3 Reasons Why GrowGeneration Is a Great Buy
Marijuana sales in the U.S. have soared in 2020 amid the coronavirus pandemic. Thirty-three states and Washington, D.C., have legalized medical marijuana, while 11 states and D.C. have legalized recreational use. Many consumers upped their buying of cannabis products amid lockdowns and quarantine measures, with states including California seeing record cannabis sales in June and July.
Given all this, the pot industry has garnered the attention of investors looking to get a piece of the pie. GrowGeneration (NASDAQ: GRWG) is an interesting choice in this space because it contributes to the cannabis industry but does not produce cannabis products. Instead, the company focuses on hydroponics and providing grow lights, nutrients, soil, grow tents, and other products needed for marijuana growth. While GrowGeneration is marijuana-focused, it doesn't have a marijuana segment.
Since the company does not produce cannabis, it may be a safer pick for investors concerned about legal or other issues. Here are three reasons why GrowGeneration is a great buy.
Source Fool.com
