GrowGeneration CEO Darren Lampert told CNBC Thursday the corporate is targeted on expanding on the East Coast as Fresh York remark inches closer to legalizing recreational marijuana.
“You will behold us getting into the East Coast markets shortly,” he mentioned in an interview with Jim Cramer on “Furious Money.”
Fresh York legislators would possibly bring 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 predicted to be signed by Democratic Gov. Andrew Cuomo.
Next door in Fresh Jersey marijuana is now authorized for recreational exercise, despite the incontrovertible truth that the remark is peaceable finalizing principles and regulations for gross sales. GrowGeneration, which operates dozens of develop retailers all the scheme in which throughout the country, is planning to open for alternate in Fresh Jersey soon.
“We’re peaceable waiting on confirmation of licensing, how perfect the licensing goes to be, how restrictive or now not it’s going to be,” he mentioned. “More importantly craft licensing … unlimited craft licensing, which is wonderful for GrowGeneration.”
GrowGeneration operates extra than 50 develop retailers in 12 states. Most are positioned in the western section of the country, with many in California. The corporate operates a handful of stores in Maine, Florida and Massachusetts.
The corporate sells the “picks and shovels” products, such as lights and hydroponic supplies, ragged to develop cannabis indoors, Lampert mentioned.
“What you’re seeing exact now, Jim, is a sea switch [in] controlled environmental ag,” he mentioned. “We sell the inputs. We sell the technologies, the solutions that control the environment that vegetation are living in.”
On Wednesday GrowGeneration reported tubby-12 months revenues of $193.0 million in 2020, up 143% from the 12 months prior. It was the third straight 12 months the corporate saw triple-digit income disclose. Executives demand alternate to extra than double once more this 12 months.