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August was a incredible month for the broad market indexes. That wasn’t the case for the hashish sector, although. Two of the largest cannabis-focused exchange-traded funds (ETFs) have been down final month.

But there have been some notable outliers. The three best-performing marijuana stocks in August delivered scorching returns of 40% or extra through the month. Here are these high-flying shares — and whether or not or not they’re sensible picks to purchase now.

Three cannabis leaves on top of a red line trending upward

Image supply: Getty Images.

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1. GrowGeneration

Shares of GrowGeneration (NASDAQ:GRWG) skyrocketed 89% increased in August. This huge transfer continued a sizzling streak for the hydroponic and natural gardening retailer. GrowGeneration was the best-performing pot stock in the first half of the year and has quadrupled in worth thus far in 2020.

There’s a easy motive for GrowGeneration’s spectacular features: Business is booming. The firm reported its 10th consecutive quarter of document income on Aug. 13. Sales soared 123% yr over yr in Q2 to $43.5 million. Profits jumped to $2.6 million from $1.1 million in the prior-year interval. 

GrowGeneration would nearly actually have delivered an excellent higher efficiency final month have been it not for a negative online report. Hindenburg Research alleged that the corporate’s administration had “extensive ties to alleged pump & dump schemes, organized crime and various acts of fraud.” The short-seller additionally said that GrowGeneration’s shares have been priced at absurdly excessive ranges. 

2. Terrascend

Terrascend (OTC:TRSS.F) inventory vaulted practically 52% increased in August. The hashish operator’s shares have greater than doubled yr thus far with all of these features coming since early July.

Like GrowGeneration, Terrascend posted terrific second-quarter outcomes. In reality, the corporate offered a sneak peek at its Q2 outcomes two weeks earlier than its official replace as a result of they have been actually good. Terrascend’s internet gross sales jumped 169% yr over yr to 47.2 million in Canadian {dollars}, with its adjusted earnings earlier than curiosity, taxes, depreciation, and amortization (EBITDA) greater than doubling to CA$11.four million. 

Investors have been additionally excited concerning the potential for even higher information in the second half of the yr. Terrascend opened its first Apothecarium dispensary in New Jersey on July 31. It has expanded its rising capability in Pennsylvania. The firm added extra retail shops in California. It additionally expects to start producing vital gross sales from its New Jersey cultivation facility early subsequent yr. 

3. Trulieve Cannabis

Trulieve Cannabis (OTC:TCNN.F) wasn’t too far behind Terrascend with an August acquire of 41%. So far this yr, Trulieve…

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