GRWG - GrowGeneration Wilted at the Open Today: Is It a Buy?
Shares of GrowGeneration (NASDAQ: GRWG) tanked in early trading Thursday thanks to a guidance update management provided before the market opened. The market's response to the news was swift and ugly, with the stock price falling by 11.5% in just a few minutes.
However, there are two ways to look at the new guidance. And it's important to keep in mind as you consider the update that GrowGeneration is a retailer of hydroponic equipment, which is the main technology used to grow marijuana . The cannabis industry has been growing quickly in the U.S. as states across the country legalize the drug's use. Some industry players project that in 2025, cannabis sales will be more than double what they were in 2020.
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GrowGeneration Wilted at the Open Today: Is It a Buy?