(image: Inside a GrowGeneration hydroponic garden center. Source: GrowGeneration)
GrowGeneration Corp., the largest hydroponic garden-center chain in North America, is on a tear worthy of its name.
The gardening supply company has gained over 700% so far this year, making it the best-performing cannabis stock of 2020 amid a sector-wide rally on hopes the U.S. is poised for federal legalization after the election.
Investors are drawn to the $1.6 billion retailer, which sells equipment used to grow pot, as it’s one of the few U.S.-based cannabis plays listed on the Nasdaq. It’s also free of the legal risks that growers pose as it doesn’t actually sell the plant itself.