A modest investment in GrowGeneration can produce significant returns over the long term
The market turmoil has caused many investors to set their sights on stocks that are truly resilient because this is the only way to secure a pass to start earning long-term sustainable returns. In the cannabis industry, it is very difficult to say that an investment is 100% guaranteed and that, at the end of the day, you will always see the desired returns. However, companies with a solid track record of growth in a variety of market conditions can bring with them that notion of security that can result in great things. One of the high-growth stocks you can add to your portfolio to help you dodge potential market storms without a doubt is GrowGeneration.
Low volatility is not primarily what these marijuana stocks are known for, but that is by no means to say that there aren’t some recession-resistant picks among the group. GrowGeneration is known for having a primary focus on selling hydroponic equipment and other vital supplies to cannabis growers, and today, its growth has led it to have more than four dozen stores open across the country, something that speaks only good things.
Last year was a year to mark in GrowGeneration’s history, as, after seeing great performance, it was able to increase its revenue by a staggering 143%, and its same-store sales by 63% year over year. During this same year, GrowGeneration’s revenue from store operations increased 171%, while eCommerce sales did not want to be left behind, gaining 123% year over year.
There’s no doubt that these green numbers aside, what has most caught investors’ attention is the company’s reported total reported net income, increasing 308% from 2019. GrowGeneration has arrived to leave a big mark on the cannabis industry and it looks like that won’t be changing anytime soon.