GrowGeneration Archives - Green Market Report

Debra BorchardtDebra BorchardtAugust 13, 2020


GrowGeneration Corp. (NASDAQ: GRWG) reported revenues of $43.5 million for the second quarter of 2020 and is raising its guidance for 2020 revenue. GrowGeneration‘s new forecasted range for revenue is $170 million$175 million and the adjusted EBITDA is estimated to be $17.0 million$18.0million. Revenue guidance for  2021 is $245M$260M. Adjusted EBITDA guidance for 2021 is $26M$28M.

The stock was jumping over 13% as the company easily blew past the Yahoo Finance average analyst estimates of revenue at $36 million. Shares were lately selling at $10 in early trading. On June 29, 2020, the company was added to the Russell 3000 Index.

GrowGeneration also reported GAAP net income per share, basic, was $.07 for the second quarter vs $.04 for the same time period in 2019. This also beat the analyst average estimate for $0.05. The average price target is $10.14. The GAAP net income was $2.6 million for the second quarter vs net income of $1.1 million for the same time period in2019.

Darren Lampert, Co-Founder and CEO, said, “Our online business increased by 149%, Q2 2020 versus Q2 2019. Our commercial division generated over $9.0 million in revenues, an increase of 142% Q2 2020 versus Q2 2019. The Company added 167 new commercial customer accounts from Q1, 2020 to Q2 2020, and now services over 700 commercial accounts. We continue to see strong demand for our products that include LED lights, nutrients, additives, soils and other products that outfit and feed grower’s gardens. Our Sunleaves private-label nutrient and additives line of product is now generating over $100,000 a month in sales.”

Despite voicing earlier warnings about COVID’s effect on brick and mortar stores, the company said that its weekly walk-in transactions had increased 50 %, quarter over quarter.

Cash Cushion

GrowGeneration is sitting comfortably on a solid cash footing. The working capital was $35.2 million on June 30, 2020, vs $30.6 million on December 31, 2019. The cash on June 30, 2020, was $14.8 million, cash on December 31, 2019, was $12.98 million, and cash as of August 12, 2020, was $59.3 million. This was certainly helped with the July offering of 8,625,000 shares generating $48.3 million in gross proceeds.

Looking Ahead

The company currently has 28 locations and has set its sites on expansion. It has set a corporate goal to reach 50 stores and 15 states in 2021. Earlier this week on August 10, 2020, the company purchased the assets of Emerald City Garden, located in Concord, CA as another step towards market domination.



StaffStaffJune 30, 2020


Cannabis investors remain hungry for stock as long as the company is one with solid and consistent revenue. It seems GrowGeneration Corp. (NASDAQ: GRWG) and Innovative Industrial Properties, Inc. (NYSE: IIPR) are two such companies. Both priced and upsized offerings today

IIP Upsizes Huge Offering

Innovative Industrial Properties, Inc. (IIP) priced its underwritten public offering of 2,683,363 shares at $83.85 per share for gross proceeds of approximately $225 million. The deal is expected to close on or about July 2, 2020. The underwriters also have a 30-day option to purchase up to an additional 402,504 shares of its common stock.

IIP said it plans to use the net proceeds from this offering to invest in specialized industrial real estate assets that support the regulated cannabis cultivation and processing industry that are consistent with its investment strategy and for general corporate purposes.

According to Yahoo Finance, five analysts cover the stock. Four have a buy rating, while one is at hold. The average target price is $111 and the stock is currently trading near $85.

GrowGeneration Upsizes Offer

GrowGeneration Corp. (NASDAQ: GRWG) priced an underwritten public offering of 7,500,000 shares of its common stock at $5.60 per share. GrowGen said it expects the gross proceeds to be roughly $42 million, before deducting the underwriting discount and other estimated offering expenses. The deal was upsized from the previously announced offering size of $35 million of common stock and is expected to close on July 2. The underwriters have a 30-day option to purchase up to an additional 1,125,000 shares of common stock offered in the public market.

According to Yahoo Finance, five analysts are covering the stock and all have a buy rating. The average target price is $8 and the stock is selling near $6.50. The average revenue estimate for the current quarter is $36 million, an increase of 87% over last year’s sales for the same time period.

Debra BorchardtDebra BorchardtJune 10, 2020


Grow Generation Corp. (NASDAQ:GRWG) stock fell over 3% in early trading after the company announced a $35 million stock offering and gave hints of potential COVID troubles ahead.

The hydroponic store chain filed an S-1 to offer $35 million in stock plus a 30-day option to purchase up to an additional 15% of the shares or $5.25 million. The company said in a statement, “We intend to use the net proceeds from this offering primarily to expand our network of hydroponic/garden centers through organic growth and acquisitions and general corporate purposes.”

However, within the S-1, GrowGeneration hinted that there could be problems on the horizon as a result of the pandemic.

The company stated in its filing that COVID-19 was affecting its operations. “Although we have been deemed an “essential” business by state and local authorities in the areas in which we operate, we have undertaken the following measures in an effort to mitigate the spread of COVID-19 including limiting store business hours, and encouraging employees to work remotely if possible. Moreover, the COVID-19 pandemic has caused temporary or long-term disruptions in our supply chains and/or delays in the delivery of our inventory. Further, the COVID-19 pandemic and mitigation efforts have also adversely affected our customers’ financial condition, resulting in reduced spending for the products we sell.”

The company said that many of its suppliers were experiencing operational difficulties as a result of COVID-19, which in turn may have an adverse effect on its ability to provide products to our customers.

Manufacturing plants have closed and work at others curtailed in many places where we source our products.  Some of our suppliers have had to temporarily close a facility for disinfecting after employees tested positive for COVID-19, and others have faced staffing shortages from employees who are sick or apprehensive about coming to work.  Further, the ability of our suppliers to ship their goods to us has become difficult as transportation networks and distribution facilities have had reduced capacity and have been dealing with changes in the types of goods being shipped.

GrowGeneration also noted that returning to business, as usual, may not be so simple.  “Once we are able to restart normal business hours and operations doing so may take time and will involve costs and uncertainty. We also cannot predict how long the effects of COVID-19 and the efforts to contain it will continue to impact our business after the pandemic is under control. Governments could take additional restrictive measures to combat the pandemic that could further impact our business or the economy in the geographies in which we operate. It is also possible that the impact of the pandemic and response on our suppliers, customers and markets will persist for some time after governments ease their restrictions. These measures have negatively impacted, and may continue to impact, our business and financial condition as the responses to control COVID-19 continue.”

For now, the company said things seem to be okay. It said that the difficulties experienced by the suppliers had not yet impacted its ability to get products to customers. The company also noted that it does not significantly depend on any one supplier. “However, if this continues, it may negatively affect our inventory and delay the delivery of merchandise to our stores and customers, which in turn will adversely affect our revenues and results of operations. If the difficulties experienced by our suppliers continue, we cannot guarantee that we will be able to locate alternative sources of supply for our merchandise on acceptable terms, or at all. If we are unable to adequately purchase appropriate amounts of inventory, our business and results of operations may be materially and adversely affected.”

Currently, GrowGen has 27 stores, which include 5 locations in Colorado, 5 locations in California, 2 locations in Nevada, 1 location in Washington, 4 locations in Michigan, 1 location in Rhode Island, 4 locations in Oklahoma, 1 location in Oregon, 3 locations in Maine and 1 location in Florida. GrowGen also operates an online superstore for cultivators, located at and



Debra BorchardtDebra BorchardtMay 14, 2020


GrowGeneration Corp. (NASDAQ:GRWG) continued to crush it with record first-quarter sales of $33 million, but then reported a net loss of $2.1 million as it paid out shares in new executive agreements. Still, GrowGeneration increased its guidance for upcoming revenue and the stock was rising over 3% in early trading to lately sell at $4.83.

The hydroponic and organic gardening chain delivered its 10th consecutive quarter of record revenue as the first quarter clocked in at $33 million versus last year’s first-quarter revenue of $2.7 million. The company beat the average revenue estimate of $31.55 million from Yahoo! Finance.

The company reported a loss per share of $0.55, which greatly missed analyst estimates of $0.03.

GrowGeneration is 2020 raising its revenue guidance to $135M$140M and the adjusted EBITDA to $12.0M$14.0M. The revenue guidance for the second quarter $36.0M$37.0M. Guidance for Q2 2020 adjusted EBITDA is $3.6M and GAAP pre-tax net income is $2.1M.

Same-store sales revenue increased 58% to $15.2 million for the quarter versus revenues of $9.6 million for the quarter ending March 31, 2019.

Executives Prove To Be Expensive

The company’s net loss of  $2.1 million was a big change from last year’s first-quarter net income of $229,000. The company blamed it on $4.1 million in non-cash share-based compensation due to several new executive employment agreements which became effective January 1, 2020, that had some accelerated vesting. In a statement, the company said, “Had the new executive shared based awards been level vested and not front-end vested, the company would have Q1 2020 net income of approximately $332,000 on a GAAP basis.” The remainder of the year is expected to be much lower for these expenses and should be roughly $2.4 million.

“Our online business is being integrated as part of our omnichannel strategy with all our store’s locations, “Order online and pickup in-store”. We generated over $1.0 million in online sales in one month for the first time in the history of the Company in April 2020,” said Darren Lampert, Co-Founder, and CEO. “Our commercial division is approaching $30 million in expected annual sales, with today over 500 active commercial customers.”


GrowGen benefited from the designation as an “essential” supplier to the agricultural industry, supplying the nutrients and nourishment required to feed their plants. “Accordingly, we are open during this difficult time and will remain open for the foreseeable future. We have plans and procedures in place to ensure our customers and employees stay safe during this time of uncertainty. All of us at GrowGeneration remain committed to the safety and well-being of our customers and employees and send our prayers and thoughts to all in the growing community.”

In addition to that, GrowGeneration said it has committed to donating up to $500,000 of free products to its loyal customers and local communities that have been severely affected.

Currently, GrowGen has 27 stores, which include 5 locations in Colorado, 5 locations in California, 2 locations in Nevada, 1 location in Washington, 4 locations in Michigan, 1 location in Rhode Island, 4 locations in Oklahoma, 1 location in Oregon, 3 locations in Maine and 1 location in Florida. The company just opened a 40,000 sq. ft commercial and online fulfillment center in Tulsa, OK. It is a super-hydroponic center that had sales of $770,000, in April, its first full month of business.


StaffStaffDecember 18, 2019


GrowGeneration Corp. (NASDAQ: GRWG) has purchased the assets of Portland, Oregon-based GrowWorld for an undisclosed amount. GrowWorld was founded in 2011 and is the largest retail and warehouse garden space by square footage in the state. In addition to that, it has the highest sales volume of a hydroponic store in Portland and the highest revenue in the state.

A GrowGen statement said that “The GrowWorld acquisition is our 8th in 2019, adding an accretive $5.0 Million in revenue to our Company.  GrowWorld is one of the largest hydroponic stores in Oregon and strengthens our position in the Pacific Northwest region, that currently includes our Seattle location. With over 700 commercial cultivation licenses and a strong medical caregiver program, we feel we can capture a large market share of the Oregon hydroponic supply market.”

GrowGen owns and operates 26 stores, which include 5 locations in Colorado, 5 locations in California, 2 locations in Nevada, 1 location in Washington, 4 locations in Michigan, 1 location in Rhode Island, 4 locations in Oklahoma,1 location in Oregon and 3 locations in Maine. GrowGen also operates an online superstore for cultivators, located at

Oregon Market

Oregonians will spend more than $1 billion on cannabis products in 2020, according to a new forecast.  That will rank the state fifth behind California ($3.1 billion), Washington ($2.28 billion), Colorado ($1.83 billion) and Massachusetts ($1.05 billion). In addition, there are more than 63,000 acres of hemp registered statewide.


Last month, GrowGen reported its earnings with net revenue increasing 159% to $21.8 million for the third quarter ending September 30, 2019, versus last year’s $8.4 million for the same time period. The company attributed the increase in revenues to the addition of 10 new stores opened or acquired after October 1, 2018, which delivered sales of $3.9 million in Q3 2019. Sales also increased as a result of the acquisition of a new store in mid-July 2018 that had sales of $2.3 million in the quarter and the new e-commerce site acquired in mid-September 2018  which had revenues of $1.4 million in the quarter.

StaffStaffNovember 25, 2019


It’s time for your Daily Hit of cannabis financial news for November 25, 2019.

On The Site


Organigram Holdings Inc. (OGI) (OGI) reported that its gross revenue grew to $19.2 million for the fourth quarter ending August 31, 2019, versus $3.1 million for the fourth quarter in 2018. The net loss for the 2019 fourth quarter was $22 million versus last year’s net income of $18 million for the same time period. The larger loss was due to “non-cash fair value changes to biological assets and inventories.”

For the full year, Organigram delivered net revenue of $80.4 million, which grew 547% over 2018’s $12.4 million. The net loss for 2019 was $9.5 million versus 2018’s net income of $22.1 million.

Four Biggest Fibs

The Facilities Are Fully Funded

On Oct. 9, 2019, The Green Organic Dutchman (OTC: TGOD) said in a press release that it was updating the market on credit financing. In the statement, it noted that “The Company may revise the construction schedule for its Ancaster and Valleyfield projects if it is unable to obtain sufficient financing on reasonable terms, within the required timeframe. There can be no assurance that this review will result in the completion of any financing transaction.” Basically, TGOD said it needed money to finish the projects as planned.

Business on a Budget

Guest Post by Joseph Collins, Content Director at The Amsterdam

Ever since states began to legalize medical and recreational marijuana, the cannabis business is booming. Eleven states and the District of Columbia have passed laws making recreational marijuana use legal. Another 22 states have laws legalizing medical marijuana. The Farm Bill of 2018 legalized hemp for industrial purposes, including the production of CBD oil.

It is not too late to get in on the profits by starting your own cannabis business. If you’re thinking that too much startup capital is needed, then take a look at these cannabis entrepreneurs.

In Other News


MJardin Group, Inc. (CSE: MJAR) (OTCQX: MJARF), a leader in premium cannabis production, today announced its financial and operating results for the three and nine-month periods ending September 30, 2019. Revenue of $7.6 million, includes $0.8M contribution from Cheyenne since acquisition date; Generated positive Adjusted EBITDA of $0.5 million; Sequential revenue growth from AMI facility of 47% compared to the prior quarter.

”The third quarter results reflect another period of building out size and scale across our operational platform, which as expected comes with challenges in any business, however we continue to successfully tackle these issues as we execute against our strategic plans which are centred around growth and profitability in 2020,” commented Pat Witcher, CEO of MJardin. “We further reduced SG&A and have decreased those costs by 45% compared to Q2 2019. This allows us to focus on and effectively allocate resources to developing our product lines within Health Canada’s upcoming regulations around extraction, edibles and topicals. We continue to invest in these business lines on both sides of the border. Responsible deployment of capital to maximize shareholder value remains our top priority as we grow our operational footprint with accelerated revenue growth.”


GrowGeneration Corp. (NASDAQ: GRWG), the largest chain of specialty retail hydroponic and organic garden centers, with currently 25 locations, is pleased to announce that its common shares have been approved for listing on the Nasdaq Capital Market. GrowGeneration Corp. common shares will begin trading on NASDAQ on December 2, 2019 under the trading ticker symbol “GRWG.”

“This up-listing to NASDAQ is a major corporate milestone and reflects the financial performance of our Company. As the premier hydroponic supplier in the country, we continue to focus on expanding the number of garden centers, increasing our commercial portfolio of customers, focusing on the cutting-edge products, while expanding revenue and EBITDA. We believe our NASDAQ listing will increase long-term shareholder value by improving awareness, liquidity, and appeal to institutional investors” said Darren Lampert, CEO of GrowGeneration Corp.

True Leaf

True Leaf Cannabis Inc.  (CSE: MJ) (OTCQX: TRLFF) (FSE: TLA) has secured licenses from Health Canada to cultivate, process and sell cannabis for medical purposes pursuant to the Cannabis Act for its 18,000 square foot True Leaf Campus facility in Lumby, British Columbia.

The license allows True Leaf to begin cultivating, processing and selling medical cannabis from its facility immediately and to produce alternative cannabis products such as edibles, topicals, and capsules. True Leaf Campus sits on a 40-acre site of industrial zoned land wholly owned by True Leaf.

“Today marks an important milestone for True Leaf as becoming a licensed producer helps support the continued development of our therapeutic pet care products,” said Darcy Bomford, Founder and Chief Executive Officer of True Leaf. “Our facility is now licensed and meets EU GMP and HACCP standards. This is required for the ‘Cannabis 2.0’ market in Canada and also opens the door to export cannabis to the booming European market.”

Debra BorchardtDebra BorchardtNovember 11, 2019


Hydroponic and organic garden center chain GrowGeneration Corp. (OTCQX: GRWG) reported that its net revenue increased 159% to $21.8 million for the third quarter ending September 30, 2019, versus last year’s $8.4 million for the same time period. GrowGeneration also delivered a net income of $1,049,699 for Q3 2019 compared to a net loss of $(784,573) for Q3 2018, which was an increase of $1.8 million.

The company attributed the increase in revenues to the addition of 10 new stores opened or acquired after October 1, 2018, which delivered sales of $3.9 million in Q3 2019. Sales also increased as a result of the acquisition of a new store in mid-July 2018 that had sales of $2.3 million in the quarter and the new e-commerce site acquired in mid-September 2018  which had revenues of $1.4 million in the quarter.

Darren Lampert, Co-Founder and CEO, said, “The Company’s third-quarter financial results reflect our continued focus on revenue growth and EBITDA expansion. Our same-store sales were up 48% versus Q3 2018. We generated triple-digit growth in ColoradoMichigan and Nevada and double-digit growth in all other markets. Our online business rose over 1000% for the same period year over year.”

Lampert also noted that GrowGeneration Management Corp. is now approaching a $5.0 million per quarter segment of our business. Gross profit margins increased 420 basis points, to 29.9%. He added, “With our significant top and bottom-line growth, we were able to reduce our store operating expenses by 25% and our corporate overhead by over 25 % as a percentage of our revenue.” He said the company continues the rollout of its new ERP platform and is adding the California, Michigan, Maine, Oklahoma, Nevada and Rhode Island stores to the ERP system in 2019.  The GrowGen ERP platform is designed to lower costs, improve departmental productivity, integrate our online and store sales and supply channels and provides forecasting and reporting tools.

GrowGeneration said it has nearly $16 million in cash, which will allow it to close new acquisitions targets expected to close in the fourth quarter of 2019 and into 2020. The company has filed for a NASDAQ application and expects to have an update shortly. “We are raising our revenue guidance for 2019 revenue to $74M-76M and non-GAAP adjusted EBITDA of $.14-$.18 per share, based on 35.7 million shares outstanding.”

Management Changes

Last week, the company named Tony Sullivan as Executive Vice President and Chief Operating Officer of GrowGeneration, responsible for all operating departments and divisions, including Finance, Store Operations, E-commerce, Commercial, HR, Supply Chain / Logistics, Purchasing / Merchandise Planning, IT / IT Operations, Real Estate, Lease Administration, Store Maintenance, New Store Growth & Construction, and Administration. As of today, Joe Prinzivalli will be stepping away from his current role as the Chief Operating Officer and transitioning into a new role as Chief Technology Officer, continuing to lead our successful ERP implementation.

Tony most recently served as Executive Vice President and Chief Operating Officer of Forman Mills, a $300 million Private Equity sponsored business, prior to that Senior Vice President Operations for Dollar Express, a $500 million carve-out of 330 Family Dollar stores in 36 states, Private Equity sponsored business. Prior to Dollar Express, he was employed at Anna’s Linens for 9+ years where he served in several operating roles, most recently as SVP, Chief Operating Officer. Previously Tony served for 20+ years at Foot Locker Inc. leading 2100 + stores, 3 Divisions (Foot Locker, Kids Foot Locker, and Foot Action) over $2.5B in sales as VP Store Operations.

William SumnerWilliam SumnerAugust 8, 2019


It’s time for your Daily Hit of cannabis financial news for August 7, 2019.

On the Site

Cronos Group

Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) reported financial results in Canadian dollars for the second quarter and first-half ending June 30, 2019, with net revenue climbing 202% to $10.2 million over last year’s $3.4 million. The revenue increased 58% sequentially from $6.5 million in the first quarter of 2019. The company attributed the increase to sales in CBD oil, which carries no excise tax reduction and increased sales of dry flower.


Today, GrowGeneration Corp. (OTCQX: GRWG) announced the release of the financial results for the fiscal quarter ending on June 30, 2019. Net revenue for the quarter was $19.48 million, up from $7.15 million in the same period of the previous year. The company attributes the increase in revenue to the addition of 14 new retail stores

SOL Global

SOL Global Investments (CSE: SOL)(OTCPK: SOLCF) is changing from an international cannabis investment company to a U.S. multi-state cannabis operator (MSO) under the Life Sciences category of the Canadian Securities Exchange. In addition to the business designation change, the company is also changing its name to Bluma Wellness.

In Other News

Diego Pellicer

Diego Pellicer Worldwide, Inc. (OTCQB: DPWW) announced that its Denver licensee reported record sales for the month of July and that its sales average has risen by 8.56%. “Diego Pellicer – Colorado has clearly proven that premium products plus outstanding customer service and a world-class shopping experience is a winning formula for success,” said Diego Pellicer CEO Ron Throgmartin.

Planet 13

Planet 13 Holdings Inc. (CSE: PLTH) (OTCQX: PLNHF) announced that in July it served on average 1,937 customers per day with an average sale of $90.41 from the Planet 13 Las Vegas Cannabis Entertainment Complex. In May, the company accounted for roughly 10% of all cannabis sales in the state of Nevada, with a customer conversion rate of 60%. “We continue to drive impressive results from the SuperStore’s original 16,000 sq. ft. dispensary footprint in advance of the Phase II,” said Larry Scheffler, Co-CEO of Planet 13. “In May we reached an impressive milestone, the SuperStore accounted for 10% of all dispensary sales in Nevada. I’m optimistic we will see this trend continue once the department of taxation releases June and July numbers.”

C21 Investments

C21 Investments Inc. (CSE: CXXI) (OTC: CXXIF) released its unaudited financial results for the quarter ending on July 31, 2019. Unaudited revenue grew from $7.7 million to $9.8 million, representing a quarter-over-quarter increase of 27%. The unaudited gross margin rose from 43% to 49%. The company will release its certified financial results on or around September 12, 2019.

Cresco Labs

Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) announced that it has received approval to acquire 100% 100% of the membership interests of Gloucester Street Capital, LLC, the parent company of Valley Agriceuticals (Valley AG). Valley AG is one of ten vertically integrated medical cannabis license holders in the state of New York. The license will give Cresco the right to operate one cultivation facility and four dispensaries in the state. The acquisition is expected to close by the end of the August.

William SumnerWilliam SumnerAugust 8, 2019


Today, GrowGeneration Corp. (OTCQX: GRWG) announced the release of the financial results for the fiscal quarter ending on June 30, 2019.

Net revenue for the quarter was $19.48 million, up from $7.15 million in the same period of the previous year. The company attributes the increase in revenue to the addition of 14 new retail stores, some of which were acquired or recently opened after April 1, 2018, as well as the launch of the company’s new e-commerce site. When combined, the new stores and the e-commerce platform contributed approximately $12.7 million in revenue. Gross profit also rose from $1.7 million to $5.8 million. As a percentage of sales, gross profit was 29.9%.

The cost of goods sold rose approximately 152%, from $5.4 million in the previous year to $13.7 million. The increase of costs was attributed to increased sales and the increase in the number of retail stores. Year-over-year, net income rose from a loss of $929,959 to a net positive of $1.06 million.

As of June 30, 2019, the company has approximately $17.9 million in cash and cash equivalents and a working capital of $29.6 milliom.

Operational Highlights

In the last quarter, the company appointed former Home Depot CEO Bob Nardelli as Senior Strategic Advisor and completed a $12.8 million financing round  led Gotham Green Partners, Merida Capital Partners and Navy Capital. GrowGeneration acquired six new retail locations in Denver, Colorado; Palm Springs, California; Reno, Nevada; and Manchester, New Hampshire. The company also opened new stores in Maine and Oklahoma.

“The Company’s second quarter financial results reflect our company’s continued focus on revenue growth and EBITDA expansion. We improved the financial performance of the Company in all areas.” said GrowGeneration Co-Founder and CEO, Darren Lampert. “The newly acquired stores and new store openings are all performing better than expected and have been successfully integrated into the operations of the overall company. The Company has nearly $18.0 million in cash, which will allow the Company to continue to grow at a rate of 100% year over year.”

Debra BorchardtDebra BorchardtApril 1, 2019



GrowGeneration Corp. (OTCQX: GRWG) reported revenue of $29.0 million or 102% over 2017 revenues of $14.4 million. The company delivered a net loss of $5 million for 2018 a big increase over 2017’s net loss of $2.5 million. Gross profits were $6.4 million for 2018, as compared to $3.3 million for 2017, an increase of approximately $3.1 million or 97%. The company’s same-store sales, in the 4th quarter increased by 12.4%.

Darren Lampert, Co-Founder, and CEO, said, “This was our 5th consecutive year of record growth for GrowGeneration, with revenues growing over 100% year over year. GrowGen is now EBITDA profitable, starting in Q1 2019. We are forecasting 2019 revenue of $52M58M and adjusted EBITDA of $.12$.16 per share for 2019.”

Since the quarter ended, GrowGeneration made the following moves:

  • Q1 2019, acquired certain assets and product trademarks from the 3rd largest hydroponic distributor.
  • Q1 2019, we acquired 3 additional stores, in Denver, COPalm Springs, CA and Reno, NV.
  • Opened stores in Brewer, ME and Tulsa, OK.

Nutritional High

Nutritional High International Inc.  (CSE: EAT) (OTCQB: SPLIF) reported revenue of $6.1 million for the second quarter of 2019 from the sale of Cannabis related products in California primarily via its wholly owned distributor, Calyx Brands Inc. The company also reported a gross profit of $1.5 million, but a net loss of $6.8 million. At the end of January 31, 2019, the company has now recognized a trailing-twelve-month revenue from Cannabis sales of approximately $17.6 million.

Jim Frazier, Nutritional High’s CEO said, “With Q2 2019, we continue to deliver on our results. We have maintained and increased our revenue base in California, while also successfully executing on margin enhancing initiatives. Our plan to expand in other major US jurisdictions are starting to take further shape. Green Therapeutics continues to make strides towards vertical integration in Nevada and we are also laser-focused on expanding our product and commercial footprint in Oregon and Washington.”

The company continues to expand its California product portfolio by signing a letter of intent in January 2019, to purchase a controlling 51% interest in Tres Ojos Naturals, LLC d/b/a SolDaze. In January 2019, the Company entered into a license and trademark agreement with Docklight, LLC of Seattle, Washington, providing Nutritional High the rights to produce, market and sell inhalable cannabis products (whole flower, pre-rolls and oil cartridges) in the state of Washington and Oregon, under the iconic brand Marley Natural, which is the official cannabis brand of Bob Marley. Additional brands secured as part of the Docklight License include Dutchy, Headlight, Irisa, Grail, and Martian Gardens, which together with Marley Natural, are the “Branded Products”. In Washington, Nutritional High will sublicense the rights to manufacture the Branded Products to a locally-licensed facility, while production of Marley Natural will begin in short order in Oregon.

1933 Industries

1933 Industries Inc.  (CSE: TGIF) (OTCQX: TGIFF) reported that for the second quarter FY2019, the company had consolidated revenues of $3,720,993, gross margin of $2,088,740 and a net loss of $2,926,981. 

Mr. Chris RebentischUSA COO and Founder of Infused, said, “Year to date, the Company has experienced a steady 54% growth in sales revenues over the same period last year. Sales in Q2 were lower than in the previous quarter due to the performance of our AMA subsidiary, which experienced slower than expected sales due to challenges with yield and access to supply. We are seeing dramatic increases in yield and quality since appointing an experienced master grower.”

On March 13, the company announced a non-brokered private placement of 10,000,000 units at $0.45 per Unit for total proceeds of $4.5 million and subsequently announced its close on March 15th as the Offering was fully subscribed by one place.

About Us

The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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