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) announced the opening of a new hydroponic garden center in Jackson, Mississippi, marking its first store in the state and the 64th nationwide. The store will open on June 27, 2022, expanding GrowGen's operational states to 14. Additionally, the company signed leases for new stores in North Chesterfield, Virginia, and Hazelwood, Missouri, expected to increase its operational presence to 16 states. The new locations will feature vertical farming demonstrations aimed at supporting growers.
GrowGeneration Corp (NASDAQ: GRWG), a leading chain of specialty hydroponic and organic garden centers, announces the launch of Drip Hydro, a new liquid nutrient line developed by industry experts. Designed to improve crop quality and lower costs, Drip Hydro consists of a five-part fluid program aimed at maximizing plant potential. The product promises ease of use for growers, addressing common nutrient challenges. Following extensive testing with top growers, Drip Hydro is available in selected stores and online, expanding GrowGen's product offerings in the market.
GrowGeneration Corp (NASDAQ: GRWG), the largest chain of specialty hydroponic and organic garden centers in the U.S., announced upcoming participation in investor conferences. CEO Darren Lampert will speak at the Wolfe Research May Consumer Conference on May 13, 2022, and at the BMO Global Farm to Market Conference on May 19, 2022. GrowGeneration operates 63 stores across multiple states, including California and Colorado, and offers a wide range of products for indoor and outdoor cultivation through its online superstore.
GrowGeneration Corp. (NASDAQ: GRWG) reported a 9.2% decline in net sales to $81.8 million for Q1 2022, driven by a 35.5% drop in comparable store sales. The company posted a net loss of $5.2 million, or $0.09 per share, compared to a net income of $6.1 million in Q1 2021. Adjusted EBITDA was a loss of $0.7 million, down from $11.1 million last year. The revenue guidance for 2022 has been reduced to $340-$400 million, and Adjusted EBITDA expectations revised to between $0 and $10 million. The company plans to open 10-15 new stores, decreasing from an initial target of 15-20.
GrowGeneration Corp (NASDAQ:GRWG) will release its Q1 financial results on May 10, 2022, after market close. A live earnings conference call is scheduled for 5:00 p.m. EST. Participants can join by dialing (800) 289-0438 for domestic or (647) 484-0478 for international calls, using conference code 219309. GrowGeneration operates 63 hydroponic and organic gardening stores across the U.S. and also runs an online superstore, offering products for growers.
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.