(C) Reuters. 2 Marijuana Stocks Wall Street Predicts Will Rally by 50% Or More
With an increasing number of states legalizing recreational use of marijuana, and federal level legalization up for discussion in Congress, analysts are optimistic about the upside potential of several fundamentally sound cannabis stocks. The price targets set by Wall Street analysts for Columbia Care (OTC:CCHWF) and Greenlane Holdings (NASDAQ:GNLN), for example, indicate that these two stocks could rally 50% or more over the next 12 months. So, let’s discuss these names.The marijuana industry has been gaining wider acceptance in the United States, with an increasing number of states legalizing cannabis for medical, recreational and other uses, eliminating the stigma once associated with its use. In fact, investors’ and analysts’ renewed confidence in the cannabis space has been buoyed by ongoing discussion around decriminalization of cannabis at the federal level.
So far, 18 states and the District of Columbia have legalized recreational use of marijuana. And with more states likely to legalize recreational marijuana in the coming months, the prospects of companies operating in this space look bright, and they are eagerly awaiting the opportunity to expand.
Furthermore, House Judiciary Committee Chairman Jerry Nadler’s reintroduction of the MORE Act amid a strong call for federal level reform from social justice advocacy groups also bodes well for marijuana companies. As such, analysts are extremely bullish about the cannabis industry. Based on consensus price targets, Columbia Care Inc. (CCHWF) and Greenlane Holdings, Inc. (GNLN) are expected to rally 50% or more over the next 12 months. We think extensive distribution networks and substantial growth in key markets should help these stocks deliver solid returns in the near term.
2 Marijuana Stocks Wall Street Predicts Will Rally by 50% Or More
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