GrowGeneration Announces Q3 Revenue Up 83%
Denver-based GrowGeneration Corp. (OTCQX: GRWG), a specialty retail hydroponic and organic gardening company with 14 locations selling to both commercial and home cannabis markets, reported strong financial results for its Q3 ended September 30, 2017.
Revenue was up 86% to $4.0 million, compared to $2.2 million for Q3 the year before. Revenue rose 91% to $10.7 million for the 9 months ending September 30 compared to from $5.6 million for the 9 months last year.
According to Darren Lampert, Co-founder, and CEO, “Our company continues to attract capital, raising $4.8 million through Q3 2017, strengthening our balance sheet to $8.2 million in assets and breaking the $10 million revenue mark.”
GrowGen now operates in 4 states, with 14 stores totaling over 50,000 sq. ft., servicing 100’s of commercial growers. They forecast revenue for 2017 to be about $15 million.
The company is expanding in California, Nevada, Michigan, Rhode Island, Maine, Massachusetts, Oregon, and Washington.
GrowGen stock closed down 3% to $1.86. Its market cap $27 million, and the 52-week range is $1.500 – $3.430.
Source: GrowGeneration Corp
GrowGeneration Announces Q3 Revenue Up 83%
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