GrowGeneration, which runs dozens of specialty hydroponic and organic garden centers across the country, is expecting to bring in even more business this year than previously thought in a budding industry, CEO Darren Lampert told CNBC’s Jim Cramer Monday.
The company, which since 2014 has dealt in the ancillary side of the cannabis business, last week reported record quarterly revenues of $43.5 million and upped its forecast for the current fiscal year to between $170 million and $175 million, up from the $130 million to $135 million the company first predicted earlier this year.
“We saw a 50% increase in walk-in business quarter over quarter. Business is booming,” Lampert said in a “Mad Money” interview. “We’re in such an early stage of a multi-billion dollar industry. GrowGeneration is just getting started.”
GrowGeneration, which Wall Street values at $770.5 million, more than doubled its revenue in the three-month period ending June 30. The $43.5 million the company produced last quarter was a 123% increase from the $19.5 million it recorded in the year-ago quarter. The results came amid a quarter defined by an economic lockdown intended to slow the spread of a novel coronavirus.
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