The marijuana industry is growing like a proverbial weed, and marijuana stock investors have certainly taken notice. According to cannabis research firm ArcView, North American legal pot sales totaled $6.9 billion last year alone. However, by 2021, they could be pushing to north of $22 billion. Considering that more than $46 billion in weed sales was conducted under the table in 2016, there’s a multiyear, and perhaps even multidecade, opportunity for legal marijuana businesses to convert consumers from black market channels to legal customers.
The recent legalization of medical cannabis in Mexico, along with ongoing state-level approvals in the U.S., are expected to be a boon to the industry. But it’s the near-term promise of our neighbors to the north that could offer the biggest catalyst.
Will Canada’s maple leaf turn green for marijuana?