GrowGen – MJNews Network

NEVADA: GrowGeneration, one of the largest specialty retail hydroponic and organic gardening store chains selling to both the commercial and home cannabis markets, announced the opening of its 11th store in Las Vegas on January 17th. GrowGen separately announced that it is one of 11 companies recently added to MJIC’s Marijuana Index.

GrowGen’s 11th store, located at 5885 South Valley View Blvd., Las Vegas, NV 89118, is a 10,000 sq ft store, and will serve a wide range of small, medium and large scale commercial growers. Conveniently located minutes from the Las Vegas strip, we believe GrowGeneration Las Vegas is one of the largest hydroponic stores in the Nevada market.

Addition to MJIC Marijuana Index

The United States Marijuana Index tracks the leading public cannabis companies operating in the United States. The index is equal-weighted and rebalanced quarterly. The North American Marijuana Index now has 28 constituents, and the U.S. Marijuana Index and the Canadian Marijuana Index have 17 constituents and 11 constituents, respectively. The Marijuana Index includes companies that have achieved a weighted average minimum market capitalization of $30 million USD, daily trading volume of $400,000 USD and share price of $0.10 USD. Companies with more than $5 million USD of revenue over the prior year are exempted from the above trading requirements. GrowGeneration’s revenue production in 2016 qualified it for inclusion in the Marijuana Index.

GrowGen CEO Comments

Darren Lampert, Co-Founder and CEO, said, “The addition to the MJIC Marijuana Index is another validation of GrowGeneration’s rapid growth and market position as a leading supplier of equipment and grow supplies to the cannabis and indoor cultivation industry. With 11 stores and counting, we are excited to open the doors of our Las Vegas store and for the trajectory of GrowGen’s growth to be tracked in the leading index of public cannabis companies. Executing and opening our GrowGen Las Vegas operation, furthers our business plan to aggressively expand our store footprint in all adult use markets.”

NEVADA: GrowGeneration, one of the largest specialty retail hydroponic and organic gardening store chains, selling to both the commercial and home cannabis markets, with currently 10 locations in Colorado and 1 location in California, today announced that it has signed a 5-year lease on a 10,000 square foot facility in Las Vegas, Nevada for its 12th store. The Las Vegas location will serve as retail and warehouse location, and will service the growing number of both commercial and home growers in the Nevada market.

GrowGeneration Continues Aggressive Geographic Expansion

Nevada presents significant growth opportunities for GrowGen in the legal cannabis market. The potential is attributed to the state’s rank as a top tourism destination, generous patient reciprocity laws, and the allowance for medical cannabis businesses to be formed as for-profit enterprises. Recreational use sales are expected to begin in 2017, and grow quickly. According to New Frontier, the combined medical and recreational use sales in Nevada are expected to reach nearly $622 million by 2020. A major key to the industry’s growth will be the demand from the state’s strong tourism market, with an estimated 55 million visitors in 2016 alone.

GrowGen CEO Comments

Commenting on GrowGen’s expansion into Nevada, Darren Lampert, Co-Founder and CEO, said, “The passage of Nevada’srecreational use legalization measure opens up the market for cultivation expansion like we have not seen before in the US. With this additional 10,000 sq. ft. of retail and warehouse space, conveniently located minutes from the Las Vegas strip, we believe we are to be the largest hydroponic store in the Nevada market. To best serve Nevada growers, we’ll stock both commercial and home-grow sizes of all the equipment and growing supplies offered throughout the market today.”

“Executing and opening our GrowGen Nevada retail and warehouse operation furthers our business plan to aggressively expand our business. With the recent recreational legalization in Nevada, California, Massachusetts and Maine, and medical legalization in Florida, we consider those states as our key expansion markets. GrowGen is now operating at an annualized revenue run rate of over $9.0 million. We believe we’re well positioned to continue to execute our expansion growth strategy, in order to offer a one-stop, personalized shopping solution for both the commercial and home grower alike.”