This Potential Billion-Dollar Marijuana-Based Drug Suddenly Finds Itself in Deep Trouble
Few, if any, industries can claim the breakneck growth pace that legal marijuana is currently producing. Last year, cannabis research firm ArcView pegged North American legal weed sales growth at 34% and opined that growth between 2017 and 2021 in North America could average 26% per year. That type of consistent high growth is tough to come by, which is why investors have been almost relentlessly piling into marijuana stocks. Over the past year, the market caps for a number of top pot stocks have jumped by more than 100%.
Leading the charge higher has been a rapid change in the way the American public views cannabis. In 1979, per a CBS News poll, just 29% of Americans were in favor of legalizing marijuana across the country. By April 2017, this had jumped to an all-time record of 61%. Also, a separate poll from Quinnipiac University in April of this year showed that 94% of Americans support the idea of federally legalizing medical cannabis compared to just 5% who oppose it.
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Source: Fool.com
