What do you think America’s fastest growing industry is? Oil? Solar? Electric vehicles? Nope! It’s marijuana.
You might say this industry is growing like a weed. The good news is that today, I’m going to tell you how you can plant some seeds of wealth and harvest them, sooner rather than later.
Cannabis legalization is a huge megatrend within the supercycles I’ve been telling you about this week. Like the Prohibition repeal in the last century. So, even if marijuana stays illegal on a federal level, there is plenty of money to be made as one state after another goes legal.
Here are some fascinating facts …
- The U.S. added 64,389 full-time legal cannabis jobs in 2018. That’s a 44% increase in total jobs. You can see where those jobs were added in this chart …
- In fact, the growth in the cannabis job market is outpacing growth in ANY other industry of the economy.
- All told, more than 211,000 people are supporting their families thanks to cannabis jobs in the U.S.
- Meanwhile, job openings in the cannabis industry listed on the careers site Glassdoor rose to 1,512 last year from 858 in 2017.
Then there are other jobs indirectly related to cannabis — lawyers, accountants, consultants, security and more.
Jobs in the industry are projected to grow by at least 110% from 2017 to 2020. That’s faster than the 47% growth in home healthcare positions and 105% growth in solar panel installation jobs over the next 10 years, a much longer time frame.
Two states with real growth in the industry include Massachusetts, which is projected to add more than 9,500 jobs, since that state recently legalized. And Florida, which should add 5,000 jobs in 2019. That’s also according to Leafly.
Why all the jobs? Because the business is booming. According to a report from ArcView Market Research and BDS Analytics, global cannabis sales are expected to increase 38% in 2019 to $16.9 billion and to push north of $31 billion by 2022.
This is a big trend. And you know I like to ride big trends.
An Easy Way to Play This Trend
Marijuana stocks aren’t waiting for legalization. Take a look at a chart of the ETFMG Alternative Harvest ETF (NYSE: MJ), a basket of leading marijuana stocks …
You can see that MJ pushed higher through overhead resistance. Now it’s off to the races, and on higher trading volume, too. My target on this is $66.
The fund has an expense ratio of 0.75% and plenty of liquidity. It’s an easy way to play the industry.
For real outperformance, you’ll have to roll up your sleeves, drill down into individual stocks and do your own homework.
Be careful. There could be some incredible, outsized gains in marijuana stocks going forward. But the unwary could see their profits go up in smoke.
All the best,
P.S. In case you missed my 16 supercycle investments destined to soar in 2019-’24, you can click here for instant access to all three of my brand-new videos that outline my super strategy for this supercycle.