After opening 26 locations previously six months, GrowGeneration CEO Darren Lampert said the company is centered on opening stores on the East Waft. Subscribe to CNBC PRO for access to investor and analyst insights:
GrowGeneration CEO Darren Lampert suggested CNBC Thursday the company is centered on expanding on the East Waft as New York allege inches closer to legalizing leisure marijuana.
“You’ll peep us coming into the East Waft markets shortly,” he said in an interview with Jim Cramer on “Furious Money.”
New York legislators would possibly maybe presumably bring a invoice to legalize marijuana up for a vote in the Assembly as soon as next week, the Associated Press reports. If it passes, the invoice is anticipated to be signed by Democratic Gov. Andrew Cuomo.
Subsequent door in New Jersey marijuana is now correct for leisure employ, even though the allege is peaceable finalizing guidelines and guidelines for sales. GrowGeneration, which operates dozens of develop stores all the design in which thru the country, is planning to open for enterprise in New Jersey soon.
“We’re peaceable waiting on affirmation of licensing, how huge the licensing is going to be, how restrictive it’s going to be,” he said. “Extra importantly craft licensing … limitless craft licensing, which is expedient for GrowGeneration.”
GrowGeneration operates extra than 50 develop stores in 12 states. Most are positioned in the western section of the country, with many in California. The company operates a handful of stores in Maine, Florida and Massachusetts.
The company sells the “picks and shovels” products, such as lights and hydroponic affords, former to develop cannabis indoors, Lampert said.
“What you’re seeing good now, Jim, is a sea change [in] managed environmental ag,” he said. “We promote the inputs. We promote the technologies, the alternatives that preserve an eye on the environment that plant life are dwelling in.”
On Wednesday GrowGeneration reported beefy-year revenues of $193.0 million in 2020, up 143% from the year prior. It used to be the third straight year the company seen triple-digit income grunt. Executives inquire of enterprise to extra than double again this year.
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