Although the marijuana industry has seen its hiccups of late, long-term pot stock investors have little to complain about. Investors with the foresight, wherewithal, and luck to buy into some of the most popular marijuana stocks have seen enormous gains in recent years. And based on the potential of the industry, this growth is just getting started.
Cannabis industry cheerleader Cowen Group, which has arguably been covering pot stocks longer than any Wall Street investment firm, believes that the industry could hit $75 billion in global sales by 2030, which would represent a more than sixfold increase in global sales from 2018, according to data from Arcview Market Research and BDS Analytics.
Meanwhile, Christopher Carey at Bank of America believes that the cannabis industry has the potential to one day hit $166 billion in annual sales, all while disrupting industries that currently rake in $2.6 trillion a year. Carey is looking for Canada to account for about 3% of this global utopian total (about $5 billion), with the U.S. representing 34% of the addressable cannabis market ($56 billion).