Research coverage has been initiated for GrowGeneration (OTCQX: GRWG) with a BUY rating and price target of $6.50 (GRWG $3.86) by Lake Street Capital Markets Analyst Mark Smith. According to the update, GrowGeneration offers horticultural, organics, and lighting and hydroponics products, which include lighting fixtures, nutrients, seeds and growing media, systems, trays, fans, filters, humidifiers and dehumidifiers, timers, instruments, water pumps, irrigation supplies, and hand tools. The company also operates HeavyGardens.com, an online superstore for cultivators, and serves commercial and urban cultivators growing specialty crops, including organics, greens and plant-based medicines.
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About GrowGeneration Corp.
GrowGen owns and operates specialty retail hydroponic and organic gardening stores. Currently, GrowGen has 25 stores, which include 5 locations in Colorado, 5 locations in California, 2 locations in Nevada, 1 location in Washington, 4 locations in Michigan, 1 location in Rhode Island, 4 locations in Oklahoma, and 3 locations in Maine. GrowGen also operates an online superstore for cultivators, located at HeavyGardens.com. GrowGen 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. The company’s mission is to own and operate GrowGeneration branded stores in all the major states in the U.S. and Canada. Management estimates that roughly 1,000 hydroponic stores are in operation in the U.S. By 2020 the market is estimated to reach over $23 billion with a compound annual growth. For more information, visit the company’s website at www.GrowGeneration.com.
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