GRWG - Looking for a U.S. Cannabis Stock? This Might Be the One
Consumers and investors alike are excited about the emergence of the cannabis industry in the U.S. Legalization is gaining momentum state by state and social acceptance at the federal level. Specialty retailer GrowGeneration (NASDAQ: GRWG) is a potential stock for investors looking for broad exposure to U.S. cannabis. Here are three reasons why GrowGeneration is positioned to thrive in the coming years.
In 2012, Colorado and Washington became the first states to legalize recreational cannabis . Since then, the momentum has picked up across the United States. Recreational cannabis is now legal in 19 states, and 36 have legalized it for medicinal use.
Cannabis technology company Flowhub estimates that the U.S. cannabis industry is currently worth $61 billion, and given that most users are in young, emerging demographics, that number could certainly grow. Approximately 65% of recreational users and 59% of medicinal users are millennials or gen Z.
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Looking for a U.S. Cannabis Stock? This Might Be the One