct, the North American market would generate nearly $22 billion annually in sales. Cowen & Co. went a step further. The investment firm believes that by 2026, U.S. marijuana sales will reach around $50 billion. The rapid growth of the industry is hard to ignore, which is why investors continue to dig deeper into their pockets for marijuana stocks.
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