GrowGeneration (GRWG) Tumbles on Earnings Miss
GrowGeneration (GRWG) missed on earnings, causing GRWG to fall almost 23% for the day. The Company reported a revenue of $81.8M in Q1’22 which declined 9% YoY, highlighting weak demand in the cannabis industry.
In response, GRWG trimmed their outlook for 2022 overall.
GRWG is housed in the PRISM Cannabis Index, which fell 8.2% for the day.
About GrowGeneration Corp:
GrowGeneration owns and operates specialty retail hydroponic and organic gardening stores. Currently, GrowGeneration has 63 stores, which include 23 locations in California, 8 locations in Colorado, 7 locations in Michigan, 5 locations in Maine, 6 locations in Oklahoma, 4 locations in Oregon, 3 locations in Washington, 2 locations in Nevada, 1 location in Arizona, 1 location in Rhode Island,1 location in Florida, 1 location in Massachusetts and 1 location in New Mexico.
GrowGeneration also operates an online superstore for cultivators at growgeneration.com and B2B e-commerce platform, agron.io. and a leading manufacturer of indoor vertical racking systems. GrowGeneration carries and sells thousands of products, including organic nutrients and soils, advanced lighting technology and state of the art hydroponic equipment to be used indoors and outdoors by commercial and home growers.