These ancillary cannabis stocks are gaining traction in 2021

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It’s possible to benefit from the growth of the cannabis industry without direct investments

Investing in the marijuana industry will never stop being a bad idea, especially with the steady growth and the amount of ancillary cannabis in existence that can give you great long-term investments. Ancillary cannabis companies are those companies that support the marijuana industry without necessarily having a direct relationship. Even so, these ancillary companies have started to see quite considerable growth and expansion, indicating that they are developing as the cannabis market continues to advance. Because of this, many investors are now looking at these companies with a keen eye, especially as this area of the cannabis sector promises to bring large investments in the long term.

Among the current standouts is Innovative Industrial Properties (IIP), a Maryland-based corporation focused on the acquisition, ownership and management of industrial properties, which are leased to operators with extensive experience in medical cannabis. To date, IIP has a total of 72 properties located in nearly 20 states across the country. The first quarter of the year proved that having an indirect relationship with marijuana pays quite well, as it reported an estimated $42.9 million, an increase of 103% year over year.

The Scotts Miracle-Gro Company can’t be left out of the mention either. This company is considered one of the world’s largest marketers of branded consumer lawn and garden products and its presence in the marijuana world is quite large. As part of its strategic plan in this industry, it has Hawthorne Gardening, a subsidiary that is responsible for providing nutrients, lighting, and hydroponic equipment used in the cannabis cultivation process.

And finally, there is GrowGeneration Corp, the country’s largest chain of specialized hydroponic and organic gardening centers. Its presence in 12 states is a clear example of its expansion. According to financials shared for its first quarter, its revenue grew 173% year over year to $90 million.