GrowGeneration Corp (OTCMKTS:GRWG) has confirmed the opening of a new 10,000 square facility in Maine. Through a signed lease, the company says that the new facility will serve as a cultivation equipment warehouse operation and product showroom. This will be the company’s 20th location across 8 states given that it is already operating in 19 locations.
GrowGeneration attends to both the commercial and home cannabis markets. It is the largest specialty retail hydroponic and organic gardening chain of stores. The new store expected to open for business in early 2019 wills serve the legal cannabis cultivators in the State of Maine.
GrowGen’s strategy of locating operations in areas with a high concentration of growers
Over the years, the company has been growing. Among the many milestones is its capturing of the Nevada market after signing a 5-year lease. This would give access to a 10,000 square foot facility in Las Vegas.
The company is keen on putting its efforts in areas where there is a multitude of growers. According to the company’s Co-Founder and CEO, Darren Lampert, their growth plans seem to be working. It is worth noting that Maine is recreational legal market.
Besides, it hosts a large number of caregiver growers permitted to cultivate up to 30 plants each. Each of the caregivers can only harvest six plants and service five patients. Nonetheless, Lampert ascertains that they will only operate in markets which meet the cultivation laws.
The market presents significant growth opportunities for GrowGen
The cannabis industry is evolving very quickly thanks to legalization in various markets. The estimation is that the market will reach over $23 billion by 2020. GrowGen’s aim is to have branded stores in various states and particularly where there is an approval of legalization of cannabis.
Meanwhile, the tourism market is also expanding to the advantage of the industry’s growth. Nevada for example is one of the top tourism destination. It is for this reason that Lampert is hopeful of being able to execute aggressively their expansion plans.
