Why CBD Stocks Could See Higher Highs

CBD products are popping up everywhere these days.

Neiman Marcus, Sephora, Vitamin Shoppe, Kroger, Barney’s DSW, Sephora, CVS, American Eagle, Walgreen’s, Wegman’s are just a few off the top of my head.

You may be using it yourself.

Couple that with changing consumer attitudes, and the CBD boom only gets stronger.

“Americans are more likely now than at any point in the past five decades to support the legalization of marijuana in the U.S. The 68% of U.S. adults who currently back the measure is not statistically different from last year’s 66%; however, it is nominally Gallup’s highest reading, exceeding the 64% to 66% range seen from 2017 to 2019.”

By 2024, the CBD market is expected to grow to nearly $50 billion.  By 2026, according to Global Market Insights, “The Market size exceeded USD 2.8 billion in 2019 and is set to grow at around 52.7% CAGR between 2020 and 2026, with the global market valuation for CB crossing $89 billion by 2026.”

But that’s just the start to this story.

With Joe Biden heading to the White House, coupled with Democrats in control of Congress, there’s a higher likelihood of broad cannabis legalization.  Fueling that possibility even more is Joe Biden’s pick for health and human services secretary, Xavier Becerra, who supports it.