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The burgeoning cannabis market in Canada has been gaining momentum on the back of increasing cannabis legalization in the United States. This could open up major markets for Canadian pot companies and allow them significantly increase their market shares.
The cannabis market is estimated to grow at a 28% CAGR over the next five years to reach $90.4 billion. With governors of many states pushing for federal decriminalization of marijuana, Wall Street analysts believe financially-strong Canadian cannabis stocks Canopy Growth Corporation (CGC), Tilray, Inc. (TLRY), and Village Farms International, Inc. (NASDAQ:VFF) could gain significantly in the near term.
