Cannabis Sector Currently Offers ‘Generational Wealth Opportunity’ – Investing.com

Cannabis Sector Currently Offers ‘Generational Wealth Opportunity’ – Investing.com

For people who wonder if the cannabis sector will ever see the type of growth it generated when the industry exploded onto the investing radar in 2018, after Canada became the first G7 country to legalize the weed, they got a clear indication last week.

The source was a prominent Jefferies analyst who described the future of the cannabis industry as a “generational wealth opportunity” for investors. The comment was part of a note announcing the initiation of coverage of seven U.S.-based marijuana companies.

Jefferies analyst Owen Bennett set a ‘buy’ rating on all seven companies that will now be covered: AYR Strategies (OTC:), Columbia Care (OTC:), Curaleaf Holdings (OTC:), Cresco Labs (OTC:), Green Thumb Industries (OTC:), Terrascend Corp (OTC:) and Trulieve Cannabis (OTC:) Corp.

Bennett said he expects the share price of each of these companies to double over the course of the next 12 months, reportedly saying the increase will be spurred by growth in the industry as the U.S. inches closer and closer to federal legalization.

According to a report by BNN Bloomberg, Jefferies expects American cannabis sales to expand dramatically over the coming decade—from US$17 billion, where it stood in 2020, to about US$64 billion