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GrowGeneration Announces 60th Location, Mount Holly, New Jersey Store Opening
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Rhea-AI Summary
GrowGeneration Corp. (NASDAQ: GRWG) opens its 60th store in Mount Holly, New Jersey, on November 21, 2022, expanding to 16 states. The 7,700-square-foot store will feature vertical farming demonstrations and support for growers. CEO Darren Lampert highlighted New Jersey's potential market growth, citing strong medical patient bases and numerous conditional licenses. The company aims to aid social equity license holders through educational programs, with 30 active participants in the region to date.
Positive
Expansion to New Jersey enhances market presence.
New store includes vertical farming and educational support for growers.
Strong local market potential with over 800 conditional licenses in New Jersey.
Active support program for 30 social equity license holders in New York and New Jersey.
Negative
None.
DENVER--(BUSINESS WIRE)--
GrowGeneration Corp. (NASDAQ: GRWG) (“GrowGen” or “the Company”), the largest chain of specialty hydroponic and organic garden centers in the United States,today announced the opening of the Company’s newest store in Mount Holly, New Jersey on November 21, 2022.
(Photo: Business Wire)
The Mount Holly location represents the Company’s 60th store and officially expands operations into 16 states. The new store is 7,700 square feet and will include vertical farming demonstrations and educational support for growers to build and maintain state-of-the-art grow operations to maximize their yields.
Darren Lampert, Co-Founder and Chief Executive Officer of GrowGen said, “We are excited to open our first store in New Jersey and increase our reach and operations into a fast-growing and strategically important market. We expect New Jersey to be highly active in the coming years, with a strong medical patient base, over 800 conditional licenses that have been issued, microenterprise and social equity licenses, as well as a pending law to allow for home cultivation.”
Mr. Lampert continued, “As we expand our footprint in the Northeastern United States, we are excited to continue our efforts in cooperation with Harvest 360 to support our national program with education and training for Social Equity License holders. The program focuses on delivering top-notch support and solutions to operators and their communities. To date, we have 30 holders of micro licenses who are active in the program within the New York and New Jersey markets.”
About GrowGeneration Corp:
GrowGen owns and operates specialty retail hydroponic and organic gardening centers. Currently, GrowGen has 60 stores across 16 states, which include 22 locations in California, 6 locations in Colorado, 6 locations in Michigan, 5 locations in Maine, 5 locations in Oklahoma, 4 locations in Oregon, 3 locations in Washington, 1 location in Arizona, 1 location in Florida, 1 location in Massachusetts, 1 location in Mississippi, 1 location in Missouri, 1 location in New Jersey, 1 location in New Mexico, 1 location in Rhode Island, and 1 location in Virginia. GrowGen also operates an online superstore for cultivators at growgeneration.com. GrowGen carries and sells thousands of products, including organic nutrients and soils, advanced lighting technology and state of the art hydroponic equipment to be used indoors and outdoors by commercial and home growers.
What is the significance of GrowGeneration's new store opening in New Jersey?
The new store expands GrowGeneration's footprint to 16 states and addresses a growing market with strong medical cannabis licensing.
How does GrowGeneration support social equity license holders?
GrowGeneration collaborates with Harvest 360 to provide education and training for social equity license holders, fostering community and operator development.
What are the features of the new Mount Holly, NJ store?
The Mount Holly store, spanning 7,700 square feet, offers vertical farming demonstrations and educational resources for maximizing grow operations.
When did GrowGeneration open its New Jersey store?
GrowGeneration opened the Mount Holly store on November 21, 2022.
What markets is GrowGeneration targeting with its expansion?
GrowGeneration is focusing on the Northeastern United States, leveraging the growing medical cannabis market in New Jersey.
