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Amid all the craziness of this year, it's easy to think your investing opportunities are limited. But the CBD industry is still projected to soar.
Our best CBD penny stock to buy now could gain 800% by the end of the year. And we're going to show it to you today.
The legal marijuana sector was predicted to grow from $10.8 billion in 2018 to $2.6 trillion in 2030, according to the National Institute for Cannabis Investors. And guess what? Nothing has changed.
The only thing that's changing is the value of the CBD industry. It's growing fast, and now is the time to start looking at CBD stocks if you want to partake in this growth.
Penny stocks are a great opportunity in this market too. Because they trade under $5 a share, the price can take big leaps in a short amount of time.
We saw this happen with Cinedigm Corp. (NASDAQ: CIDM) today. It popped 325% after the company announced a partnership with Viewd, a Smart TV software provider.
A bit of good news like this can lead to big upside in a penny stock. So penny stock investors are always watching the news closely.
But when you have an explosive industry like CBD, things are made easy. We're going to show you our best CBD stock to buy. But first, here's how you can know that CBD penny stocks are going to take off…
Why CBD Stocks Are Going to Soar
Analysts are saying the CBD industry is going to have a compound annual growth rate (CAGR) of 125% through 2026. The average CAGR on the S&P 500 on the S&P 500 is just 7%. And everything happening with CBD stocks seems to be proving that projection.
People are buying up CBD products in droves. Candles, oils, and infused beverages are just the beginning. Professional athletes have even endorsed the substance for its healing purposes. Former NFL stars Steve Smith and Rob Gronkowski have been among those.
CBD penny stocks are going to see a lot of catalysts this year. In fact, they already have.
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CBD was considered an essential item in the COVID-19 lockdown. You could even buy it at grocery stores like Kroeger Co. (NYSE: KR) and Harris Teeter.
But an even bigger impact on CBD will be the publicity that marijuana receives as the year goes on. Legal marijuana is becoming more of a central topic in presidential debates. It's going to take front-and-center this November.
In fact, it was announced yesterday that the White House is reviewing a federal plan for CBD research by the FDA.
And that's a catalyst for our top CBD stock to buy now. Here's a whopping 800% potential growth penny stock…
The Best CBD Penny Stock to Buy Now
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.