April 20 has become the unofficial holiday for marijuana users. So now's a good time to look at the red hot sector. Cannabis stocks are soaring as the business goes legit.
New York For decades, though nobody was really sure why, April 20 has been the unofficial holiday for marijuana users and a joke by and about them. Now, though, it's also a reminder of how quickly marijuana is moving from illegal and a joke to a multi-billion dollar legal business — and a good time for us to take another look at how well cannabis stocks have been doing.
Publicly traded cannabis companies have reported strong sales since Canada legalized pot last October and several US states voted to approve recreational and medical marijuana use. Cannabis has also gone mainstream thanks to big investments and partnerships between marijuana sellers and blue chip consumer companies.
Canopy Growth co-CEO: Product opportunity is 'substantial' 05:27Rob Almeida, global investment strategist with MFS Investment Management, said investors may be getting ahead of themselves. He's worried that cannabis stocks are going to turn out to be an investing fad like 3D printing and blockchain companies. "Cannabis is not going to have parabolic growth," Almeida told CNN Business."There is a lot of hope and enthusiasm.
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