Last year was a watershed for cannabis stocks, with several states legalizing marijuana sales in some form, but 2021 has even more potential.

New Jersey will soon roll out adult sales, and there's a good possibility that New York, facing a $4 billion budget shortfall, will legalize adult-use sales, making it the second-largest cannabis market behind California. New York Gov. Andrew Cuomo has said that adult-use sales would produce more than $300 million per year in taxes. Pennsylvania and Connecticut could follow New York's lead, with the governors of both states already pushing legislation that would clear the way for adult-use sales.

Innovative Industrial Properties(NYSE:IIPR) and Columbia Care(OTC:CCHWF) are different types of cannabis stocks that share one thing: expectations for explosive revenue growth this year, based on record numbers last year and the companies' own forecasts. The two stocks have done well, but are off their 12-month highs, providing an opportunity for investors to make a lot of money by buying now and holding on for the ride.

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