Jushi Holdings is among the five fastest-growing stocks on the market

52 0

The cannabis company deserves a look from investors searching for new options

In recent years, marijuana went from being a controversial word to a multi-billion dollar industry. Over six years ago, a multitude of cannabis companies began listing on Canadian stock exchanges, as well as the New York Stock Exchange and NASDAQ. This attracted billions in investment and opened the door to an era of immense growth. Stocks like Jushi Holdings today have been attracting the attention of many investors, and the reasons seem to be more than obvious.

According to Wall Street forecasts, Jushi will be one of the fastest-growing stocks in a matter of four to five years, provided analysts’ sales projections (per FactSet) come true. While it is true that there is hope that many US cannabis companies will see triple-digit sales growth, it is possible that Jushi’s marijuana stock will surpass that even more. According to projection data, sales growth for this company is expected to reach 1,100% by 2024, which would mean a jump from $81 million in 2020 to $972 million in 2024.

This multi-state operator (MSO) currently has 20 operating dispensaries, with 13 of those retail locations focused on the state of Pennsylvania. Jushi and its strategic plan really focus on targeting markets that, in one way or another, offer some level of competitive protection, which is why it has also focused on Illinois and Virginia. All three states have the potential for millions in annual sales. Still, the gold mine really lies in the fact that they all limit the number of retail licenses that are issued in total, as well as to individual companies, which means that Jushi has no headaches thinking that the competition will not stop coming.

Even though Jushi has a relatively small market capitalization, this does not mean it is afraid to pull out its wallet and go shopping. Earlier this year, the company acquired two dispensaries in California, a state where the market is known to be sky-high. This is something for an investor to keep in mind as well.