GrowGeneration: a cannabis cultivation stock with impressive revenues and growth strategy

Bob Byrne, contributor for Proactive Investors, says Denver-based GrowGeneration Corp (OTCMKTS:GRWG) is a US$85 mln hydroponics company that’s “growing like crazy” with an established presence in Colorado and California and plans to expand across the Midwest and all the way up the East Coast. Byrne reports that the company is tracking all the states where cannabis is set to become legal on a recreational basis.

Byrne says because the company, which owns and operates specialty retail hydroponic and organic gardening stores, has such an aggressive growth strategy, its revenues were up 74% year-over-year and it posted $7.15 mln in sales for Q2 2018.

The company’s stock took off earlier in the year, trading at $8.90 at its highest point in January. Its shares have fallen back and are now trading at US$3.64, but Byrne says he’s not worried about this. He says as long as the cannabis industry grows, GrowGen will follow.

Story by ProactiveInvestors