$200 BILLION. . . That’s the latest forecast for the global cannabis market from one boutique Wall Street bank.
Analysts at Stifel just released the most bullish prediction.
They expect the global cannabis market will grow from $15 billion in 2019 to over $200 billion in the next decade.
The report says that Canada’s cannabis market is exciting in the near-term – due to the coming edibles, beverages and vape products.
The Canadian cannabis market could reach $7.6 billion within the next four years.
Meanwhile, the U.S. market dwarfs the opportunities in Canada. The U.S. market is expected to reach $100 billion within the next decade. And that would make it the biggest market in the world.
The outlook from Stifel is even more bullish than other forecasts.
Cowen & Co. says the global market will reach $75 billion by 2030.
Meanwhile, Bank of America expects a $166 billion global market. And the company thinks legal cannabis will disrupt existing industries with $2.6 trillion in annual sales.
Pot stocks have been rallying in recent weeks. In fact, the Horizons Marijuana ETF (TSE: HMMJ) is up 84% since March!
The recent move higher follows a steep selloff in early 2020.
However, cannabis companies are reporting an uptick in sales due to the coronavirus outbreak. Consumption has increased as many people are working from home and unable to socialize.
That’s just one of the reasons that Curaleaf reported a 158% increase in sales. And Green Thumb Industries reported a 268% jump in sales.
It looks like the sector is in the early stages of a bullish move higher. And I’m betting that this move will continue in the coming months.
My #1 cannabis stock to BUY NOW is privately held – and getting ready to go public.
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