American cannabis stocks are rallying.
Because the coronavirus is keeping most folks close to home. And that means more people are at home using alcohol and cannabis.
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Stay-at-home orders are now being lifted across the country.
Yet from mid-March until early May many Americans were stuck at home.
No going to work. No going to the bar. No going to the gym. And no socializing with friends.
So, people are figuring out new ways to spend their time.
For some people, that means planting a garden or taking up hiking. For others, it’s meant more time sitting at home drinking alcohol or smoking cannabis while watching Tiger King on Netflix.
Neilson reported that alcohol sales during the third week of March jumped 55%. And online alcohol sales were up 243%.
There isn’t aggregate date available for the legal cannabis sector.
However, corporate earnings reports show a rapid increase in sales during the first quarter.
- Truelieve of Florida reported a 116% increase in sales
- Curaleaf of Massachusetts reported a 158% increase in sales
- Green Thumb Industries of Illinois reported a 267% increase in sales
These outstanding results come amidst coronavirus shutdowns that closed businesses and retail locations in many states. Plus, business closures also had a negative impact on many production facilities.
Cannabis sales in the U.S. reached 12.4 billion in 2019, according to Arcview Market Research.
Yet that number is expected to jump 31% in 2020 – reaching $16.3 billion!
Meanwhile, the Canadian market generated $1 billion in sales last year. That market has faced challenges due to government delays related to licensing retail stores.
That market is expected to nearly triple in size to $2.8 billion this year, according to Stifel Financial.
Cannabis stocks started a new bull market in March – right when stay-at-home orders were being implemented.
Today, the Horizons Marijuana ETF (TSE: HMMJ) is up 72% from its lows. And many cannabis stocks have already doubled in price.
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Yours in Health & Wealth,