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Prior to this awful coronavirus outbreak, legal marijuana sales were projected to reach $2.6 trillion by 2030. At the end of 2018, legal marijuana revenue was just $10.8 billion.
Is that 20,000% growth still in the cards for the marijuana industry?
About a third of the economy could slip away this summer. The U.S. Federal Reserve estimates more than 30% unemployment through the COVID-19 crisis. The cannabis industry has taken a hit too. The ETFMG Alternative Harvest ETF (NYSEArca: MJ) is down 37% since the start of 2020.
Now, with everything locked down and only "essential" stores open, some cannabis stocks are struggling.
But good news, cannabis investors. Supply chains in the marijuana industry are down but not out. In fact, our top cannabis stock today is poised for 114% growth over the next 12 months.
Why the Marijuana Sector Isn't Lost
We expected some huge gains for marijuana stocks as legalization became a more central topic approaching elections this year.
Much has changed with a surprise pandemic slowing production of vape pens, trade shows, and tourism to legal cannabis states such as Nevada.
But the cannabis trend is not going away. You could at least expect marijuana to thrive once the pandemic subsides. It's becoming more of a staple in everyday life as medical and recreational use is normalized.
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So much so that medical marijuana dispensaries are remaining open in many states during lockdowns. Dispensaries are considered "essential" in at least 20 states.
Some cannabis products are even available in grocery stores. For example, CBD oils and lotions from CV Sciences Inc. (OTCMKTS: CVSI) are available at Kroger Co. (NYSE: KR) and Harris Teeter. These will remain open in all states during the lockdown.
Marijuana seems to have a long-term foothold that's only getting stronger amid the viral outbreak. And certain marijuana stocks are at incredible values right now. So when you hear this is the "buying opportunity of a lifetime," believe it.
No one expected to have a crack at today's top pot stock at its current price. Here's one of the best cannabis stocks to buy for 114% gain this year...
The Top Cannabis Stock for the Coronavirus Crash
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About the Author
Mike Stenger, Associate Editor for Money Morning at Money Map Press, graduated from the Perdue School of Business at Salisbury University. He has combined his degree in Economics with an interest in emerging technologies by finding where tech and finance overlap. Today, he studies the cybersecurity sector, AI, streaming, and the Cloud.