Hydroponics Sales Projected to be in excess of $100M on Amazon, growing at 80% Year Over Year
GrowGeneration Corp. (OTCQX: GRWG), ("GrowGeneration", "GrowGen" or the "Company"), one of the largest specialty retail hydroponic and organic gardening store chain, with 18 locations serving both commercial and home growers, announced today that it has formed a strategic partnership with Amazon to launch hydroponic and organic garden supplies online. GrowGeneration is onboarding thousands of products to offer the best pricing and world-class logistics with two-day delivery or better.
GrowGen CEO Comments:
"As part of our omni channel strategy of delivering our highly specialized suite of products for hydroponic growing, partnering with Amazon as our online solution allows us to reach a truly extensive audience of professional growers. Amazon's logistics are the best in the world and by selling through them, we can deliver on a direct basis anywhere in the country just in time. We project that Amazon will generate significant sales for GrowGen."
The Upstart Group CEO Comments:
"As a preferred partner of Amazon, The Upstart Group and GrowGeneration will work hand in hand to capture the $100M+ hydroponics space. Together we strive to bring GrowGen's product suite to market, and service the online hydroponics and organic gardening consumer. We are certainly excited about the opportunity that lies ahead, as we look for a bright future in the B2B eCommerce category with GrowGen."
According to Forrester, it is estimated that B2B eCommerce will reach $1.2 trillion and account for 13.1% of all B2B sales in the US by 2021. By offering our full product suite through the Amazon platform, and with 197 million unique monthly visitors, GrowGeneration seeks to capitalize on the projected growth of the B2B sector.
GrowGeneration fully understands that online buying is the new normal for American businesses and in order to continue to evolve, a partnership with Amazon is a necessity. Nearly half of online consumers are tech-savvy and sophisticated; they expect purchasing to be instinctive, with self-service interfaces and 24/7 eCommerce availability. With this new partnership, GrowGeneration intends to build upon this foundation for their digital strategy and ensure that all customers become loyal brand advocates who view GrowGeneation as a leader in the Hydroponics industry.
About GrowGeneration Corp.:
GrowGeneration Corp. ("GrowGen") owns and operates specialty retail hydroponic and organic gardening stores. Currently, GrowGen has 18 stores, which includes 6 locations in Colorado, 6 locations in California, 3 locations in Michigan, 1 location in Las Vegas, 1 location in Rhode Island and 1 location in Washington. 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. Our mission is to own and operate GrowGeneration branded stores in all the major legalized cannabis states. 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 rate of 32%.
Forward Looking Statements:
This press release may include predictions, estimates or other information that might be considered forward-looking within the meaning of applicable securities laws. While these forward-looking statements represent our current judgments, they are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this release. Please keep in mind that we are not obligating ourselves to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. When used herein, words such as "look forward," "believe," "continue," "building," or variations of such words and similar expressions are intended to identify forward-looking statements. Factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are often discussed in filings we make with the United States Securities and Exchange Commission, available at: www.sec.gov, and on our website, at: www.growgeneration.com.