With an increasing number of states legalizing the use of cannabis for medical and recreational use, the cannabis industry is attracting significant investor attention. This, along with optimism surrounding the potential for federal decriminalization of cannabis, and growing awareness of the possible health benefits of cannabis, makes Wall Street bullish about the prospects of fundamentally sound pot stocks Green Thumb (GTBIF), The Supreme Cannabis Company (OTC:SPRWF), and CV sciences (CVSI). Analysts believe these stocks could rally by more than 50%. So, read on for details.Amid widespread legalization, increasing sales, and growing medical and recreational usage, the cannabis industry continues to attract the limelight. In fact, last month, Senate Majority Leader Chuck Schumer said on the floor of the upper chamber that he hopes to see an end to marijuana’s prohibition by next year’s 4/20. Now that federal decriminalization is up for discussion, pot stocks’ prospects look bright.
In just the past seven months, conservative Mississippi, Montana, and South Dakota, along with state legislatures in New York, New Mexico, and Virginia, have approved bills to legalize cannabis for recreational use. With more lawmakers from Delaware to Minnesota working on ending the prohibition, the cannabis industry has the potential to gain more momentum. Also, a growing awareness of the medicinal benefits of cannabis, and surging demand for plant-based treatments in pain management, are among the key factors that are expected to drive the industry’s growth. In fact, the cannabis market is estimated to grow at a 28.0% CAGR over the next 5 years to reach $90.4 billion.
Given these industry tailwinds, Wall Street analysts are placing huge bets on cannabis stocks. Specifically, they expect financially strong stocks Green Thumb Industries Inc . (OTC:GTBIF), The Supreme Cannabis Company, Inc. (SPRWF), and CV Sciences, Inc. (OTC:CVSI) to rally by more than 50% over next 12 months.