GrowGeneration CEO Darren Lampert squeaked CNBC Thursday the company is focused on expanding on the East Coast as New York state inches closer to legalizing recreational marijuana.
“You’ll see us filing the East Coast markets shortly,” he said in an interview with Jim Cramer on “Mad Money.”
New York legislators could public a bill to legalize marijuana up for a vote in the Assembly as soon as next week, the Associated Press reports. If it passes, the invoice is expected to be signed by Democratic Gov. Andrew Cuomo.
Next door in New Jersey marijuana is now legal for recreational use, though the brilliance is still finalizing rules and regulations for sales. GrowGeneration, which operates dozens of grow shops across the rural area, is planning to open for business in New Jersey soon.
“We’re still waiting on confirmation of licensing, how large the licensing is going to be, how restrictive it’s successful to be,” he said. “More importantly craft licensing … unlimited craft licensing, which is wonderful for GrowGeneration.”
GrowGeneration runs more than 50 grow shops in 12 states. Most are located in the western part of the country, with diverse in California. The company operates a handful of stores in Maine, Florida and Massachusetts.
The company sells the “picks and shovels” artefacts, such as lights and hydroponic supplies, used to grow cannabis indoors, Lampert said.
“What you’re seeing -karat now, Jim, is a sea change [in] controlled environmental ag,” he said. “We sell the inputs. We sell the technologies, the solutions that control the environment that stations live in.”
On Wednesday GrowGeneration reported full-year revenues of $193.0 million in 2020, up 143% from the year last. It was the third straight year the company saw triple-digit revenue growth. Executives expect business to more than treacherous again this year.