The legal weed industry appears to be budding across North America. Last year, according to cannabis research firm ArcView, in partnership with BDS Analytics, legal weed sales in North America soared by 33% to $9.7 billion. In a decade, forecasts call for more than $47 billion in legal pot sales. This rapid growth, along with growing support for cannabis among the public, is a big reason why investors simply can’t get enough of pot stocks.
Throughout North America, expansion has been picking up steam for more than two decades. Our neighbor to the north, Canada, legalized medicinal cannabis back in 2001, and looks set to become the first developed country in the world to legalize adult-use marijuana next month. Meanwhile, to our south, Mexico gave the green light to medical marijuana in June 2017. Within the U.S., 29 states have legalized weed in some capacity since 1996.