There are no guarantees, of course, but these stocks appear to be reasonably good bets for doubling in the not-too-distant future.
Nearly any stock has the potential for doubling your money. You just might have to wait a really long time. But are there stocks that could generate total returns of 100% or more without waiting decades for it to happen? Yes.
Three stocks that look like pretty good candidates right now are CannaRoyalty(NASDAQOTH:CNNRF), General Electric (NYSE:GE), and Novavax (NASDAQ:NVAX). Here’s why I think these stocks could double within the next few years.
I have referred to CannaRoyalty as the best under-the-radar marijuana stock I’ve seen so far. The company is headquartered in Canada but ranks as the largest distributor of legal cannabis products in California. It also markets several of its own brands of cannabis flowers, edibles, and vapes.
CannaRoyalty’s market cap currently stands at close to $300 million. That’s a high valuation based on the company’s low sales over the last 12 months. But CannaRoyalty looks dirt cheap compared to most Canadian marijuana stocks.
There are three reasons why I think CannaRoyalty’s share price could double over the next few years. First, California is the largest legal marijuana market in the world, and its total marijuana sales should more than double by 2022 to $7.7 billion. CannaRoyalty will profit from this growth. Second, CannaRoyalty is expanding into Nevada, another high-growth market. Third, I think there’s a reasonable chance that the U.S. will revise federal laws to get out of the way of states that have legalized marijuana.
In my view, the first two factors should pave the way for CannaRoyalty’s share price to increase steadily and double over a multiyear period. But if the U.S. changes its federal marijuana laws, this is a stock that I could see doubling in a matter of a few weeks.