The company specializes in cultivation equipment for cannabis
Even if the companies in the cannabis industry did not have their greatest performance this year in the stock market, that doesn’t mean it will stay like that. With real expectations set, more companies are listing their share publicly and GrowGeneration Corp. has just been approved to be listed on the NASDAQ stock exchange, with the company’s common shares listed as “GRWG” starting December 2. GrowGeneration currently has 25 different retail stores locations that specialize in hydroponic and organic garden centers.
Darren Lampert, CEO of GrowGeneration Corp., commented on the news by stating how this step comes to demonstrate how financially stable this specialty company is and a little more about their focus after this decision. “As the premier hydroponic supplier in the country, we continue to focus on expanding the number of garden centers, increasing our commercial portfolio of customers, focusing on the cutting-edge products, while expanding revenue and EBITDA. We believe our NASDAQ listing will increase long-term shareholder value by improving awareness, liquidity, and appeal to institutional investors,” said Lampert. GrowGeneration currently has the most stores in Colorado and California, but also reports store located in several other states such as Nevada, Washington, Michigan, Rhode Island, Oklahoma and Maine.
They have also branched out their business by having an online store dedicated to growers at HeavyGardens.com, which is already a superstore. This eCommerce store carries products such as nutrients and soils, lighting technology for better production, modern equipment for hydroponic growers. They’re for both individuals that like to grow their own products and also for commercial purposes. They estimate a total of 1,000 specialty hydroponic stores across the US and Canada by 2020, generating revenue for over $23 billion.