It’s been touch and go for the stock market, I admit, but the global advancement of cannabis took some significant steps forward over the past few weeks.
This likely points to bigger gains for weed stocks, like the ones in my Nova-X Report Roadmap to Marijuana Millions model portfolio, just around the corner.
The momentum is unstoppable.
Earlier this week, I told my paid-up Nova-X Report readers that popular sentiment has moved much too far in favor of legalization of marijuana for anything – even Jeff Sessions – to stop it.
A Gallup poll last year showed 64% of Americans are in favor of marijuana legalization; more states are setting up legalization campaigns.
And none of this even takes into account the multibillion-dollar potential to be unlocked when the entire nation of Canada legalizes cannabis this summer, as we expect it will.
And just when it seems like things couldn’t get much better, they do.
Because now we hear that legal weed will be bigger than wine.
Just take that in for a moment – because it looms large among a couple of pot-bullish developments I want to tell you about this week.
$50 Billion Now, or $50 Billion Soon
I’ve just seen some astounding projections.
By 2030, according to a new report from research firm Cowen & Co., U.S. legal cannabis sales are set to reach $75 billion.
Compare that to the roughly $60 billion in U.S. sales of wine today.
Not only that, but Cowen found that in states with legal weed, binge alcohol drinking rates declined compared with states that only had medical marijuana provisions or none at all.
And Cowen’s projections could be an underestimate.
While Cowen forecasts the legal marijuana market to be worth $50 billion by 2026, beverage giant Constellation Brands Inc. (NYSE: STZ) already believes the sector is worth $50 billion today.
And as the pot industry attracts new customers – including more women and baby boomers – it’s diversifying its products to account for their shifting tastes.
Women surveyed in a January report by marijuana delivery platform Eaze said they’re spending 20% more each month on marijuana products, thanks to better access and safety. This higher spend is expanding well beyond traditional dried flowers, which Eaze CEO Jim Patterson said accounted for about a third of its total sales in recent months.
Instead, consumers are buying more new products, like buttonless vaping pens, edibles, and pre-rolled joints, as well as offerings that include cannabidiol, or CBD. That’s a non-psychoactive component of cannabis aimed at consumers seeking to treat physical pain or anxiety who don’t want to get high.
As I said, this is all good news for the bottom line of pot stocks everywhere – and our model Marijuana Millions portfolio components in particular.
Diversification of product lines means more ways to bring in revenue – and to add to share-price gains as more and move investors discover the profit potential.
As more and more folks “turn on” to easily available legal cannabis, a “snowball effect” of growth begins to take shape… and pay off.
And widening cannabis acceptance and adoption brings me to the next intriguingly bullish development of the past few days.