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.
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.
Connecticut just became the 19th U.S. state to legalize recreational cannabis. While it’s not exactly a game-changer for the U.S. cannabis industry, Connecticut has a shot at growing into a $1 billion cannabis market within the next five years.
For the last few years, the cannabis sector has experienced extended periods of strength followed by large pullbacks that lasted on average three to six months. During this period, buying cannabis stocks on a pullback has been a highly effective strategy.
Today, investors want to know if this a good time to buy cannabis stocks…
It’s one of Wall Street’s best-kept secrets – a studied market anomaly that helps investors ride a move after a company reports an earnings surprise. And right now looks like a great time to apply this strategy to the cannabis sector after two of the most exciting cannabis stocks just crushed fourth-quarter expectations.