GRWG announced the opening of a store in Mount Holly, NJ. The store will mark GRWG’s foray into the New Jersey market and its 60th store overall. This will officially expand the number of states the company operates in to 16.
Located in Mount Holly, the store has a sprawling area of 7,700 square feet and will include vertical farming demonstrations. It will also support growers educationally by helping them build and maintain grow operations to maximize their yields.
Given its strong medical patient base as well as pending legislation that will allow home cultivation of cannabis, GrowGeneration expects the New Jersey region to develop solid prospects in the upcoming years. The opening of this store is in sync with GRWG’s strategy to expand in the fast-growing and strategically important markets.
GRWG had previously mentioned its desire to continue the national program of educating and training Social Equity License holders in cooperation with Harvest 360. As GrowGeneration expands, it will sustain this program in its newest store. It will provide operators and their communities with high-quality support and solutions.
GrowGeneration is a large chain of specialty hydroponic and organic garden centers based in the United States. GRWG plans further to open stores in untapped geographies with great potential.
In the third quarter of 2022, net sales of GrowGeneration declined by 39% due to weak demand. Comparable store sales for the quarter slumped 58.1%, while GRWG reported a loss of 12 cents per share. Post-third-quarter results, the guidance for 2022 earnings is set at $270 million to $280 million. GRWG reported revenues of $422.5 million in 2021.
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