3 Top Fastest-Growing Pot Stocks
Over the past few years, the cannabis industry has been growing at an exponential rate. According to Grand View Research, the legal marijuana market is anticipated to reach $73.6 billion by 2027 from $17.7 billion in 2019, marking a compound annual growth rate (CAGR) of more than 18%. It hasn't been an entirely smooth ride -- federal legalization issues in the U.S., oversupply and lack of demand in Canada, and other headwinds have dragged on many pot stocks in recent months. But sales are up significantly amid the COVID-19 pandemic, with cannabis declared an "essential item" and many people stockpiling it to relieve anxiety (and boredom).
As of 2019, the medical marijuana segment held the most market share at 71%, but recreational use is rising, with four more U.S. states voting to legalize adult cannabis use this month. Companies such as GrowGeneration (NASDAQ: GRWG), Truelieve Cannabis (CNSX: TRUL), and Curaleaf Holdings (OTC: CURLF) have all contributed to this exploding industry, and all three are growing like weeds (sorry). Here's how and why they might fit into your portfolio.
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Source Fool.com
