Nevada’s strong economic post-COVID recovery is driving the state’s booming cannabis market.
Nevada recorded GDP growth of 9.7% in the second quarter, the best growth rate of all 50 U.S. states, beating Hawaii’s 8.9% GDP growth. This strong economic recovery has given Nevada’s legal cannabis industry a big boost.
Nevada just reported record cannabis sales of more than $1 billion in the last twelve months, smashing the previous year’s taxable sales of only $685 million.
Legal cannabis is one of the few industries that continued to grow in 2020 despite the economic collapse triggered by COVID-19.
Denver is thriving and one of the strongest markets in the U.S. A new report from the City of Denver shows that cannabis sales hit a record $715 million in 2020, up 21% from record sales in 2019. That created tax revenue of $70 million for the city of Denver – a windfall for local politicians.
The U.S. cannabis industry is on the verge of its biggest win of 2021.
It looks like some major cannabis legislation has a strong possibility of being passed in the next few weeks – and if it does pass, it could set the stage for a monster cannabis stock rally into the end of the year.
After getting off to a slow start, the California legal cannabis industry is thriving.
The latest evidence?
California just revealed that it collected $817 million in legal cannabis taxes in fiscal 2020-2021, up an eye-popping 55% from the previous year. Tax revenue for the fourth quarter totaled $212 million, topping the 3-month average since legalization rolled out. Continue reading “California Cannabis Stock on Sale by 45%”→
Investors searching for a catalyst to pull cannabis stocks out of this 7-month bear market should look to New York. New York Governor Andrew Cuomo’s recent resignation could be a solid catalyst for the U.S. cannabis industry.
New York voted to legalize recreational cannabis back in March of 2021. The process to get the market up and running had become stalled after Cuomo became embroiled in a dispute with the NY Senate.
Second-quarter earnings season is almost over. The big winner? The U.S. cannabis industry.
Some of the largest U.S. cannabis companies just reported another quarter of incredible sales growth. In fact, I don’t know of any other sector that is growing this fast. Here is a list of the best reports.
Ascend Wellness (OTC: AAWH) revenue was up 236% from last year.
Curaleaf Holdings (OTC: CURLF) revenue was up 166% from last year.
Green Thumb Industries (OTC: GTBIF) revenue was up 85% from last year.
Harvest Health and Recreation (OTC: HRVSF) revenue was up 84% from last year.