GrowGeneration CEO Darren Lampert advised CNBC Thursday the corporate is targeted on increasing on the East Coast as New York state inches nearer to legalizing leisure marijuana.
“You’ll see us entering the East Coast markets shortly,” he stated in an interview with Jim Cramer on “Mad Money.”
New York legislators might convey a invoice to legalize marijuana up for a vote within the Assembly as quickly as subsequent week, the Associated Press experiences. If it passes, the invoice is predicted to be signed by Democratic Gov. Andrew Cuomo.
Next door in New Jersey marijuana is now authorized for leisure use, although the state continues to be finalizing guidelines and rules for gross sales. GrowGeneration, which operates dozens of develop retailers throughout the nation, is planning to open for enterprise in New Jersey quickly.
“We’re still waiting on confirmation of licensing, how large the licensing is going to be, how restrictive it’s going to be,” he stated. “More importantly craft licensing … unlimited craft licensing, which is wonderful for GrowGeneration.”
GrowGeneration operates greater than 50 develop retailers in 12 states. Most are positioned within the western a part of the nation, with many in California. The firm operates a handful of shops in Maine, Florida and Massachusetts.
The firm sells the “picks and shovels” merchandise, such as lights and hydroponic provides, used to develop cannabis indoors, Lampert stated.
“What you’re seeing right now, Jim, is a sea change [in] controlled environmental ag,” he stated. “We sell the inputs. We sell the technologies, the solutions that control the environment that plants live in.”
On Wednesday GrowGeneration reported full-year revenues of $193.zero million in 2020, up 143% from the yr prior. It was the third straight yr the corporate noticed triple-digit income progress. Executives count on enterprise to greater than double once more this yr.