1 Cannabis Stock That Soared More Than 60% This Year
Finding a cannabis stock that hasn't suffered significant losses this year is a challenging task. Since the summer, the marijuana industry has undergone a lot of turmoil, and it all seems to have started with an illegal growing operation involving CannTrust that put investors on edge. The firing of Canopy Growth's CEO Bruce Linton sent more shockwaves throughout the industry. Deaths and illnesses stemming from vaping put additional downward pressure on pot stock prices.
But one cannabis company has been able to continue producing strong returns this year despite the bearishness in the sector.
Year to date, Scotts Miracle-Gro (NYSE: SMG) is one of the top performers in the industry, as it has been immune to the many controversies facing cannabis. The main reason is that Scotts isn't a cannabis producer. It provides the tools to help companies with gardening and the cultivation process through its subsidiary, the Hawthorne Gardening Company, but it isn't in the cultivation business itself. That's an important distinction because it means Scotts isn't vulnerable to low pot prices, the black market beating the legal industry, or any other headwinds pure-play marijuana stocks are facing today.
Source Fool.com
