Hydroponics Retail For The Masses
Hydroponics retail for the masses with Michael Salaman, President of GrowGeneration. Our next guest is the President of the nation’s largest hydroponics retailer. Referred to by CNBC as “the Lowes or Home Depot for indoor growing,” they rose from obscurity to become the national category leader in hydroponics retail by cornering the cannabis market. GrowGeneration sells hydroponic equipment, soils, nutrients, and lighting fixtures in legal states. Motley Fool summarized GrowGeneration owning and operating 31 hydroponics garden centers across the U.S., making it the largest of its kind. And the company just acquired the No. 3 chains, The GrowBiz, adding six more stores to its roster.
GrowGeneration has gained over 700% so far this year, making it the best-performing cannabis stock of 2020 amid a sector-wide rally on hopes the U.S. is poised for federal legalization after the election. Investors are drawn as it’s one of the few U.S.-based cannabis plays listed on the Nasdaq and it’s also free of the legal risks that growers pose as it doesn’t actually sell the plant itself. Talk to me about what you see happening with Wall Street’s outlook on cannabis and the looming possibility of federal legalization that will bring more money into the cannabis space.