This cannabis growth stock could be a big winner this year

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Cresco Labs is among the top options for investors looking for strong gains in 2023

According to New Frontier Data’s Global Cannabis Report 2022, the cannabis industry moves more than $354 billion around the world, between legal trade and illegal practices. However, more and more countries are authorizing its use, especially for medicinal reasons, which has led to the production of more than $200 billion in the legal market; in turn, it is projected to increase to $100 billion by 2024. With this information at hand, more and more investors are showing interest in the industry’s stocks, especially now that a new year has begun.

If you are looking for an opportunity in the cannabis market to get richer this year, experts have not hesitated to pick Cresco Labs as one of the favorites. The US cannabis company continues to have a strong hold on market leadership even as Capitol Hill failed to pass federal cannabis reforms.

Multi-state operators (MSOs) like Cresco have demonstrated that their success really doesn’t depend on what happens in Congress, as their footprint has expanded in a vast majority of states where marijuana has been legalized in one form or another. As usual for MSOs, Cresco’s most significant margins come from its retail operations.

With ten operating states, the company’s 54 retail licenses have helped it continue to complete its expansion plans into permit-limited markets such as Illinois, Pennsylvania and Massachusetts. As a result, the company has been able to reduce its competition, giving it the opportunity to develop its brands and gain a following.

The most anticipated move this year is the closing of its acquisition of all shares of MSO Columbia Care. While Cresco had to divest a dozen dispensaries and production assets combined to satisfy regulatory concerns, the new merger will have more than 120 dispensaries operating and a presence in 18 legalized states. This is sure to be very appealing to investors as these are much closer steps toward profitability.

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