Following a more than one-year downtrend, there’s no longer any doubt about it: Marijuana stocks are back in a big way.
Cannabis projects as one of the fastest-growing industries this decade, with a report from New Frontier Data suggesting that U.S. pot sales could potentially triple by 2025 to as high as $41.5 billion annually. Finding customers won’t be difficult. Rather, it’s a matter of legalizing cannabis and progressively moving consumers from illicit to legal channels.
Cannabis stocks were on fire in February
The excitement surrounding pot stocks was readily evident when analyzing their monthly returns in February. Whereas the benchmark S&P 500 ended last month higher by 2.6%, 10 marijuana stocks crossed the finish line with a gain of at least 20%. In descending order, the best marijuana stocks of February were:
- MedMen Enterprises (OTC: MMNFF): Up 208%.
- OrganiGram Holdings (NASDAQ: OGI): Up 66%.
- Sundial Growers (NASDAQ: SNDL): Up 63%.
- Aphria (NASDAQ: APHA): Up 46%.
- GW Pharmaceuticals (NASDAQ: GWPH): Up 40%.
- Tilray (NASDAQ: TLRY): Up 35%.
- Planet 13 Holdings: Up 29%.
- Harvest Health & Recreation: Up 27%.
- Curaleaf Holdings (OTC: CURLF): Up 22%.
- Cresco Labs: Up 20%.
This might seem like a random mashing together of cannabis stocks, but three trends stood out as catalysts behind these enormous gains. [Read more at Nasdaq]