Heard on the Street: GrowGeneration sells equipment to cultivate marijuana indoors and is one of the few companies that benefits from slow legal changes in the U.S.
A little-known organic garden center supplier has outpaced the likes of Amazon and Netflix on the stock market throughout the pandemic. Knotty cannabis laws should continue to fertilize its growth.
Nasdaq-listed GrowGeneration owns a chain of 58 stores across the U.S. that sell “hydroponic” equipment including the heat lamps and trays needed to grow plants indoors without soil. The gear can be used for trendy organic vertical farming. But most of GrowGeneration’s business is done with cannabis growers, including everyone from big U.S. cultivators to home-grow enthusiasts.. Connecticut, New Mexico, Virginia and New York all gave adult-use marijuana the green light this year.
U.S. pot stocks remain very volatile. Last month, Senate Majority Leader Chuck Schumer introduced a new bill that would remove cannabis from a list of federally controlled substances and pave the way for interstate trade, among other measures. The changes are so ambitious that almost no one expects them to pass. “[He] knows he has no shot with this comprehensive bill...but it is an important step on the path to legalization,” says founder of the SOJE cannabis fund John Pinto.
But the uncertainty may help GrowGeneration’s stock. While cannabis remains federally illegal, many big investors won’t buy shares in U.S. growers that “touch the plant” such as Green Thumb Industries or Curaleaf. Instead, they cluster in names such as GrowGeneration that offer indirect exposure to the pot industry with less legal risk. Innovative Industrial Properties , a cannabis real-estate investment company, is another favorite among more conservative investors.
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