- GrowGeneration Corp.’s stock surged about 587 percent in the last one year.
- Florida-based Jushi Holdings saw its stock jump around 495 percent in a year.
Stocks of cannabis companies have been in the spotlight recently amid high hopes of a comprehensive legalization and growing use of cannabis.
In the U.S., 18 states and the District of Columbia have reportedly legalized marijuana for adult recreational use, while four more states will vote on legalization this year.
Sales are expected to surge faster with more states remove restrictions on cannabis trade. Several pot stocks have made massive gains recently.
We explore here stocks of two U.S.-based marijuana companies, which staged a remarkable performance last year.
GrowGeneration Corp. (NASDAQ: GRWG)
Colorado-based GrowGeneration cultivates cannabis at its indoors facilities in North America. The cannabis products are supplied across the region.
GrowGeneration’s commercial customers are primarily licensed growers of medicinal and non-medicinal cannabis. The company has 53 retail and distribution locations across 12 states in the U.S.
GrowGeneration stock skyrocketed approximately 870 percent in 2020 and up around 587 percent in the last one-year period. The stock, which rallied to its 52-week high of US$67.5 in February, ended Wednesday’s trading at US$42.56, up more than 9% from the previous close.
The company recently reported a 173 percent year-over-year growth in its first-quarter revenue to US$90 million.
GrowGeneration also improved its revenue outlook 2021 to the range of US$450 million to US$470 million. In 2020, GrowGeneration’s revenue totaled US$193 million.
Jushi Holdings Inc. (OTC: JUSHF)
Florida-based Jushi is a cannabis and hemp company that produces and sells medical and adult-use products under brands like Nira, the Bank, the Lab, and Seche. Jushi operates through retail locations under the BEYOND/HELLO brand in Pennsylvania, Illinois, California, and Virginia.
Jushi’s stock rose 330 percent in 2020 while it has grown around 495 percent in the one-year period. The stock rallied to its 52-week high of US$9.06 in February. Jushi ended Wednesday’s trading at US$5.8, down 2.4% from the previous close.
According to the company’s interim unaudited results, Jushi’s first quarter-revenue grew 29 percent year over year to US$41.6 million. In 2020, the company recorded US$80.8 million in total revenue, up 690 percent year over year.