GrowGeneration focuses on East Coast expansion as New York moves closer to legalizing cannabis

GrowGeneration CEO Darren Lampert told CNBC Thursday the firm is serious about expanding on the East Hover as Contemporary York speak inches closer to legalizing recreational marijuana.

“That you just can gaze us coming into the East Hover markets rapidly,” he stated in an interview with Jim Cramer on “Livid Cash.”

Contemporary York legislators can also elevate a bill to legalize marijuana up for a vote in the Assembly as soon as next week, the Associated Press stories. If it passes, the bill is anticipated to be signed by Democratic Gov. Andrew Cuomo.

Next door in Contemporary Jersey marijuana is now correct for recreational spend, though the speak is aloof finalizing suggestions and laws for gross sales. GrowGeneration, which operates dozens of develop retailers across the country, is planning to launch for industrial in Contemporary Jersey soon.

“We’re aloof waiting on confirmation of licensing, how mountainous the licensing is going to be, how restrictive it be going to be,” he stated. “Extra importantly craft licensing … unlimited craft licensing, which is tremendous for GrowGeneration.”

GrowGeneration operates more than 50 develop retailers in 12 states. Most might perhaps perhaps be found in the western half of the country, with many in California. The firm operates a handful of stores in Maine, Florida and Massachusetts.

The firm sells the “picks and shovels” merchandise, comparable to lights and hydroponic affords, historical to develop cannabis indoors, Lampert stated.

“What you’re seeing correct now, Jim, is a sea trade [in] controlled environmental ag,” he stated. “We promote the inputs. We promote the applied sciences, the solutions that control the atmosphere that vegetation are residing in.”

On Wednesday GrowGeneration reported beefy-year revenues of $193.0 million in 2020, up 143% from the year prior. It became once the third straight year the firm saw triple-digit revenue enhance. Executives inquire of commercial to more than double all all over again this year.