The legal cannabis industry is worth more than $17.7 billion today, which is a staggering figure considering how young it is. What’s even more impressive is that it’s expected to grow to a value of $73.6 billion within the next seven years.
For investors, this represents an opportunity rarely seen. Pot stocks have been volatile in recent months, but those willing to play the long game on bargain picks could enjoy significant gains. Aphria Inc. (NASDAQ: APHA) is a cannabis company that produces, distributes, and sells medical and recreational cannabis. The stock is down in the year to date, but analysts are confident of a rebound.
Canadian cannabis stocks have been hit hard by a decrease in consumer spending and lockdowns in the provinces. Aphria wasn’t immune to these challenges, and its sales could decline in 2020. However, like many of its competitors, revenue is likely to pick up next year, making room for a surge in the stock.
Analysts predict a short-term average price target of $6.66, suggesting a significant gain over today’s price. As the wider market continues to grow, this stock could blow past its bargain range of today. Aphria has a reliable business model and proven distribution channels. This is one of the best bargain pot stocks available today.
- 1 Year Price Growth: -31.09%
- YTD Price Growth: -9.58%
- 3 Month Price Growth: 31%
All information is based on current and historical market data, as well as publicly available financial data. As with any financial decision, your own research is important. Stock market outcomes can never be 100% accurately predicted. Familiarity with historical data, individual industries, and individual stocks is key to developing a robust portfolio. Note that stock prices can fluctuate rapidly during trading sessions.