Key Takeaways
- GrowGeneration announces the launch of three new premium product lines in grow lighting, essential accessories, and grow mediums.
- The company introduced the ION 135 Watt Under Canopy LED Light in November to enhance harvest quality and yields.
- New pest management traps and Char Coir Crush Pots are set to launch in December under proprietary brands.
- GrowGeneration aims to achieve 35% of sales from proprietary brands by the end of 2025.
- The company’s proprietary-branded products now exceed 220 SKUs.
New Product Launches
GrowGeneration Corp. (NASDAQ: GRWG), one of the largest U.S. retailers and distributors of hydroponic and organic gardening products, has introduced new premium products as part of its proprietary brand portfolio.
Recent launches include the ION 135 Watt Under Canopy LED Light, designed to improve harvest quality, increase yields, and enhance profitability for cultivators. Additional product launches planned for December include:
- Pest management traps under The Harvest Company brand.
- Char Coir Crush Pots, expanding GrowGen’s offerings in the grow medium category.
These additions bring GrowGeneration’s proprietary-branded product count to over 220 SKUs, supporting its goal of proprietary brand sales accounting for 35% of total gardening sales by 2025.
Driving Profitability Through Innovation
The company’s Co-Founder and CEO, Darren Lampert, emphasized the strategic importance of proprietary brands: “As part of our recently introduced profitability strategy, we are driving higher margin sales growth by launching a series of new, innovative products in high-demand areas. That way, we can better meet our customers’ needs and contribute to stronger margins for GrowGeneration.”
Lampert highlighted the alignment of the new products with the company’s goal of delivering value to both customers and shareholders.
Proprietary Brand Portfolio
GrowGeneration’s proprietary brands span all stages of cultivation, including industry-recognized names such as:
- Char Coir
- Drip Hydro
- Power Si
- ION lights
- The Harvest Company
These products are designed to meet the specific needs of indoor growing and greenhouse hydroponics, offering innovative solutions for cultivators at every level.
GrowGeneration Latest News
Reports Q2 2024 Financial Results & Strategic Restructuring Plan (2024/07/23)
GrowGeneration Corp. reported a 10.6% increase in net revenue for Q2, with a focus on its proprietary brands and a B2B e-commerce platform. The company aims to account for 35% of total sales by 2025, with plans to expand its e-commerce website and product lineup. A B2B e-commerce portal is expected to launch in Q4 2024, transitioning transactional activity from physical stores to a digital platform. The company plans to close 19 redundant stores, focus on customer retention, reorganize sales, marketing, and administrative activities, and rationalize SKU count to improve freight expense recovery. These actions are expected to reduce expenses by $12 million year-over-year, drive higher margins, and improve profitability. GrowGen is committed to market leadership and expansion into other markets.
Board Transition at GrowGeneration (2024/04/26)
GrowGeneration Corp. (NASDAQ: GRWG) has announced changes to its Board of Directors. Paul Ciasullo, a long-time board member, is retiring, and Starlett Carter will replace him. Carter brings a wealth of experience in legal and risk management, operations, and growth planning. Darren Lampert, CEO, and Chairman of the Board, thanked Ciasullo for his contributions and expressed optimism about Carter’s appointment. Carter, a recognized leader with a background in corporate culture enhancement, is excited to join the board and contribute to GrowGeneration’s success.
Acquires Community Garden & Greenhouse (2023/04/05)
GrowGeneration Corp. has acquired Community Garden & Greenhouse, a key player in the Bozeman area’s hydroponic and garden supply sector. This move enhances GrowGen’s portfolio and service, aimed at better serving both commercial and home-grow customers. Despite falling short of expectations in its recent financial performance, the outlook for GrowGeneration remains optimistic, with analysts setting a median 12-month price target of 5.13 for the company.
GrowGeneration Financial Results: Miss On EPS (2023/03/16)
GrowGeneration Corp. has released its financial results for the fourth quarter and full year that ended on December 31, 2022. For the fourth quarter, the company reported a decrease of approximately 40% in net revenues to $54.5 million. In addition, same-store sales decreased by 51.9% compared to the previous year. Gross profit decreased to $9.6 million, representing 17.6% of net revenues, due to aggressive inventory clearance and increased inventory reserves. The company reported a net loss of $15.0 million, compared to a net loss of $4.1 million the previous year, with an adjusted EBITDA loss of $10.2 million.
Joins GrowGeneration as VP of Operations (2023/02/08)
GrowGeneration Corp., the leading chain of hydroponic and organic garden centers in the US, has hired Clifton Tomasini as its Vice President of Operations. With extensive experience in the hydroponics industry, Mr. Tomasini will be responsible for the company’s success through improved operations and customer satisfaction. He joins a company that has a strong presence in the market, operating 60 retail centers across 16 states and an online superstore for cultivators. With the goal of feeding the world with locally grown, nutritious produce, the addition of Clifton Tomasini’s expertise puts GrowGeneration in a successful position.
Expands With The Grow Store Acquisition in Michigan (2023/01/18)
GrowGeneration Corp. (NASDAQ: GRWG), the largest chain of specialty hydroponic and organic garden centers in the United States, has announced the acquisition of inventory and equipment from The Grow Store, a family-owned and operated business located in Traverse City, Michigan. The Grow Store has been in operation since 1997, making it one of the first hydroponics and indoor garden centers in the country. The company also took over the existing store location at 90 N. US-31 S., Traverse City, MI.
Hires New VP of Sales (2023/01/11)
GrowGeneration Corp. has hired Aaron Hook as its new VP of Sales. In his new role, Mr. Hook will be responsible for leading sales programs and revenue development, and will report directly to GrowGen’s co-founder and president. Mr. Hook brings over 15 years of leadership experience in the controlled environment agriculture industry, having previously worked with top brands across various sales channels.
GrowGeneration Opens Store in New Jersey (2022/11/25)
GrowGeneration Corp. (NASDAQ: GRWG) will open its 60th store in Mount Holly, New Jersey, on November 21, 2022. The 7,700 sq. ft. store will offer vertical farming demos and instructional support to help growers optimize their output. With this expansion, GrowGen will have a presence in 16 states. CEO Darren Lampert anticipates New Jersey to be active in the cannabis industry and is pleased to continue efforts in partnership with Harvest 360 to support education and training for Social Equity License holders in the Northeastern United States.
GrowGeneration & Grodan Establish a Premium Partnership (2022/11/18)
GrowGeneration Corp. (NASDAQ: GRWG) has formed a partnership with Grodan, a leading producer of stone wool growth media for hydroponic operations. GrowGen is now the first retailer in the U.S. to receive the Grodan Platinum Certification, enabling more customers to purchase Grodan products at affordable prices. This partnership will strengthen GrowGen’s market position and provide growers with access to high-quality, sustainable stone wool products. GrowGen operates 59 specialty retail hydroponic and organic gardening centers, as well as an online supermarket for growers.
St Louis Hydroponic Company Acquired By GrowGeneration Corp (2022/11/14)
GrowGeneration Corp. has acquired St. Louis Hydroponic Company, a top hydroponic retail store in Missouri. The acquisition marks the company’s entry into the expanding Missouri market, where voters recently approved adult-use ballot initiatives. The store started operating under the GrowGeneration banner on November 7, 2022. The acquisition expands GrowGen’s retail network and is expected to bring success in St. Louis and the broader Missouri market. The owners of St. Louis Hydroponic Company are excited to partner with GrowGen to continue to deliver excellent products and services to their customers.
Reports Its Q3 Results Exceeding Revenue Expectations (2022/11/08)
GrowGeneration Corp. (NASDAQ: GRWG) reported financial results for Q3 2022. Net sales declined 39% to $70.9 million, and comparable store sales for the quarter decreased 58.1%. The net loss was $7.2 million, and the adjusted EBITDA loss was $2.6 million. The company updated its revenue guidance for 2022 to be between $270 million to $280 million, and the adjusted EBITDA guidance to be between a loss of $10 million to $13 million. The company’s cash and cash equivalents were $71.1 million on September 30, 2022.
To Open Hydroponic Garden Center in Virginia (2022/09/21)
GrowGeneration Corp. has announced the opening of a hydroponic garden center in Richmond, Virginia. This new store will be the first in the state and is scheduled to open in 2022. The company has also signed two new leases in Mount Holly, New Jersey and Hazelwood, Missouri, which are expected to open in Q4 2022. These new stores will expand the company’s operations into a total of 17 states.
Reports Second Quarter 2022 Financial Results (2022/08/05)
GrowGeneration Corp. reported financial results for the second quarter of 2022. Net sales declined by 44%, with a net loss of $136.4 million. Revenue guidance for 2022 was updated to be between $250 to $275 million, down from a range of $340 million to $400 million previously. The CEO stated that the company faced significant industry headwinds in the second quarter resulting in disappointing results for the quarter. However, the company remains confident in the longer-term opportunity that exists within hydroponics and indoor controlled environment agriculture.
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