GrowGen Provides 122,000 Sq. Feet of Retail and Distribution Space with Two New Destinations
DENVER, March 9, 2021 /PRNewswire/ – GrowGeneration Corp. (NASDAQ: GRWG), (“GrowGen” or the “Corporation”) the nation’s major chain of specialty hydroponic and natural backyard garden centers, today announced it has signed two new leases in Los Angeles County, California, which will serve as the future sites of two new GrowGeneration Super Hydroponic Garden Facilities. Positioned in the heart of downtown Los Angeles at 1651 Naomi Avenue and around the Prolonged Beach Ports at 19516 South Susan Road in Rancho Dominguez, the leases depict an added 122,000 sq. ft of retail and distribution area in Los Angeles County, earning them the most significant hydroponic garden centers in Southern California. With these leases, GrowGen will operate shut to 800,000 sq. ft of retail and warehouse area throughout 52 locations nationwide, with 10 of those people locations in the vital Southern California sector and 19 in the point out of California.
“As the cannabis and hydroponics industries continue on to evolve at a immediate pace, we are operating to determine what the following era of backyard facilities will glimpse like. Our Super Hydroponic Back garden Facilities will offer you the most significant variety, specialist advice from our skilled employees, and greatest-in-class customer support. They will provide as retail areas, as well as distribution and direct success centers to support the substantial professional marketplaces. In addition, these hydroponic backyard centers will assistance us consolidate and distribute our private label products and solutions that are an important portion of our growth options,” reported Darren Lampert, GrowGeneration’s CEO.
Ongoing Lampert, “We are creating spot places for business and craft growers in the largest and most lively cultivation marketplaces in the country. We strategy to develop several GrowGen Super Yard Facilities throughout the U.S. to serve the rising number of professional and craft growers.”
Present-day announcement arrives on the heels of 4 modern acquisitions – which include San Diego Hydroponics & Organics past thirty day period – and yet yet another quarter of document earnings. In January, the Company pre-introduced fourth-quarter revenues of $61.5 million, bringing full-calendar year 2020 earnings to $192 million, up 140% from 2019. Very same-retail store product sales enhanced 63% for comprehensive-year 2020, as opposed to the past 12 months. The Corporation also raised its 2021 income advice to $335 million–$350 million and raised its 2021 adjusted EBITDA steerage to $38 million–$40 million. GrowGen options to have 55 backyard centre spots by the close of 2021.
For much more details about GrowGen, or to locate its outlets, please go to www.growgeneration.com.
About GrowGeneration Corp.:
GrowGen owns and operates specialty retail hydroponic and natural and organic gardening shops. At this time, GrowGen has 50 retailers, which consist of 8 places in Colorado, 17 destinations in California, 2 destinations in Nevada, 1 spot in Arizona, 2 areas in Washington, 6 spots in Michigan, 1 spot in Rhode Island, 5 destinations in Oklahoma, 2 destinations in Oregon, 5 spots in Maine and 1 area in Florida. GrowGen also operates an on the web superstore for cultivators at growgeneration.com. GrowGen carries and sells hundreds of products and solutions, like organic vitamins and minerals and soils, superior lighting technological know-how and condition of the artwork hydroponic gear to be utilised indoors and outside by industrial and house growers. Our mission is to have and run GrowGeneration branded suppliers in all the major states in the U.S. and Canada. Management estimates that approximately 1,000 hydroponic suppliers are in procedure in the U.S. By 2025, the global hydroponics technique current market is believed to get to somewhere around $16 billion.
Forward Wanting Statements:
This push launch could include things like predictions, estimates or other details that may well be thought of forward-looking in the meaning of relevant securities regulations. When these ahead-hunting statements depict our current judgments, they are subject to dangers and uncertainties that could cause true success to differ materially. You are cautioned not to position undue reliance on these ahead-searching statements, which mirror our opinions only as of the date of this launch. Be sure to continue to keep in mind that we are not obligating ourselves to revise or publicly launch the benefits of any revision to these forward-wanting statements in mild of new info or foreseeable future functions. When applied herein, text this sort of as “glimpse forward,” “believe,” “keep on,” “creating,” or variants of these kinds of words and phrases and identical expressions are intended to establish ahead-on the lookout statements. Elements that could cause real outcomes to vary materially from people contemplated in any forward-on the lookout statements created by us herein are normally talked about in filings we make with the United States Securities and Trade Fee, available at: www.sec.gov, and on our web-site, at: www.growgeneration.com.
View primary content to download multimedia:http://www.prnewswire.com/information-releases/growgeneration-expands-southern-california-footprint-with-new-tremendous-hydroponic-backyard-centers-in-los-angeles-county-301243272.html