© Reuters 3 Cannabis Stocks Wall Street predicts a rally of at least 25%
The rapid pace of legalization at the state level and significant advances in decriminalizing cannabis at the federal level keep Wall Street optimistic about the upside potential of several fundamentally solid stocks in this space. Three examples of these stocks that analysts believe are well positioned to rise at least 25% over the next 12 months are: Trulieve Cannabis (OTC :), Cresco Labs (OTC :), and KushCo Holdings (OTC :). Continue reading. Formerly illegal, cannabis use is now well on its way to becoming mainstream. More than a dozen states have already legalized marijuana for recreational use. And last month, Governor Andrew Cuomo signed a bill passed by state lawmakers to legalize recreational marijuana in New York. The legislature will expand New York’s existing adult medical marijuana and cannabinoid hemp programs and formulate licenses for cannabis producers.
Virginia lawmakers recently passed a law legalizing simple marijuana possession and limited home growth effective July 1, 2021. This makes it the first state in the south and the 17th state overall to legalize recreational cannabis. Although cannabis is still considered a controlled substance according to federal government guidelines. But changing social attitudes, particularly because of its medical benefits, have underpinned the widespread legalization push.
This, along with the endorsement of federal decriminalization by many state governors, makes Wall Street analysts optimistic about the industry’s prospects. Based on the consensus pricing targets, Trulieve Cannabis Corp. (TCNNF), Cresco Labs Inc. (CRLBF) and KushCo Holdings, Inc. (KSHB) will grow at least 25% over the next 12 months.
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