Start the conversation
The legal cannabis market is already worth $10.8 billion, and that figure could skyrocket to $66.3 billion by 2025. And one of the top penny stocks to buy in 2020 has the potential to jump 210% from there.
This year, across 10 U.S. states, there will be 17 ballot measures aimed at legalizing either medical or recreational marijuana. Of those, the ones that can achieve enough signatures will go before voters in November 2020 for a final decision.
The states that have possible ballot measures include Florida, Arizona, Idaho, Nebraska, North Dakota, South Dakota, Arkansas, Mississippi, New Jersey, and Missouri.
Not all of these states will have measures that get approvals from voters, but any handful of successes will be a major catalyst for our top penny stock pick.
Uncovering the best pot stocks is going to involve some deep digging and a time investment.
We're uncovering one today. But there's plenty more from The National Institute for Cannabis Investors. The NICI team stays at the forefront of this exploding industry and can show you some of the top marijuana stocks to watch in 2020.
Before we show you our 224% gainer, here is what you need to know to make money with penny stocks. Then we'll reveal one of the top stocks to own in 2020 that's going to benefit from marijuana legalization.
Follow These Tips to Make Money with Penny Stocks
Penny stocks can be lucrative, but they also come with a higher risk profile.
If you're going to invest in these stocks, Money Morning recommends that you limit your exposure and use something like the 50-40-10 allocation model. With this, just 10% of your overall portfolio will go into speculative picks, which include penny stocks.
Further, you can avoid many of the common penny stock scams by using some extra caution. If someone calls you out of the blue or sends you an e-mail to tell you about a once-in-a-lifetime opportunity, be skeptical.
Now, here is our pick for one of the best penny stocks right now, getting ready to soar as cannabis legalization continues to spread across the United States.