GrowGeneration Announces Planned Opening of New Hydroponic Garden Center in Richmond, Virginia

Rhea-AI Summary

GrowGeneration Corp. (NASDAQ: GRWG) is expanding its footprint in the hydroponics market with a new store opening in Richmond, Virginia, on September 26, 2022. This location will be the company's first in Virginia and joins the existing 60 locations across 15 states. Additionally, GrowGeneration has signed leases for two new stores in Mount Holly, New Jersey and Hazelwood, Missouri, set to open in Q4 2022, bringing the company's total operational states to 17.

The Richmond store will cater to the growing demand for hydroponics solutions, including cultivation design and project consultation.

Positive

• Opening first hydroponic garden center in Virginia enhances market presence.
• Expansion into 17 states strengthens operational footprint.
• New stores will provide vertical farming demonstrations and educational support.

Negative

• None.

New Richmond, Virginia Location Scheduled to Open September 26, 2022

Newly Signed Leases in Mount Holly, New Jersey and Hazelwood, Missouri will Expand Current Operations to 17 States in late 2022

DENVER--(BUSINESS WIRE)-- GrowGeneration Corp. (NASDAQ: GRWG) (“GrowGen” or the “Company”), the largest chain of specialty hydroponic and organic garden centers with 60 locations across 15 states, today announced the opening of a new hydroponic garden center to serve the emerging Virginia hydroponics market. The new store in Richmond becomes the first in the state and is scheduled to open September 26, 2022.

(Photo: Business Wire)

Additionally, the Company has signed two new leases in Mount Holly, New Jersey and Hazelwood, Missouri. These stores are expected to open in the fourth quarter of 2022 and will expand Company operations into 17 states (including the new location in Virginia announced herein).

Darren Lampert, CEO of GrowGeneration stated, “Our new 9,000 square foot store in Richmond, Virginia is the first of many GrowGen Hydroponic garden centers that will capture the emerging markets across the Southeastern United States. Virginia legislation allows for unlimited medical cultivation licenses and home growing making it an ideal market for GrowGen’s one-stop shop that provides new and existing cultivators seed to harvest solutions, including turnkey facility design, cultivation room design, and on-site project consultation, as well as access to the Company’s successful private label products. Additionally, Virginia is emerging as a prime market to supply indoor controlled environmental agriculture and vertical gardening to food agriculture. This new store continues GrowGen’s tradition of having the largest product selection, best service, and most knowledgeable grow professionals in the industry to deliver solutions for all types of growers, and to become the leading hydroponics retailer in the states where it operates.”

Lampert continued, “Additionally, we are announcing two new store leases in Mount Holly, New Jersey and Hazelwood, Missouri that are the first of many the Company expects to announce to increase our reach in new and emerging markets. These new stores will feature vertical farming demonstrations and educational support for new growers to set up and maintain state-of-the-art grow operations that will help them maximize their investments in vertical farming. In addition to new store leases, we continue to build out our distribution capabilities on a regional basis to deliver our products to new and existing growers efficiently and profitably.”

About GrowGeneration Corp:

GrowGen owns and operates specialty retail hydroponic and organic gardening centers. Currently, GrowGen has 60 stores, which include 23 locations in California, 6 locations in Colorado, 6 locations in Michigan, 5 locations in Maine, 5 locations in Oklahoma, 3 locations in Washington, 4 locations in Oregon, 1 location in Arizona, 1 location in Rhode Island, 1 location in Florida, 1 location in Nevada, 1 location in Mississippi, 1 location in New Mexico, 1 location in Massachusetts, 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220920005482/en/

Investor:

ICR, Inc.

GrowGenIR@icrinc.com

Source: GrowGeneration Corp.

FAQ

When is GrowGeneration's new store opening in Richmond, Virginia?

GrowGeneration's new store in Richmond, Virginia, is scheduled to open on September 26, 2022.

What is the significance of GrowGeneration's expansion into Virginia?

Expansion into Virginia represents GrowGeneration's entry into a market with unlimited medical cultivation licenses and home growing opportunities.

What other locations are included in GrowGeneration's recent expansion?

In addition to the Richmond store, GrowGeneration has signed leases for new stores in Mount Holly, New Jersey, and Hazelwood, Missouri.

How many states will GrowGeneration operate in after the new store openings?

After the new store openings, GrowGeneration will operate in 17 states.