Strategic Wealth Designers: Are verboten stocks set for a breakout?

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Marijuana and sports betting – two previously forbidden things that are becoming legalized in many states. Does this mean their stocks are set for a breakout? Independent financial planner Jordan Schwartz of Strategic Wealth Designers joined us on the newscast to discuss how these stocks may succeed. Negativity surrounds these verboten stocks.

“Both of these topics have a negative stigma,” Schwartz says. “Not only that, both marijuana and sports betting were illegal in most states up until recently. For some, it’s hard to imagine how these could be the next breakout stocks since they have such an air of negativity surrounding them.”

The legalization of marijuana and sports betting varies by state and is constantly changing at a rapid pace. Sports betting is legal in more than two dozen states, though many states only allow in-person betting rather than online. Marijuana is fully legal in 15 states and allowed for medical reasons in 36 states.

“These areas are growing rapidly,” Schwartz says. “As more states legalize the activities, we can only expect their stocks to grow. Will they be right for everyone? No because no stock is. But we won’t see these stocks going anywhere anytime soon.”

Despite their negative stigma, marijuana and sports betting stocks are gaining popularity. To see additional stories surrounding business and economic news for Denver area, visit https://KDVR.com/Money and if you have a question for Schwartz send an email to info@swdgroup.com.

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