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Hydroponics Giant Announces $6M Share Repurchase Program, CEO Says Understanding 'Where Every Nickel Goes' Is Vital For Business Growth
Hydroponics Giant Announces $6M Share Repurchase Program, CEO Says Understanding 'Where Every Nickel Goes' Is Vital For Business Growth
Cannabis-focused hydroponics giant GrowGeneration Corp. (NASDAQ:GRWG) announced this week that its board of directors has authorized the company's first share repurchase program to repurchase up to $6 million of its outstanding common stock.
Beginning on April 1, the share repurchase program will continue for up to one year, allowing repurchases to be made in the open market.
Darren Lampert, the company's co-founder and CEO, explained what the move means for GrowGen.
"Today's announcement of our share repurchase program further underscores our conviction in the strength of our underlying business and our view that GrowGen shares remain undervalued," Lampert said. "This program acts as one pillar of our shareholder value creation strategy as we continue to evaluate all potential uses for our strong balance sheet, including reinvesting in our brands, strategic acquisitions, and stock repurchases to enhance long-term shareholder value."
Lampert was a panelist at the Benzinga Cannabis Capital Conference this past September in Chicago where he talked about the importance of understanding and accounting for differences in rules and regulations in each state.
As the largest chain of hydroponic gardening centers, GrowGen operates in 18 states and has roughly 1 million square feet of retail space. The non-plant-touching cannabis company has a rapidly growing brand of products that help producers better grow their crops.
"You need a business plan that makes sense, and you have to understand where every nickel goes and the challenges you're up against," Lampert said the during fall Benzinga event which returns to Florida at a new venue in Hollywood on April 16-17, 2024.
The company recently reported an 18.8% year-over-year revenue drop in 2023. However, the decline was accompanied by an improved gross margin attributed to a strategic shift towards proprietary product sales.
"Our profit margins increased nearly 200 basis points as well, driven by more proprietary product sales and consumable product sales as a percent of total sales," Lampert said.
Looking forward to 2024, GrowGen projects revenue to be in the range of $205 million to $215 million and aims for an adjusted EBITDA between a $2 million loss and a $3 million profit. The company is focusing on brand enhancement and entering the home gardening market, indicating a broadening of its product portfolio and market reach.
GRWG Price Action
GrowGen's shares traded 0.98% higher at $3.08 per share during the after-hours session on Wednesday.
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!
Cannabis-focused hydroponics giant GrowGeneration Corp. (NASDAQ:GRWG) announced this week that its board of directors has authorized the company's first share repurchase program to repurchase up to $6 million of its outstanding common stock.
專注於大麻的水培巨頭GrowGeneration Corp.(納斯達克股票代碼:GRWG)本週宣佈,其董事會已批准該公司的首個股票回購計劃,以回購高達600萬美元的已發行普通股。
Beginning on April 1, the share repurchase program will continue for up to one year, allowing repurchases to be made in the open market.
從4月1日開始,股票回購計劃將持續長達一年,允許在公開市場上進行回購。
Darren Lampert, the company's co-founder and CEO, explained what the move means for GrowGen.
該公司的聯合創始人兼首席執行官達倫·蘭珀特解釋了此舉對GrowGen意味着什麼。
"Today's announcement of our share repurchase program further underscores our conviction in the strength of our underlying business and our view that GrowGen shares remain undervalued," Lampert said. "This program acts as one pillar of our shareholder value creation strategy as we continue to evaluate all potential uses for our strong balance sheet, including reinvesting in our brands, strategic acquisitions, and stock repurchases to enhance long-term shareholder value."
蘭珀特說:“今天宣佈的股票回購計劃進一步凸顯了我們對基礎業務實力的信念,以及我們對GrowGen股票仍被低估的觀點。”“該計劃是我們股東價值創造戰略的支柱之一,因爲我們將繼續評估強勁資產負債表的所有潛在用途,包括對我們的品牌進行再投資、戰略收購和股票回購以提高長期股東價值。”
Lampert was a panelist at the Benzinga Cannabis Capital Conference this past September in Chicago where he talked about the importance of understanding and accounting for differences in rules and regulations in each state.
蘭珀特是去年9月在芝加哥舉行的Benzinga大麻資本會議的小組成員,他在會上談到了理解和解釋各州規章制度差異的重要性。
As the largest chain of hydroponic gardening centers, GrowGen operates in 18 states and has roughly 1 million square feet of retail space. The non-plant-touching cannabis company has a rapidly growing brand of products that help producers better grow their crops.
作爲最大的水培園藝中心連鎖店,GrowGen在18個州開展業務,擁有約100萬平方英尺的零售空間。這家不接觸植物的大麻公司擁有快速增長的產品品牌,可幫助生產者更好地種植農作物。
"You need a business plan that makes sense, and you have to understand where every nickel goes and the challenges you're up against," Lampert said the during fall Benzinga event which returns to Florida at a new venue in Hollywood on April 16-17, 2024.
蘭珀特在秋季的Benzinga活動中說:“你需要一個有意義的商業計劃,你必須了解每分錢的去向以及你所面臨的挑戰,” 蘭珀特說,該活動將於2024年4月16日至17日在佛羅里達好萊塢的一個新場地回歸。
The company recently reported an 18.8% year-over-year revenue drop in 2023. However, the decline was accompanied by an improved gross margin attributed to a strategic shift towards proprietary product sales.
該公司最近報告稱,2023年收入同比下降18.8%。但是,下降伴隨着毛利率的提高,這歸因於向專有產品銷售的戰略轉移。
"Our profit margins increased nearly 200 basis points as well, driven by more proprietary product sales and consumable product sales as a percent of total sales," Lampert said.
蘭珀特說:“我們的利潤率也增長了近200個點子,這得益於更多的專有產品銷售和消費品銷售佔總銷售額的百分比。”
Looking forward to 2024, GrowGen projects revenue to be in the range of $205 million to $215 million and aims for an adjusted EBITDA between a $2 million loss and a $3 million profit. The company is focusing on brand enhancement and entering the home gardening market, indicating a broadening of its product portfolio and market reach.
展望2024年,GrowGen預計收入將在2.05億美元至2.15億美元之間,目標是調整後的息稅折舊攤銷前利潤在200萬美元虧損和300萬美元利潤之間。該公司專注於品牌提升和進入家庭園藝市場,這表明其產品組合和市場覆蓋範圍正在擴大。
GRWG Price Action
GRWG 價格走勢
GrowGen's shares traded 0.98% higher at $3.08 per share during the after-hours session on Wednesday.
週三盤後交易中,GrowGen的股價上漲0.98%,至每股3.08美元。
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
本辛加大麻資本會議將於2024年4月16日和17日在佛羅里達州好萊塢的新地點重返佛羅里達州。在外交官海灘度假村舉行的爲期兩天的活動將爲大小企業家提供交流、學習和成長的機會。這次會議以其引領潮流的能力和對大麻未來的影響而聞名,記住你的日曆——這是大麻界年度必去的活動。
Get your tickets now on bzcannabis.com – Prices will increase very soon!
立即購買門票 bzcannabis.com — 價格很快就會上漲!
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moomoo是Moomoo Technologies Inc.公司提供的金融資訊和交易應用程式。
在美國,moomoo上的投資產品和服務由Moomoo Financial Inc.提供,一家受美國證券交易委員會(SEC)監管的持牌主體。 Moomoo Financial Inc.是金融業監管局(FINRA)和證券投資者保護公司(SIPC)的成員。
在新加坡,moomoo上的投資產品和服務是通過Moomoo Financial Singapore Pte. Ltd.提供,該公司受新加坡金融管理局(MAS)監管(牌照號碼︰CMS101000) ,持有資本市場服務牌照 (CMS) ,持有財務顧問豁免(Exempt Financial Adviser)資質。本內容未經新加坡金融管理局的審查。
在澳大利亞,moomoo上的金融產品和服務是通過Futu Securities (Australia) Ltd提供,該公司是受澳大利亞證券和投資委員會(ASIC)監管的澳大利亞金融服務許可機構(AFSL No. 224663)。請閱讀並理解我們的《金融服務指南》、《條款與條件》、《隱私政策》和其他披露文件,這些文件可在我們的網站 https://www.moomoo.com/au中獲取。
在加拿大,透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供,並受加拿大投資監管機構(CIRO)監管。
在馬來西亞,moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供,該公司受馬來西亞證券監督委員會(SC)監管(牌照號碼︰eCMSL/A0397/2024) ,持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd.,Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc和Moomoo Securities Malaysia Sdn. Bhd., 是關聯公司。
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