Welcome to our dedicated page for GROW GENERATION news (Ticker: GRWG), a resource for investors and traders seeking the latest updates and insights on GROW GENERATION stock.
GrowGeneration Corp. (symbol: GRWG) is a leading company in the United States that owns and operates retail hydroponic and organic gardening stores. The company specializes in the marketing and distribution of a wide range of horticultural, organic, lighting, and hydroponic products. These include lighting fixtures, nutrients, seeds, growing media, systems, trays, fans, filters, humidifiers and dehumidifiers, timers, instruments, water pumps, irrigation supplies, and hand tools.
Founded with a vision to support commercial and urban cultivators, GrowGeneration has established itself as a go-to resource for those growing specialty crops, including organics, greens, and plant-based medicines. As of March 27, 2020, the company operated 27 retail and commercial hydroponic/gardening centers, spanning multiple states such as Colorado, California, Michigan, Nevada, Washington, Oregon, Oklahoma, Rhode Island, Maine, and Florida.
In addition to its brick-and-mortar locations, GrowGeneration also operates an e-commerce store, growgen.pro, which offers an extensive selection of products to meet the needs of growers nationwide. The company caters to a diverse customer base, from hobbyist gardeners to large-scale commercial operations.
GrowGeneration Corp. is divided into two primary segments. The Cultivation and Gardening segment focuses on the core business of hydroponic and organic gardening products, while the Storage Solutions segment provides benching, racking, and storage solutions, ensuring efficient space utilization for growers.
With a commitment to innovation and quality, GrowGeneration continues to expand its footprint and enhance its product offerings. The company has formed strategic partnerships and continually invests in new technologies to better serve its customers. These efforts have positioned GrowGeneration as an industry leader in the fast-growing market for hydroponic and organic gardening supplies.
Financially, the company has shown robust growth, leveraging its extensive network of retail and online platforms to drive sales and profitability. Recent achievements include the expansion of its retail locations and the introduction of new product lines that cater to the evolving needs of modern cultivators.
Stay updated with the latest news and developments from GrowGeneration Corp. as the company continues to innovate and lead the way in hydroponic and organic gardening solutions.
GrowGeneration Corp. (GRWG) is set to acquire HGS Hydro, the third-largest chain of hydroponic garden centers in the U.S., for approximately $50 million in revenue for 2020. This acquisition will bring GrowGen's total footprint in Michigan to 14 stores, increasing their total to 65 nationwide. The deal is expected to close by fiscal year-end 2021, enhancing GrowGen's market share in a rapidly growing cannabis market. CEO Darren Lampert emphasized the strategic focus on acquiring leading hydroponic operations while also expanding their management team.
GrowGeneration Corp (NASDAQ: GRWG) will announce its second quarter financial results for the period ending June 30, 2021, on August 12, 2021, followed by a live earnings conference call at 9:00 a.m. ET. The call will be accessible via phone or webcast through their Investor Relations page. GrowGen operates 58 specialty hydroponic and organic gardening centers across various states and owns an online superstore for cultivators. Investors are encouraged to participate in the call for insights into the company’s performance.
Fluence, a leader in energy-efficient LED lighting for cannabis and food production, has partnered with GrowGeneration Corp (NASDAQ: GRWG), the largest chain of hydroponic and organic garden centers in the U.S. This collaboration positions Fluence as GrowGen's premier LED horticulture lighting provider, facilitating the distribution of Fluence's advanced cultivation technology through GrowGen's network of over 50 retail locations. The aim is to enhance growers' productivity and reduce costs, leveraging GrowGen's extensive expertise and product range.
GrowGeneration Corp (NASDAQ: GRWG) announced its inclusion in the Russell 2000 Index, effective June 28, 2021. This milestone reflects the company's growth and aims to enhance shareholder value by attracting institutional investors and improving stock liquidity. GrowGeneration operates 55 hydroponic garden centers across the U.S. and has a robust online presence. The Russell Indexes are widely regarded in investment management, with about $10.6 trillion in assets benchmarked against them.
GrowGeneration Corp (NASDAQ: GRWG) announced the results from its 2021 annual meeting of shareholders held on June 24, 2021. All five director nominees were elected, and Plante Moran was reappointed as the independent auditors. CEO Darren Lampert highlighted the company's appreciation for shareholder support and indicated plans to diversify the board in 2022 for a more inclusive culture. GrowGeneration operates 55 hydroponic and organic gardening centers across the U.S., with a comprehensive product range for both commercial and home growers.
GrowGeneration Corp (NASDAQ: GRWG) launched its redesigned e-commerce platform, GrowGeneration.com, featuring a Buy Online Pickup in Store (BOPIS) option at select locations. This platform serves as a comprehensive online store for over 10,000 products aimed at commercial and craft growers, including organic nutrients and advanced lighting technology. COO Tony Sullivan highlighted the growing consumer preference for convenient online shopping with in-store pickup. This launch is part of GrowGen's omni-channel strategy to enhance customer experience and boost revenue.
GrowGeneration Corp. (NASDAQ: GRWG) announced its participation in several virtual investment conferences. Darren Lampert, Co-founder and CEO, along with CFO Jeff Lasher, will hold one-on-one meetings with institutional investors on June 2, 2021. Lampert will also deliver a keynote address at the Benzinga Cannabis Capital Conference on June 3, 2021, at 9:10 am ET, followed by a fireside chat at the Piper Sandler 41st Annual Consumer Marketplace Conference on the same day at 3:00 pm ET. Another fireside chat is scheduled for June 10, 2021, at the Stifel 2021 Virtual Cross Sector Insight Conference.
GrowGeneration Corp. (NASDAQ: GRWG) announced the appointment of Paul Rutenis as Chief Merchant Officer, effective June 21, 2021. Rutenis has over 20 years of retail experience, having held executive roles at Dicks Sporting Goods and West Marine. CEO Darren Lampert expressed optimism about Rutenis's ability to enhance GrowGen's merchandising strategy, aligning with the company's goals for growth and expansion in the hydroponics sector. GrowGen operates 55 locations across several states and has established an online superstore for cultivators.
GrowGeneration Corp (NASDAQ: GRWG) announced its acquisition of The Harvest Company, a hydroponic supply center in Northern California, expanding its nationwide presence to five locations. The Harvest Company, known for servicing growers in the Emerald Triangle, will bring 16 employees and expertise to GrowGen's team. The acquisition is strategic, targeting the growing cannabis market in California, particularly in Trinity County, which has over 500 cultivation licenses. This move aligns with GrowGen's aim to enhance its service offerings and market reach.
GrowGeneration Corp. reported a record revenue of $90 million for Q1 2021, a 173% increase from $33 million in Q1 2020. Same-store sales also surged by 51%. The company raised its 2021 revenue guidance to $450-$470 million and adjusted EBITDA guidance to $54-$58 million. With net income of $6.1 million or $0.10 per share, significant growth metrics were achieved despite supply chain challenges. Additionally, nine acquisitions were completed, expanding their operational footprint.
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