Companies in the cannabis sector have the potential to increase your wealth at an enviable rate over the upcoming decade. While the cannabis sector continues to remain volatile, we like cannabis stocks like Columbia Care – but why should you consider this cannabis stock?
The recent wave of cannabis legalization sweeping through the U.S. along with the prospect of decriminalizing or even legalizing adult-use will be key drivers for licensed producers.
Here, we take a look at Columbia Care. This cannabis stock should certainly be on your radar right now. Yes, this cannabis stock is also trading at a deep discount according to Wall Street estimates, allowing investors to derive multi-bagger gains in the next 12 months. But why should you consider this cannabis stock?
Columbia Care: Why Should You Consider Cannabis Stock
Now, Wall Street expects sales to more than triple year over year to $625 million in 2021 and surpass $970 million next year. These stellar growth rates in revenue should allow Columbia Care to improve its bottom-line. Columbia Care’s bottom line should theoretically improve from a loss per share of $0.48 in 2020 to earnings per share of $0.3.
Columbia Care has a presence in 18 jurisdictions across the U.S. and Europe, where it operates 31 cultivation and manufacturing facilities.
The company generated $110 million in revenue in Q2 which was 232% higher than the prior-year period. Yes, Columbia Care has 73 active dispensaries but they have another 26 under development. This enables the company to target a rapidly expanding addressable market that is forecast to reach $31.6 billion by 2026.
Analysts tracking Columbia Care stock have a 12-month average price target of $9.38 for the stock which is about 3x higher than its current trading price as of November 7th, 2021.
For these reasons, we believe you should consider taking a position in Columbia Care.
Columbia Care: Why Should You Consider Cannabis Stock?
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In fact, market analysts expect the marijuana and hemp industry will have an annual value exceeding $75 Billion in the next decade. Is it too late to invest in marijuana stocks? No! This is the perfect time to invest.
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