MRMD - 2 Underrated Growth Stocks That Could Double Your Money
Investing in the stock market right now could set you up for some great returns in the future. The market could certainly continue tanking for the foreseeable future. But it has also recovered from every downturn or recession in history. That's why buying some promising growth stocks at slashed valuations could be a solid move. A couple of stocks I'm watching closely that have the potential for significant gains are MariMed (OTC: MRMD) and Beyond Meat (NASDAQ: BYND) . Here's why I can see both of these stocks doubling in value.
Multi-state marijuana producers began trading on the Canadian Securities Exchange recently, a long overdue move, while many other U.S.-based producers both trade on over-the-counter (OTC) markets and on the CSE. Up until a few weeks ago, MariMed was only trading on OTC markets. That's important, as it means it now reaches a broader pool of investors. And since announcing that it completed its prospectus to trade on the CSE, the stock has been red hot, jumping 60% from where it was at the start of the month (during that time, the Horizons Marijuana Life Sciences ETF has risen a modest 1%).
But I'm not overly bullish that things will change in the short term or that the rally will last, as investors are still down on the cannabis sector as a whole (the Horizons ETF is down 44% year-to-date). However, in the long term, MariMed may be an underrated stock to own. What I like about the company is that it isn't overly aggressive. MariMed is in six states and has seven operating dispensaries. And it's in some of the more promising markets, including Illinois, Massachusetts, and Ohio.
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2 Underrated Growth Stocks That Could Double Your Money