Welcome to our dedicated page for Growgeneration news (Ticker: GRWG), a resource for investors and traders seeking the latest updates and insights on Growgeneration stock.
GrowGeneration Corp. reports news on its specialty products business for controlled environment agriculture, commercial cultivation and retail garden centers. The company sells nutrients, additives, growing media, lighting, environmental control systems, benching and racking through retail stores, an online superstore, wholesale distribution and commercial sales.
Recurring updates cover quarterly and annual financial results, proprietary brand penetration, retail and distribution activity, and product introductions under brands such as Char Coir, Drip Hydro, Power Si, Ion lights, The Harvest Company and Viagrow. Company news also includes industry conference participation, commercial cultivation education, and developments in its MMI Storage Solutions benching, racking and storage operations.
GrowGeneration Corp. (NASDAQ: GRWG) reported record revenues of $422.5 million for 2021, a 118% increase year-over-year, with a fourth quarter revenue of $90.6 million, up 46%. However, they recorded a net loss of $4.1 million in Q4, contrasting with a net income of $1.5 million in Q4 2020. Adjusted EBITDA for the full year was $34.5 million, while Q4 saw a loss of $1.9 million. Looking ahead, the company projects 2022 revenues between $415 million and $445 million and plans to open 15 to 20 new garden centers.
Zoned Properties, Inc. (OTCQB: ZDPY) appointed Jody Kane to its Board of Directors, enhancing its leadership team with expertise in capital markets, real estate, and the cannabis sector. CEO Bryan McLaren emphasizes the strategic growth and value creation potential for Zoned Properties as it capitalizes on opportunities in the regulated cannabis real estate market. Kane, co-founder of Diamond Bridge Capital and a former board member of Grow Generation Corp. (Nasdaq: GRWG), brings significant investment management experience that is expected to support the company's mission and expansion strategies.
GrowGeneration Corp. (NASDAQ: GRWG) has opened a new 25,000 square foot hydroponic garden center in Ardmore, Oklahoma, marking its 63rd location nationwide and sixth in the state. Located near Interstate 35 and the Texas border, this expansion comes as Oklahoma's medical cannabis market has grown significantly, surpassing California in the number of licensed farms. CEO Darren Lampert emphasized that the new store will offer the largest selection and best service for various growers. GrowGeneration is the largest chain in the hydroponic and organic gardening sector.
GrowGeneration Corp (NASDAQ: GRWG) has launched the NEXTGEN initiative in partnership with Harvest 360 Technologies to support social equity in the cannabis industry. This program will award 25 cultivation teams a full scholarship package, with a total commitment of up to $500,000. The initiative aims to empower minority, women, and veteran entrepreneurs in New Jersey's Adult-Use Cannabis market, attracting over 500 applicants. The scholarship includes access to equipment, business resources, and comprehensive support for selected teams.
GrowGeneration Corp. (NASDAQ: GRWG) announced the acquisition of Mobile Media, Inc and MMI Agriculture for $9.4 million in cash and stock. MMI, based in Ellenville, NY, generated $14.0 million in revenue for 2021 and specializes in mobile shelving systems for various industries, including agriculture. This acquisition aims to enhance GrowGen's offerings in the indoor vertical farming sector, leveraging MMI's innovative systems to maximize crop yields and optimize grow spaces. GrowGeneration continues to expand into newly legalizing East Coast states, positioning itself for future growth.
GrowGeneration Corp (NASDAQ: GRWG) has announced the relocation of its Phoenix, Arizona store to a new 25,000 sq. ft. Super Hydroponic Garden Center, marking the largest facility of its kind in Arizona. This strategic move supports the company's expansion in the hydroponic market, particularly in light of Arizona's thriving cannabis industry, projected to exceed $1 billion in sales this year. The new location enhances product accessibility and serves as a distribution hub for the region, aligning with GrowGeneration's commitment to providing superior hydroponic supplies and expertise to a growing customer base.
GrowGeneration Corp. (NASDAQ: GRWG), the largest chain of specialty hydroponic and organic garden centers, announced its participation in several upcoming virtual investor conferences. The events include the Jefferies Virtual West Coast Consumer Conference on November 17 at 1:10 pm EST, Cowen's 4th Annual Cannabis Conference on December 1 at 11:40 am EST, and the Wolfe Global Consumer Growth Conference on December 15 at 11:40 am EST. CEO Darren Lampert will engage in discussions and one-on-one meetings with institutional investors at these conferences.
GrowGeneration Corp. (NASDAQ: GRWG) reported a record third quarter revenue of $116.0 million, reflecting a 111% increase from the previous year. The company's Adjusted EBITDA reached $10.8 million, while earnings per share were $0.07. Comparable store sales increased 15.7%, driven by strong performance across key product categories and an expansion of private-label offerings, which contributed 8.7% to total sales. Full-year revenue guidance is updated to $435-$440 million.
Significant acquisitions and strategic management additions bolster growth for 2022.
GrowGeneration Corp (NASDAQ: GRWG), the largest chain of specialty hydroponic and organic garden centers in the U.S., will release its third-quarter financial results on November 11, 2021. The results will be followed by a live earnings conference call at 9:00 a.m. ET. GrowGen currently operates 63 stores across several states, including 24 in California and 8 in Colorado. Investors can participate in the call by dialing (866) 269-4260 (domestic) or (647) 792-1241 (international) with a conference code of 8073498. A replay of the call will be available for 90 days.
GrowGeneration Corp (NASDAQ: GRWG) appointed Becky Gebhardt as Senior Vice President, Marketing and E-commerce, effective immediately. Gebhardt brings over 20 years of experience in consumer goods, previously serving as Global CMO of PopSockets and CMO at Lands' End. Her expertise will enhance GrowGen's omni-channel marketing and e-commerce strategy, driving customer acquisition and engagement. GrowGen currently operates 63 stores across multiple states and offers a wide range of hydroponic and organic gardening products through its online platforms.