GrowGeneration Corp. engages in the retail of hydroponic and organic specialty gardening products. It offers lighting fixtures, nutrients, seeds and growing media systems, trays, fans, filters, humidifiers and dehumidifiers, timers, instruments, water pumps, irrigation supplies, and hand tools. The company was founded by Darren Lampert and Michael Salaman on March 6, 2014 and is headquartered in Denver, CO.
Net revenue for the year ended December 31, 2019 were approximately $79.7 million, compared to approximately $29 million for the year ended December 31, 2018, an increase of $50.7 million, or 175%. The increase in revenues is due to the addition of 10 new retail stores opened or acquired during 2019 for which there were no sales for these retail stores for the year ended December 31, 2018, and 8 stores and the e-commerce site opened or acquired at various times during 2018 that were open for all of 2019. Sales in the 10 new stores opened or acquired in 2019 were $26 million. Sales from the e-commerce site and the 8 stores opened in 2018 were approximately $38.3 million for the year ended December 31, 2019, compared to approximately $14.5 million for the year ended December 31, 2018. The Company also had store closures and consolidations in 2019 and 2018. Sales of the closed and consolidated stores was approximately $909,000 for the year ended December 31, 2019 and approximately $4.5 million for the year ended December 31, 2018.