One cannabis stock skyrocketed 600% over the last year, and that’s just the start of how high the stock price can climb.
This company is a first mover in the medical marijuana field, and it needs to be on your pot stock watch list.
We’ll tell you about this pot stock in just a minute, but first, let’s talk about why well-chosen cannabis stocks are so exciting right now.
Cannabis Stock Prices Are Skyrocketing
Legal cannabis sales in North America last year totaled $10 billion.
By 2021, sales are expected to skyrocket 145% to $24.5 billion.
And investors are racing to own cannabis stocks now before sales go absolutely vertical.
That’s why Money Morning reviews IPOs to find the most promising cannabis stocks to make you the largest long-term gains.
Money Morning‘s Defense and Tech Specialist Michael Robinson points out that many factors can contribute to a skyrocketing stock price.
His top factors are a firm poised to enter markets that were once off-limits but are well-established, have stellar company leadership, and have a dynamic execution strategy.
And the cannabis company we’re about to mention fits the bill perfectly.
By now, you’re probably familiar with Tilray Inc. (NASDAQ: TLRY)
Robinson told investors in the middle of July about Tilray, noting that it was the first global marijuana stock engaged in everything, from seeds to sales, to have an IPO on a major stock exchange in the United States.
In Q2, the company reported a whopping 95.2% climb in revenue growth.
Its market cap is currently $12.2 billion.
Tilray also is likely to be the beneficiary of two significant catalysts in the future.
You see, when Tilray reported earnings, it noted that the soaring revenue recently is partially stemming from rising demand for medical marijuana in its current markets.
As usage of medical marijuana becomes more widely accepted, that demand is only likely to grow.
TLRY is also diversified globally, selling products in five continents and a total of 12 countries. It has recently inked agreements on exports into South Africa, Argentina, and the United Kingdom.
*This has been a guest post by Money Morning*