Few industries have begun 2021 on a higher note than cannabis.
The election of Joe Biden in November and the Democratic Party’s sweep of the Senate runoffs in Georgia on Jan. 5 have people questioning if we’ll soon see changes to the federal scheduling of marijuana.
However, there’s a wide array of Wall Street opinions on the outlook for marijuana stocks. Most pot stocks have been flying in the new year, but many are near or well above Wall Street’s one-year consensus price targets. According to analysts on Wall Street, the following three cannabis stocks offer the highest upside, ranging from 35% to 92%.
Image source: Getty Images.
Valens: Implied upside of 92%
There’s only one pot stock that even comes close to having the potential to double over the next year, according to Wall Street professionals: Canadian processing company Valens (OTC:VLNCF).
Pull up a three-year chart of Valens and you’ll see that the stock is relatively unchanged. That’s because Canada’s many miscues have led to cannabis product oversupply throughout much of the country. With provinces like Ontario still working to open new retail locations, and Quebec not allowing cannabis vape products to be sold, the demand for higher-margin derivatives just hasn’t necessitated as much processing capacity as initially anticipated.
However, it’s not all bad news. Valens…
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Few industries have begun 2021 on a higher note than cannabis.
The election of Joe Biden in November and the Democratic Party’s sweep of the Senate runoffs in Georgia on Jan. 5 have people questioning if we’ll soon see changes to the federal scheduling of marijuana.
However, there’s a wide array of Wall Street opinions on the outlook for marijuana stocks. Most pot stocks have been flying in the new year, but many are near or well above Wall Street’s one-year consensus price targets. According to analysts on Wall Street, the following three cannabis stocks offer the highest upside, ranging from 35% to 92%.
Image source: Getty Images.
Valens: Implied upside of 92%
There’s only one pot stock that even comes close to having the potential to double over the next year, according to Wall Street professionals: Canadian processing company Valens (OTC:VLNCF).
Pull up a three-year chart of Valens and you’ll see that the stock is relatively unchanged. That’s because Canada’s many miscues have led to cannabis product oversupply throughout much of the country. With provinces like Ontario still working to open new retail locations, and Quebec not allowing cannabis vape products to be sold, the demand for higher-margin derivatives just hasn’t necessitated as much processing capacity as initially anticipated.
However, it’s not all bad news. Valens…
