GrowGeneration Signs 3rd and 4th Leases in Oklahoma
DENVER, Sept. 10, 2019 /PRNewswire/ - GrowGeneration Corp. (OTCQX: GRWG), ("GrowGen" or the "Company") the largest chain of specialty retail hydroponic and organic garden centers, with currently 23 locations, today announced it signed 2 leases to open a 40,000 Sq. Ft. and a 20,000 Sq. Ft. warehouse in the State of Oklahoma. The Company plans to have these locations opened for business on and around November 1, 2019. These 2 additional stores are the Company's 3rd and 4th in Oklahoma and will be the Company's 24th and 25th locations.
Darren Lampert, Co-Founder and CEO, said, "The Oklahoma market's strong medical patient count and the favorable cultivation laws have exceeded our original projections. To service the increase in demand for our hydroponic and cultivation supplies, the Company is adding 2 additional sales and distribution centers in both Tulsa and Oklahoma City. We executed a "first mover" position in October 2018, opening our Oklahoma City location, followed up by our 2nd location in Tulsa in February 2019. GrowGen now is operating in 9 states, with 25 commercial and retail stores, servicing thousands of licensed commercial growers."
About GrowGeneration Corp.:
GrowGen owns and operates specialty retail hydroponic and organic gardening stores. Currently, GrowGen has 25 stores, which include 5 locations in Colorado, 4 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 in New Hampshire and 3 locations in Maine. GrowGen also operates an online superstore for cultivators, located at HeavyGardens.com. 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 the major states in the U.S. and Canada. Management estimates that roughly 1,000 hydroponic stores are in operation in the U.S. By 2020 the market is estimated to reach over $23 billion with a compound annual growth.
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.
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Released September 10, 2019