GrowGeneration Announces Share Repurchase Program
March 25 2024 - 8:00AM
Business Wire
GrowGeneration Corp. (NASDAQ: GRWG) (“GrowGen” or the
“Company”), one of the largest retailers and distributors of
specialty hydroponic and organic gardening products in the United
States, today announced that its Board of Directors has authorized
the Company’s first share repurchase program to repurchase up to $6
million of the Company’s outstanding common stock.
Darren Lampert, GrowGeneration’s Co-Founder and Chief Executive
Officer, stated, “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. 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.”
The share repurchase program, which will begin on April 1 and
continue for up to one year, allows for repurchases to be made in
the open market. The timing and amount of any repurchases will
depend on factors such as the stock price, trading volumes, market
conditions, and regulatory requirements. There is no obligation for
the Company to repurchase any amount of shares. The stock
repurchase program may be suspended or discontinued at any
time.
About GrowGeneration Corp.
GrowGen is a leading developer, marketer, retailer, and
distributor of products for both indoor and outdoor hydroponic and
organic gardening, as well as customized storage solutions. GrowGen
carries and sells thousands of products, such as nutrients,
additives, growing media, lighting, environmental control systems,
and benching and racking, including proprietary brands such as
Charcoir, Drip Hydro, Power Si, Ion lights, The Harvest Company,
and more. Incorporated in Colorado in 2014, GrowGen is the largest
chain of specialty retail hydroponic and organic garden centers in
the United States. The Company also operates an online superstore
for cultivators at growgeneration.com, as well as a wholesale
business for resellers, HRG Distribution, and a benching, racking,
and storage solutions business, Mobile Media or MMI.
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Investor Contact ICR, Inc. GrowGenIR@icrinc.com
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