Stocks That Could Deliver +500% Returns 3 Canadian Stocks That Could Deliver +500% Returns in Next 10 Years
Canopy Growth
With more countries warming up to cannabis usage, the global cannabis market offers high-growth potential. Markets and Markets projects the global cannabis market to reach US$90.4 billion by 2027, representing a CAGR of 28%. So, given the significant growth potential, Canopy Growth (TSX:WEED)(NYSE:CGC) is my final pick. It is one of the financially strong cannabis companies, with its liquidity standing at $1.59 billion as of December 31.
Canopy Growth had recently conducted market research to understand the needs of the customers. Based on those insights, the company has planned to launch innovative products at various price points, expanding its market share. In the United States, the company is building its infrastructure and working on improving the distribution of its strategic business units. Further, with its agreement to acquire Acreage Holdings once cannabis is legalized at the federal level, the company is well equipped to expand its footprint in the lucrative U.S. market.
Meanwhile, Canopy Growth has not broken even yet. However, the company’s management has taken significant initiatives to move towards profitability and hopes to post positive adjusted EBITDA by the second half of fiscal 2022. Further, the management expects its adjusted EBITDA margin to improve to 20% for fiscal 2024. So, I believe Canopy Growth would be an excellent buy right now.
https://www.fool.ca/2021/04/16/3-canadian-stocks-that-could-deliver-500-returns-in-next-10-years/