GrowGeneration talks soar-to-soar growth plans for cannabis grow retailer

GrowGeneration talks soar-to-soar growth plans for cannabis grow retailer

After opening 26 locations within the past six months, GrowGeneration CEO Darren Lampert acknowledged the firm is centered on opening shops on the East Waft. Subscribe to CNBC PRO for entry to investor and analyst insights:

GrowGeneration CEO Darren Lampert suggested CNBC Thursday the firm is centered on increasing on the East Waft as Unique York roar inches closer to legalizing recreational marijuana.

“You’ll witness us coming into the East Waft markets rapidly,” he acknowledged in an interview with Jim Cramer on “Indignant Cash.”

Unique York legislators might perchance perchance perchance utter a bill to legalize marijuana up for a vote within the Assembly as rapidly as next week, the Associated Press reports. If it passes, the bill is anticipated to be signed by Democratic Gov. Andrew Cuomo.

Around the corner in Unique Jersey marijuana is now factual for recreational use, although the roar is tranquil finalizing principles and regulations for gross sales. GrowGeneration, which operates dozens of grow shops across the country, is planning to delivery for industry in Unique Jersey rapidly.

“We’re tranquil ready on affirmation of licensing, how exact the licensing goes to be, how restrictive it’s going to be,” he acknowledged. “Extra importantly craft licensing … limitless craft licensing, which is larger for GrowGeneration.”

GrowGeneration operates more than 50 grow shops in 12 states. Most might perchance perchance perchance be found within the western piece of the country, with many in California. The firm operates a handful of shops in Maine, Florida and Massachusetts.

The firm sells the “picks and shovels” merchandise, a lot like lights and hydroponic affords, extinct to grow cannabis indoors, Lampert acknowledged.

“What you’re seeing appropriate now, Jim, is a sea swap [in] controlled environmental ag,” he acknowledged. “We promote the inputs. We promote the technologies, the solutions that alter the environment that vegetation dwell in.”

On Wednesday GrowGeneration reported fat-year revenues of $193.0 million in 2020, up 143% from the year prior. It became as soon as the third straight year the firm saw triple-digit earnings increase. Executives depend on industry to more than double yet again this year.

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