This story was originally published here.
It's tempting to think the cannabis industry's growth has been stunted by COVID-19.
Actually, this is not as true as you might think. Believe it or not, one of our top CBD penny stocks still has upside potential of 503% for the year.
You see, today's cheaper marijuana and CBD stocks are not a realistic picture of the cannabis industry. This is especially true when you talk about CBD stock prices hitting rock bottom.
One CBD penny stock, HEXO Corp. (NYSE: HEXO), said on May 13 (Wednesday) it received a scary note from the New York Stock Exchange. The stock fell below the $1 threshold for the NYSE, meaning it could be delisted from the exchange.
HEXO had gone from $1.64 to $0.43 since the start of the year, a 70% loss.
Normally, if the stock doesn't rally back to $1 in six months, it's booted from the exchange. But it's very likely this stock might turn around in the coming months.
Even the suits running the NYSE know this…
You see, stocks in general have been down this year. And penny stocks like HEXO, because of their low prices, get hit with big percentage losses when the broader market tanks.
The New York Stock Exchange extended its “cure period” for stocks in response to the COVID-19 epidemic. Stocks have until December to return to normal.
So they agree that the broader market has widened the gap between stock prices and reality. What follows is that some stocks should bounce back above their $1 minimum by the end of the year.
Marijuana stocks and CBD stocks clearly fall into this category. Their prices do not speak to the actual value of cannabis and CBD products in the economy.
But the facts on the ground certainly show their potential:
- The fact the cannabis has been considered an essential item during the COVID-19
- The fact that the coronavirus budget woes have started talks about recreational marijuana in states that we didn't think were ready yet.
- The fact that CBD has been legal in every state since 2018.
Make no mistake, CBD sales are still poised hit $2 billion by the end of 2020. That would be almost double from 2019.
And by 2024, the CBD industry is projected to rocket to $20 billion.
That's why we can't recommend these CBD penny stocks enough right now. Though they've been down significantly over the last few months, how current prices compare to their actual value is mind-blowing.
We'll start with HEXO. Here's why we think it could easily remain on the exchange after December. In fact, it could gain 145%.
But that's nothing compared to our top CBD penny stock today, a 503% gainer. So stay tuned…
Editor's Note: Click here to keep reading.
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