The $10.8 billion legal cannabis market could grow to over $66.3 billion by 2025. Money Morning Director of Cannabis Investing Research Greg Miller says it could even "jump to over $300 billion practically overnight."
And our best penny stock to watch right now is going to grab a piece of that.
Not only is this stock a great long-term hold, but it's also poised to rise 234% in 2020 with another surge in the cannabis legalization wave.
You see, there are 17 ballot measures across 10 states right now to legalize medical or recreational marijuana. The ones that get enough signatures will end up on voter ballots in 2020.
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Arizona, Florida, New Jersey, Nebraska, Idaho, North Dakota, South Dakota, Mississippi, Arkansas, and Missouri all have ballot measures in play.
If even a few of these states legalize marijuana, it will be a huge catalyst for our top penny stock to watch. This stock has equity in several states right now, and it's still growing, with ambitions to be the biggest pot company in the United States.
If you're interested in cannabis stocks, our friends over at the National Institute for Cannabis Investors have all the resources and research you need to start investing in this growing industry. Plus, they'll show you some of the best cannabis stocks on the market.
With that in mind, here's our penny stock to buy with 234% upside potential. It's one of the top penny stocks in 2020 and beyond...
The Best Penny Stock to Watch Right Now
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Chicago-based Cresco Labs Inc. (OTCMKTS: CRLBF) is one of the largest cannabis companies in America. It has stake in Arizona and Florida, but the company is clearly looking to expand as legalization unfolds across the country.
As of last year, when it acquired Arizona Facilities Supply LLC, Cresco caters to 170,000 medical marijuana patients.
The company nearly merged with Florida's VidaCann, another line of dispensaries, in 2019. Though the deal fell through, Cresco still has ambitions for the Florida market. CEO Charlie Bachtell has said that entering Florida is a big part of the company's strategy and an "important milestone" for the company.
The good news is that Cresco spared itself $120 million in near-term cash requirements by scrapping the Florida deal. Plus, the same week the VidaCann merger was canceled, Cresco announced the sale-and-leaseback of two of its properties in Ohio and Michigan for $38 million.
Canceling the VidaCann merger and selling those properties amounts to $158 million added to its balance sheet. This is great news for shareholders, current and future, because it shows management is responsible with their money.
And it's still only a matter of time before this company buys into the Florida market. The Florida pot industry is set to grow to $1.3 billion in the next five years. But, for now, CEO Bachtell maintains the goal of building the "most important, enduring company in U.S. cannabis."
Cresco is jumping on every opportunity as the legalization measures unfold state by state. They also currently own dispensaries in Nevada and California, including California's largest cannabis distributor, Origin House.
Cresco grew its work force threefold in 2018, and its sales went from $10.9 million to $43.2 million - more than 296% growth, no doubt due to the influx of states legalizing marijuana medically and recreationally.
The stock is trading for $5.44 right now, but the lowest analyst estimate for Cresco is $9.09, which is a little over 67%. That's a solid gain over a short period, but it's also the most conservative.
The average 12-month target on Wall Street is $12.97, a 138% jump. And the highest is $18.18... a 234% rise.
Don't Miss the Next "Big One": Anyone who passed on a little-known tech company in 1997 is haunted by a lost 11,200% windfall, as it went on to be an industry giant. Today, folks who snub the cannabis sector could be tomorrow's cautionary tale. You're not too late to lock in an opportunity on the ground floor, but this window won't stay open long... Click here for the details...