It's 4/20. Cannabis stocks are smoking hot
April 20, 2021. Summarized by summa-bot.
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Marijuana plants grow in the Mother Room at the Canopy Growth Corp. facility in Smith Falls, Ontario, Canada, on Tuesday, Dec. 19, 2017. Canadian medical marijuana is setting the stage to go global. The country's emerging legal producers have a chance to seize opportunities in other countries that could make them worldwide leaders, according to??Canopy Growth Corp.??Chief Executive Officer??Bruce Linton. Photographer: Chris Roussakis/Bloomberg via Getty Images
In honor of April 20 -- aka "weed day" -- we figured it was worth pointing out that cannabis stocks are smoking hot.
Now that New York and New Jersey have also legalized recreational cannabis, nationwide sales could explode this year given how big these two markets are.
It's a great first step," said Chris Driessen, CEO of Slang Worldwide, a consumer packaged goods company Canopy has invested in which makes vaping products and cannabis-infused candies, gummies and other edibles.
"There are new adopters coming on line and a lot of product innovation that you had never seen in the black market," Karban added, noting that things like cannabis-infused butter are now becoming increasingly popular.
ETF Managers Group's Wilson agreed that "sales growth should remain strong for the foreseeable future as more states legalize, and as more 'canna-curious' consumers enter the market in states that are currently legal. " The fund owns cannabis pure plays like Canopy and Aphria.
Meb Faber, the CEO and chief investment officer of Cambria, said in an interview with CNN Business that cannabis in 2021 could be as lucrative as tobacco and alcohol companies were in the early days of those industries.