The gardening supply company 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 to the $1.6 billion retailer, which sells equipment used to grow pot, as it’s one of the few U.S.-based cannabis plays listed on the Nasdaq. It’s also free of the legal risks that growers pose as it doesn’t actually sell the plant itself.

“Our success is directly tied to the growth of the cannabis industry, which is exploding,” Chief Executive Officer Darren Lampert said in an interview.

Read Full Article >>