GrowGeneration Signs Lease for 13,000 Sq. Ft. Denver South Retail Distribution Center, Continues its Colorado Expansion Plan
DENVER, CO -- (Marketwired) -- 02/01/17 -- GrowGeneration Corp. (OTCQB: GRWG), GrowGeneration ("GrowGen" or the "Company"), one of the largest specialty retail hydroponic and organic gardening store chains, selling to both the commercial and home cannabis markets, with currently 9 locations in Colorado, 1 location in California and 1 location in Las Vegas, NV, today announced that it has signed a 5-year lease on a 13,000 square foot facility in Denver, CO for its 12th store. The Denver South location will serve as retail and warehouse location, as well as the Company's corporate headquarters and will service the growing number of both commercial and home growers in the Denver market. Further, the Company entered into a 5-year lease for a 7,300 sq. ft facility in Trinidad, CO, which will replace and consolidate its existing 3,000 sq. ft. Trinidad store with plans to be open on March 1, 2017, as the Company's new hub for the Trinidad and New Mexico markets.
GrowGeneration Continues Aggressive Colorado Expansion
Colorado continues to present significant growth opportunities for GrowGen in the legal cannabis market. According to New Frontier Analytics, the Colorado market for both medical and adult-use cannabis will grow from $1.2B in 2016 to over $2.0B by 2020. Colorado now has over 600 licensed cultivation facilities throughout the state.
GrowGen CEO Comments
Commenting on GrowGen's expansion in Denver, Darren Lampert, Co-Founder and CEO, said, "Adding our 12th store and 2nd store in the Denver market solidifies GrowGen's position as a significant supplier to the commercial cultivators in the Colorado market. Our new Denver South location was selected due to the over 100 commercial growers within the same zip code of our store location. With over 13,000 sq. ft of retail showroom and warehouse space, GrowGen now operates 18,000 sq ft of warehouse and retail showroom space in the Denver metro market. We are also proud to announce that this location will serve as our new corporate headquarters."
About GrowGeneration Corp. :
GrowGeneration Corp. ("GrowGen") owns and operates specialty retail hydroponic and organic gardening stores. Currently, GrowGen has 12 stores, which includes 10 locations in Colorado, 1 location in California and 1 location in Nevada. GrowGen carries and sells thousands of products, including organic nutrients and soils, advanced lighting technology and state of the art hydroponic equipment to be used indoors and outdoors by commercial and home growers. Our mission is to own and operate GrowGeneration branded stores in all of the major legalized cannabis states. Management estimates that roughly 1,000 hydroponic stores are in operation in the U.S. According to New Frontier Data, the U.S. cannabis market was $5.7 billion in 2015 and is expected to have reached $7.2 billion at the end of 2016. By 2020 the market is estimated to reach over $23 billion with a compound annual growth rate of 32%.
Forward Looking Statements:
This press release may include predictions, estimates or other information that might be considered forward-looking within the meaning of applicable securities laws. While these forward-looking statements represent our current judgments, they are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this release. Please keep in mind that we are not obligating ourselves to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. When used herein, words such as "look forward," "believe," "continue," "building," or variations of such words and similar expressions are intended to identify forward-looking statements. Factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are often discussed in filings we make with the United States Securities and Exchange Commission, available at: www.sec.gov, and on our website, at: www.growgeneration.com.
Source: GrowGeneration Corp.
Released February 1, 2017