GTBIF - Why Green Thumb's Rise Could Carry Through 2023
Shares of cannabis company Green Thumb Industries (OTC: GTBIF) have climbed more than 20% in the past three months while other cannabis stocks are still floundering. Over that same period, the AdvisorShares Pure Cannabis ETF and the ETFMG Alternative Harvest ETF are both down more than 17%.
Over the past month, President Joe Biden stated his objective to pardon thousands of people convicted at the federal level of simple marijuana possession. He also asked the attorney general to take another look at how the drug is classified at the federal level, which currently puts it on the same Schedule 1 level as heroin.
President Biden's statements brought renewed optimism that federal decriminalization may be on the way, which would change everything for cannabis companies that are hampered by a labyrinth of state laws regarding medical and adult-use cannabis. The U.S. cannabis market was valued at $10.9 billion in 2021 and is expected to become a $40.5 billion market by 2030, with a compound annual growth rate (CAGR) of 14.5% from 2022 to 2030, according to a report by Nova One Advisor.
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Why Green Thumb's Rise Could Carry Through 2023