Wells Fargo Adds Cannabis Coverage With Pot Going ‘Mainstream’

Wells Fargo starts coverage of four cannabis stocks, saying the pot industry “has gone from taboo to mainstream, both on Wall Street and on Main Street.”

• Analyst Chris Carey takes on three operators: Scotts Miracle-Gro ($134 at last week’s close, overweight), Hydrofarm Holdings Group ($29.15, equal weight), and GrowGeneration ($15.17, equal weight); as well as one Canadian cannabis company, Canopy Growth, at underweight
• U.S. legalization is inevitable, Carey says, although the timing is in flux
  • “While the federal illegality of cannabis limits investments for those needing to stay in the bounds of federally legal operators, there are nevertheless opportunities” ...