GrowGeneration
GrowGeneration (GRWG) sells hydroponic equipment for growing plants indoors, particularly cannabis. Hydroponic farming refers to using water instead of soil to nourish plants as they grow, but the term has really become more of a catch for indoor growing of almost any kind; fertilizers and other additives will be a crucial part of GrowGen’s marginal performance over the coming years.
The company operates retail locations in 11 states, with a heavy emphasis on areas where cannabis is legal, and the industry is established or growing rapidly. Management has a stated goal of reaching 50 retail locations operating in 2021, with approximately 36 open so far including recently announced acquisitions.
GrowGen breaks revenue into retail (52% Q2 2020), commercial (21%), and ecommerce (27%) sales, and has used COVID to implement omnichannel programs like curbside pickup and on-site delivery. Like larger retailers, GrowGen is pursuing a strategy where many retail locations also…
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