4/20 Sales Hit Highs … Is it Time to Buy Marijuana Stocks?
Legal marijuana sales across the U.S. soared on April 20 of this year a date of underground significance to the cannabis community. The annual weed-smoking holiday caused tokers to come out in full force this year, and the dramatic sales increases should attract some attention to marijuana stocks.
Colorado and Washington state, both of which have legalized the recreational use of marijuana, saw some heady revenue growth this 4/20 holiday. Sales in Colorado jumped 53% year-over-year to $7.3 million that day — the most of any day in recorded history.
4/20 sales in Washington actually doubled year-over-year. So, all these meteoric gains raise the question: Just what can an investor do about this? Thankfully, there are a few marijuana stocks that give investors the ability to capitalize on this upstart trend.
Marijuana Stocks for the High-Minded
A little advice for the wary individual investor: Stay very wary. Marijuana investing is a nascent industry, and there are more than a few penny stocks parading around as the next big thing.