Few investors are unaware by now of the booming cannabis market. The drug is federally legal in Canada and in many U.S. states, and it looks to be on a path toward federal legalization in the U.S. This commercialization of cannabis has led to a boom in growing the plant across North America. One industry that has benefited from this is hydroponics, which is when someone grows a plant without soil. Many cannabis growers utilize this growing method.
GrowGeneration (NASDAQ:GRWG) is a fast-growing hydroponics supplier that is benefiting from this surge in popularity for cannabis. Does that make the stock a buy?
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