The marijuana industry has blossomed before our eyes in a very short period of time. Having long been considered a taboo topic, cannabis is now a validated business model following the legalization of recreational weed in Canada this past October. It also doesn’t hurt that two-thirds of all U.S. states have given the green light to medical marijuana in some capacity, and that more than two dozen countries worldwide now allow medical cannabis to be prescribed by a physician.
As the pot industry buds, big dollar figures are soon to follow. According to investment banks Jefferies and Cowen Group, global weed sales are projected to hit $50 billion by 2029 and $75 billion by 2030, respectively. That’s a lot of money given that the global marijuana industry tallied less than $13 billion in legal sales in 2018, and it presumably has to go somewhere. That’s why marijuana stocks have been so popular in recent years.
Since the year began, the Horizons Marijuana Life Sciences ETF, the very first cannabis-based exchange-traded fund, has risen by 54%, through this past weekend. Of course, some marijuana stocks have done even better, such as CannTrust Holdings (NYSE:CTST), which is up 72% year to date.