This is Why Cannabis Stocks Could See New Highs
CBD growth shows no signs of slowing. Retailers like Sephora, CVS, Kroger, Wegman’s, and Vitamin Shoppe are stocking shelves with it. U.S. approval ratings are increasing. In fact, a Gallup poll shows support at a new high of 68% from 66% year over year.
“The latest data are from a Sept. 30-Oct. 15 poll, conducted before the election that saw marijuana legalization proposals on the ballot in several states. Voters in all of these states — Arizona, Montana, New Jersey, and South Dakota — authorized the legal use of recreational marijuana in the Nov. 3 election. They join 11 other states and the District of Columbia in legalizing pot for recreational purposes.”
Over the next five years, analysts at Nielsen say CBD products could generate $6.9 billion over the next five years. Globally, Global Insights analysts say the market could generate $89 billion over that time. However, that’s just a small part of the story. With a new Administration heading to the White House, coupled with Democrats in control of Congress, there’s a higher likelihood of broad cannabis legalization.