As the cannabis industry evolves, its economic contributions could climb dramatically, offering ample growth opportunities for underappreciated cannabis stocks.
Cannabis stocks have skyrocketed on the U.S. Department of Justice’s plan to reschedule marijuana as a less risky Schedule III drug. This move, lauded by President Joe Biden, promises a bright future for cannabis stocks and confirms the decades-long campaign for cannabis reform. The reclassification could reduce the tax burden on companies, which is now stifled by over 70% effective tax rate under Schedule I.
Meanwhile, the cannabis sector has diligently worked to bounce back from previous downturns. In 2023, companies created thousands of new jobs, setting the stage for future development. This rebound is reflected in Vangst’s 2024 Cannabis Jobs Report, which shows over 440,000 new jobs added in cannabis-legalized states, marking a 5.4% annual bump.
Furthermore, as the 2024 elections approach, the issue of federal legalization is expected to gain traction. Thus, now is a good time to hop on these underappreciated cannabis stocks that could reap stellar returns.
Green Thumb Industries (GTBIF) Source: Wirestock Creators / Shutterstock.com
Green Thumb Industries (OTCMKTS:GTBIF), a prominent yet underappreciated American cannabis company, offers a wide range of marijuana products. It’s a preferred investment option for capitalizing on the cannabis rescheduling, given its best-in-class margin
