Located in Mount Holly, the store is a sprawling 7,700 square feet and will include vertical farming demonstrations. It will also support growers educationally by helping them build and maintain state-of-the-art growing operations to maximize their yields.
Given its strong medical patient base as well as pending legislation that will allow home cultivation of cannabis, GrowGeneration expects the New Jersey region to develop strong prospects in the coming years. The opening of this store is in line with GRWG’s strategy to expand into fast growing and strategically important markets.
GRWG had previously mentioned its desire to continue the National Social Equity Licensee Education and Training Program in cooperation with Harvest 360. As GrowGeneration expands, it will maintain this program in its new store. It will provide operators and their communities with high quality support and solutions.
GrowGeneration is a large chain of specialty hydroponic and organic garden centers based in the United States. GRWG plans to open more stores in high potential untapped geographies.
In the third quarter of 2022, net sales of GrowGeneration decreased by 39% due to weak demand. Same-store sales for the quarter fell 58.1%, while GRWG posted a loss of 12 cents per share. After the third quarter results, the forecast for 2022 earnings is set between $270 million and $280 million. GRWG had reported revenue of $422.5 million in 2021.
Image source: Zacks Investment Research
Zacks Ranking and Other Stocks to Consider
Zacks consensus estimate for Nucor’s earnings per share in 2022 calls for 28.8% growth over the prior year. NUE has a four-quarter earnings surprise of 3.9% on average. Its shares have gained 27.5% over the past year.
Innospec forecasts a profit growth rate for the current year of 9.1% compared to the figure for the previous year. IOSP has an earnings surprise for the last four quarters of 25.6% on average. IOSP’s shares increased by 27.2% in one year.
Bunge Limited forecasts a profit growth rate of 7.4% for the current year. BG’s earnings estimates have been revised up 7.1% in the past 60 days. It has an average four-quarter surprise of 18.7%. The stock gained 7.7% during the year.