GRWG - GrowGeneration adds 30% sharpest in over two years after Q3 update
- U.S. multi-state operator GrowGeneration ( NASDAQ: GRWG ) has become a notable outperformer in the cannabis space on Tuesday, gaining ~30% intraday on above-average volume, on course to mark the biggest one-day jump since August 2020 if the rally holds.
- The rally comes after the company reported better-than-expected Q3 2022 results on Monday along with a revised full-year revenue guidance which exceeded the consensus.
- Nearly ~16.6M GrowGeneration ( GRWG ) shares have changed hands so far, compared to the 65-day average volume of ~1.3M.
- Today's other notable gainers among U.S. MSOs include Columbia Care ( OTCQX:CCHWF ) and Cresco Labs ( OTCQX:CRLBF ).
- The upsurge coincides with the ongoing U.S. Midterm Elections, where measures to legalize recreational cannabis for adults will be on the ballot for voters in Arkansas, Maryland, Missouri, North Dakota, and South Dakota.
- If votes in all five states support the move, marijuana could be legal in nearly half of the U.S.
- Read: Seeking Alpha contributor Cannabis Growth Investor recently turned Bullish on GrowGeneration ( GRWG ), noting, among others, that the stock has lost more than 90% from all-time highs.
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GrowGeneration adds 30% sharpest in over two years after Q3 update