Author: Connor Lieberman
July 15th, 2020
With many businesses and stocks falling from the ever-dangerous coronavirus, one industry that is succeeding is the marijuana industry. A lot of states currently have huge budget deficits and are eyeing the legalization of recreational cannabis as a major source of new tax revenues. The state that is pushing the hardest is New York. Governor Andrew Cuomo is one of the few governors pushing aggressively for approval, and the state would be very close to legalization, if not for COVID-19. New York state “lawmakers are now pushing to get marijuana legalized due an estimated $300 million in tax revenues for the state that now has a budget deficit of up to $61 billion.”
With this being said, it is important to keep an eye out for marijuana stocks in the coming months. The marijuana industry is on the rise, while most businesses are on the decline; this will eventually lead to a sharp spike in marijuana stocks. Stocks are a useful way to gain a decent amount of money in the long term, especially in this incredibly uncertain time we live in.
Yahoo Finance writes, “we’ve delved into 3 multi-state operator (MSO) stocks, Cresco Labs, Curaleaf Holdings, and Columbia Care, to consider as the state of New York looks to quickly approve recreational cannabis to fill a major budget deficit.” These are only a few of the stocks already on the rise in New York, because New York has to fill that newly created tax deficit. Marijuana consumers, new marijuana business owners, and stock traders everywhere should keep their eyes peeled for any marijuana stock with some movement in the coming future. You never truly know how high the ceiling for potential is with marijuana stocks, but most are in all probability very high. The marijuana industry is growing exponentially every day, and your money could grow with it.
“To find good ideas for cannabis stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.”
Photo Credit: Yahoo Finance