It’s been a wild journey for cannabis stocks in the last eight years. There have been phases of euphoria that have quickly fizzled out. Initially, it was the burden of cash burn that kept cannabis stocks depressed. This was followed by regulatory headwinds that have dented hopes of stellar growth for the sector. In my view, 2024 is another critical year for potential multibagger cannabis stocks, and there are several reasons to be optimistic.
First, some of the best cannabis companies have curbed cash burn, and with growing sales, margins will likely continue to improve. Further, there seems to be positive news on the regulatory front. Germany recently legalized cannabis, and other European countries could follow suit.
Additionally, there are calls for reclassification of cannabis as a Schedule III drug in the United States. With the presidential election around the corner, I also expect discussions related to the federal-level legalization of cannabis. These potential positives are likely to translate into a big rally for cannabis stocks.
Curaleaf Holdings (CURLF) Source: Bigc Studio / Shutterstock.com
Curaleaf Holdings (OTCMKTS:CURLF) stock has witnessed a sharp rally of 110% in the last 12 months. In my view, this is just the beginning of a sustained
