GrowGeneration Corp. (OTCQB: GRWG) is focusing on specialty retail hydroponic and organic gardening stores. Currently the company operates 12 locations, which includes 10 locations in Colorado, 1 location in California and 1 location in Nevada. GrowGeneration branded stores in all of the major legalized cannabis states, and it sells wide variety of products, including organic nutrients and soils, advanced lighting technology, hydroponic and aquaponic equipment to be used indoors and outdoors.
Earlier this month, GrowGeneration Corp. reported record financial results for its third quarter and nine months ended September 30, 2016. The revenues Supported by Aggressive Geographic Expansion Strategy and Launch of GGEN Distribution Corp. Revenues for the three months ended September 30, 2016 jumped to $2,169,129, a 135% increase over revenues of $921,913 in the same quarter of 2015.Revenue for the nine months ended September 30, 2016 was $5,617,726, a 140% increase over revenues of $2,330,773 for the same period last year. The revenue growth was primarily attributable to the Company's continued sales growth across Colorado and Northern California, as well as modest, but early sales from the launch of GGEN Distribution Corp., a wholly-owned subsidiary of GrowGen, whose sole mission is to secure exclusive and proprietary products on behalf of GrowGen.
Then on November 21st, GrowGeneration Corp. announced that it has signed a 5-year lease on a 10,000 square foot facility in Las Vegas, Nevada for its 12th store. The Las Vegas location is both a retail and warehouse location, which will be a destination for both commercial and home growers in the Nevada market, which has a lot potential. Nevada is one of the states where voters approved legalization of cannabis for recreational purposes on November 8th. Nevada is also a popular tourism desti-nation, has generous patient reciprocity laws, and allowance for medical cannabis businesses to be formed as for-profit companies. Recreational use sales are expected to begin in 2017.
Darren Lampert, Co-Founder and CEO of GrowGeneration Corp. said in a statement, "The passage of Nevada's recreational use legalization measure opens up the market for cultivation expansion like we have not seen before in the US. With this additional 10,000 sq. ft. of retail and warehouse space, conveniently located minutes from the Las Vegas strip, we believe we are to be the largest hydroponic store in the Nevada market. To best serve Nevada growers, we'll stock both commercial and home-grow sizes of all the equipment and growing supplies offered throughout the market today."