This cannabis stock could potentially produce major returns this year

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Planet 13 receives optimism from analysts who predict a banner year for the company

The Nasdaq Composite has suffered a recent 33% drop, making this an ideal time to own shares of innovative companies. Experts say the cannabis industry has firms that offer a 300% upside over the next decade, and that’s why investors are looking for the best opportunities to build a pretty solid portfolio this 2023. If you have the capital to invest and the time to watch your investment thesis unfold, Planet 13 Holdings looks to have growth potential that would make you quadruple your money.

Planet 13 is a US multi-state operator (MSO) of cannabis with a large presence in Nevada, specifically Las Vegas. Marijuana products are generally treated as non-discretionary goods, especially in a place where recreational marijuana is already legal.

It has reached a point where marijuana consumers will not stop buying these products regardless of how the US economy performs. This means that should there be a recession, owning marijuana stocks can be a smart move. Planet 13 has become quite an eye-catching company for investors, especially because of its focus on expansion.

Unlike many other traditional dispensaries and not at all out of the ordinary, Planet 13’s SuperStore concept is impossible to miss. There is one located in Sin City and another in Orange County in Santa Ana, California, with an average size similar to or even larger than a Walmart.

In turn, Planet 13 has also set its sights on Florida, where the medical market is booming. According to analysts, Planet 13 can offer a 300% return over 10 years, so choosing to invest in this stock is a no-brainer.