3 Cannabis Stocks to Own Now

Jeff Siegel

Written By Jeff Siegel

Posted July 5, 2024

Cannabis stocks.  Boy did they make us a boatload of cash back in 2018.

best cannabis stocks

So much, in fact, that one of the cannabis stocks I wrote about in these very pages ended up turning some investors into millionaires.  That stock was Canopy Growth Corporation (TSX: WEED), and if you invested $10,000 into that one when I told you to, you would’ve walked away with as much as $340,000.  That’s more than a quarter of a million dollars from just one cannabis stock.  

canopy growth

Of course, that opportunity has come and gone.  And in fact, most of the opportunities that pulled in quadruple-digit gains from cannabis stocks are also gone.  That doesn’t mean you still can’t make money from cannabis stocks.  You absolutely can.  And in a moment, I’ll share with you 3 cannabis stocks that I believe are the best in breed right now.  But first, let’s take a look at where cannabis is now in terms of its legality on a federal level.

Back in May, the Biden administration formally proposed moving cannabis from a Schedule 1 drug to a Schedule 3 drug.  This wouldn’t make cannabis possession legal, but it would allow for one big change that would make some of these cannabis stocks very attractive.

You see, under the Schedule 1 classification, cannabis companies pay taxes on their gross income instead of their net income.  They can’t take the typical deductions any other company can.  And this is one of the reasons margins are so razor thin in the cannabis industry.  But if these companies can finally start utilizing the same deductions other companies take, you’re going to see the valuation of some of these cannabis stocks soar.  But not all of them.

3 cannabis stocks to own now — before it becomes rescheduled

Truth is, the only cannabis companies that’ll be worth your time are the ones that have been able to consistently generate significant revenue and minimize losses while under the Schedule 1 status. 

These are the most viable candidates for significant gains in 2024. 

And these are the 3 cannabis stocks to own now…

I see no reason why you shouldn’t be able to lock in a 20% to 30% gain on these stocks inside of a year.  Not bad.  Although, to be honest, that’s just not enough for us.  Especially when you consider this new government stimulus stipends program that’s paying as much as $8,000 per quarter.

The entire thing is based around government-funded real estate programs that allow you to wet your beak from leasing revenues all across the country.  And it’s 100% legitimate.  If you don’t believe it, just look at the numbers for yourself.

Of course, I can’t lie.  I’ve never been shy to criticize government stimulus programs.  They’re a huge waste of money.  But I’ve also never been shy to turn away a quick buck.  And if the government is willing to hand over $8,000 per quarter, of course I’m going to take it.  You should, too.  Here’s how you can get started now.

To a new way of life and a new generation of wealth…

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Jeff Siegel

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Jeff is the founder and managing editor of Green Chip Stocks. For more on Jeff, go to his editor’s page.

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