Investing legend Peter Lynch coined the phrase 10-bagger to describe stocks that delivered 1,000% gains, growing an initial investment tenfold. Every investor would love to have a 10-bagger in his or her portfolio…
But some stocks achieve significantly greater success than 10-baggers. Here are three marijuana stocks that turned initial investments of $10,000 into $200,000 (and in some cases much more).
1. Cronos Group
10-bagger or even 20-bagger doesn’t begin to describe Cronos Group (NASDAQ:CRON). Shares of the Canadian cannabis producer have skyrocketed a whopping 6,350% since 2016. And that gain reflects a steep decline that started in early 2019. At its peak, Cronos stock was up close to 14,000%. As of right now, though, an initial $10,000 investment in Cronos would be worth close to $645,000.
How did Cronos achieve such a spectacular performance? For one thing, it was initially a penny stock. Beginning with a really low share price helps. The company was also in the right place at the right time. Cronos entered the Canadian cannabis market early on when the hype was at a fever pitch.
The company really became the center of investors’ attention, though, after tobacco giant Altria announced plans to buy a 45% stake in Cronos for $1.8 billion in late 2018. That deal cemented Cronos’ position as the best-performing pot stock ever.
2. Jushi Holdings
Huge gains aren’t limited to Canadian marijuana stocks. Shares of Florida-based Jushi Holdings (OTC:JUSHF) have soared nearly 4,300% since the company went public in 2019. Unlike Cronos, Jushi hasn’t seen its momentum fizzle. An initial investment of $10,000 in Jushi would now stand at close to $440,000.
Jushi focused early on with retail medical cannabis stores in Pennsylvania and New York and cultivation/manufacturing operations in Nevada. Over time, the company expanded to 15 stores in seven states, including the biggest market of all — California.
The growth story isn’t over. Jushi plans to…
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