Two Pot Stocks to Watch in 2020
A large number of cannabis stocks experienced strong growth in 2019, with many marijuana companies reporting substantial revenue growth and profitability.
As with any industry, especially one in its infancy, there are going to be some stocks that trounce the broader sector.
Two overlooked pot stocks that investors should keep on their radar are GrowGeneration Corp (NASDAQ:GRWG) and Planet 13 Holdings Inc (OTCMKTS:PLNHF, CNSX:PLTH).
GrowGeneration continues to be one of the cannabis industry’s best-kept secrets. Trading at $4.14 per share as of this writing, GRWG stock is up 75% year-over-year.
Wall Street is providing a 12-month price forecast of $8.00 per share. That represents a 93% increase from its current price.
Keep in mind, Wall Street likes to play it safe. A 12-month stock forecast of $9.50 is entirely reasonable, representing a 129% increase from its current price.
What would propel GrowGeneration stock to those levels in 2020? The company recently reported record third-quarter revenue and profitability, provided a strong outlook, uplisted to the Nasdaq, and has an aggressive acquisition strategy.
Chart courtesy of StockCharts.com
About GrowGeneration Corp
The Denver, Colorado-based GrowGeneration has emerged as the go-to destination for marijuana growers of every size.
The company owns and operates the largest chain of specialty hydroponic and organic gardening centers in the United States. (Source: “Investor Presentation,” GrowGeneration Corp., last accessed December 24, 2019.)
It also operates the online superstore “GrowGen.Pro” (formerly “HeavyGardens”).
GrowGeneration’s customers include individuals who grow a few plants in their own homes and multi-state companies that grow marijuana on an industrial scalee.
GrowGeneration operates a chain of 26 retail stores in nine states: California, Colorado, Maine, Michigan, Nevada, New Hampshire, Oklahoma, Rhode Island, and Washington.
In December, GrowGeneration announced that it purchased the assets of Portland, Oregon-based