With increasing legalization at the state level and increasing acceptance of recreational and medical use, the cannabis industry is expected to grow significantly this year and beyond. Wall Street analysts are particularly bullish on cannabis stocks like Cresco Labs (OTC:CRLBF), GrowGeneration Corp (NASDAQ:GRWG), and Zynerba Pharmaceuticals (NASDAQ:ZYNE).While marijuana remains prohibited at the federal level, it has gotten wider acceptance for medical and recreational purposes, with an increasing number of states legalizing its use. Moreover, in July 2021, three top U.S. Democratic senators unveiled a discussion draft of a bill that aims to legalize cannabis at the federal level, a move that would allow adults to buy and possess up to 10 ounces of marijuana without facing criminal penalties.
With the increasing use of marijuana to treat chronic diseases and for recreational purposes, the industry is expected to grow in the upcoming months. According to a Grand View Research report, the global legal marijuana market is expected to grow at a CAGR of 26.7% to reach $70.6 billion by 2028.
Given this backdrop, Wall Street analysts expect marijuana stocks Cresco Labs Inc. (CRLBF), GrowGeneration Corp. (GRWG), and Zynerba Pharmaceuticals, Inc. (ZYNE) to rally by more than 70% in the upcoming months. So, it could be wise to add these three stocks to your watchlist.