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Although Hawthorne is the primary growth driver for Scotts, the company still makes well over half of its total revenue from sales of its consumer lawn and garden products. This business has also benefited from the COVID-19 pandemic.

First, let’s cover some of the basics you need to know before investing in marijuana stocks:

Learn about other stocks in this sector and how consumer staples have traditionally performed.

5. Scotts Miracle-Gro

GrowGeneration (NASDAQ:GRWG) is another company benefiting from the same trends that are boosting GrowGeneration’s sales. The company’s Hawthorne Gardening subsidiary ranks as a leading supplier of hydroponic gardening products to the cannabis industry.

The FDA also approved Epidiolex in August 2020 to treat tuberous sclerosis complex (TSC), a rare organ disease. This approval opens up a significant new market for Epidiolex since around 50,000 people in the U.S. and roughly 1 million people worldwide have the disease.

Source: Business Wire

Trulieve Cannabis (OTC:TCNNF) is a cannabis grower and retailer that focuses primarily on the Florida medical marijuana market. The company dominates in the Sunshine State by accounting for nearly 50% of total cannabis sales and has been consistently profitable since 2017 — an achievement few other marijuana companies can claim. Its sales and earnings also continue to soar.

Canopy Growth can’t yet compete in the huge U.S. medical cannabis market, but it is poised to quickly enter if cannabis is federally legalized. The company already has a deal in place to acquire Acreage Holdings (OTC:ACRGF) , which operates cannabis dispensaries in 13 U.S. states.

Trulieve is acquiring Harvest Health & Recreation (OTC:HRVSF) . After the deal closes, Trulieve will rank as the most profitable U.S. multistate cannabis operator. It will also be the largest U.S. cannabis company based on its combined retail and cultivation footprint.

Trulieve Cannabis is a vertically integrated U.S.-based cannabis company that grows medical cannabis and distributes medical cannabis products to its own retail dispensaries. The company’s primary operations are in Florida, where it runs more than 80 medical cannabis dispensaries and commands a market share of close to 50%. Trulieve also has operations in California, Connecticut, Massachusetts, Pennsylvania, and West Virginia.

3. Jazz Pharmaceuticals

Innovative Industrial Properties (NYSE:IIPR)

Valens contracts with top medical cannabis growers and claims to have the largest extraction capacity among its rivals. The extraction company has multiyear agreements with many Canadian growers, including Canopy Growth, HEXO (NYSE:HEXO) , OrganiGram (NASDAQ:OGI) , and Tilray (NASDAQ:TLRY) .

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Canopy Growth (NASDAQ:CGC)