With the cannabis industry still in its infancy in the U.S., there are plenty of upstarts that are building the foundations of future prosperity as they become established in their markets.
In fact, their sales are increasing so quickly that it’s possible that it’ll cause these stocks to double over the next two years.
MariMed is an up-and-coming pure-play medicinal cannabis business that’s growing at a white-hot pace while remaining profitable.
It’s realistic that it could double over the next two years because the company expects to make more than double its FY2020 revenue in 2021, potentially reaching $118 million in total, and it’s already more than halfway there.
Moving forward, its three dispensaries under construction will be a large addition to its footprint of seven, meaning that even more new sales opportunities are just around the corner.
Much like MariMed, Planet 13 Holdings is a small cannabis seller with ambitious expansion plans.
In the last three years, the store in Vegas has been an unqualified success, and Planet 13’s quarterly revenue has risen by nearly 300%, whereas its total operating expenses as a percentage of revenue have fallen by 26.81%.
Through 2026, the company plans to open more than eight new retail locations, all in lucrative markets like Illinois, which will be a tremendous increase over its current set of three.
While there hasn’t been a full quarter since the new stores opened, the last earnings report did have a teaser for investors that bodes well for Planet 13’s future and its chances of doubling.