Why This Pot Stock Could Be A Better Buy Than Canopy Growth in 2020
Canopy Growth (NYSE: CGC) trades at a $7 billion market cap and, despite shedding half of its value over the past six months, the stock is still an expensive buy. The stock will likely recover if marijuana becomes legal in the U.S. and the company can finally enter the market through its pending acquisition of Acreage Holdings. But for now, cannabis investors are better off looking elsewhere. And the U.S. market already has many appealing pot stocks where investors can take advantage of the industry's rapid growth.
One cannabis stock that stands out is Planet 13 Holdings (OTC: PLNHF). The Nevada-based company could be one of the hottest pot stocks to buy in 2020. Here's why:
With a great location in Las Vegas -- a city that brings in millions of tourists every year -- Planet 13 has the advantage of tapping into local and foreign customers. Granted, Planet 13 isn't the only cannabis company in Vegas. But it's not just the city that makes the stock a hot buy -- it's the company's SuperStore, located near the Strip, which promises to be a hub for not just cannabis, but entertainment and dining as well.