Batten down the hatches, because volatility has returned in a big way for the stock market. Over a 12-session stretch, ending this past Tuesday, March 10, the 123-year-old Dow Jones Industrial Average logged its three biggest single-day point gains in history, as well as six of its 11 largest single-day point drops of all time.
If you're a short-term trader, these moves have been nauseating. But if you're a buy-and-hold investor, this volatility has been an opportune time to buy great businesses on the cheap.
Although the marijuana industry hasn't exactly been blazing hot -- in fact, a more apropos cliche is to suggest it's "gone up in smoke" over the past year -- it still possesses an incredible long-term growth runway, with most of Wall Street projecting at least $50 billion in annual sales by 2030. For context, the industry generated closer to $11 billion in global sales in 2018. This means opportunistic long-term investors could be missing out on the chance of a lifetime to buy some ridiculously cheap cannabis stocks during this correction.