DENVER, CO, June 11, 2020 /PRNewswire/
- GrowGeneration Corp. (NASDAQ:GRWG), ("GrowGen" or the
"Company"), the largest chain of stand-alone specialty hydroponic
and organic garden centers, currently with 27 locations, announced
today it is set to join the broad-market Russell
3000® Index. GrowGeneration's
inclusion in the Russell 3000® Index
will take place at the conclusion of the 2020 Russell indexes
annual reconstitution, effective after the US market opens on
June 29, according to a preliminary
list of additions posted June 5.
Annual Russell indexes reconstitution captures the 4,000 largest
US stocks as of May 8, ranking them
by total market capitalization. Membership in the US all-cap
Russell 3000® Index, which remains in place for one
year, means automatic inclusion in the large-cap Russell
1000® Index or small-cap Russell
2000® Index as well as the appropriate
growth and value style indexes. FTSE Russell determines membership
for its Russell indexes primarily by objective,
market-capitalization rankings and style attributes.
Darren Lampert, CEO of
GrowGeneration Corp., stated, "The inclusion in the Russell
3000 is a major corporate milestone and reflects the continued
growth of our Company. GrowGen continues to focus on expanding
the number of our hydroponic garden centers, while increasing
revenue and gross profit. We believe our Russell 3000 listing will
increase long-term shareholder value by improving awareness,
liquidity and appeal to institutional investors."
Russell indexes are widely used by investment managers and
institutional investors for index funds and as benchmarks for
active investment strategies. Approximately $9 trillion in assets are benchmarked against
Russell's US indexes. Russell indexes are part of FTSE Russell, a
leading global index provider.
For more information on the Russell 3000® Index and
the Russell indexes reconstitution, go to the "Russell
Reconstitution" section on the FTSE Russell website.
About
GrowGeneration Corp.:
GrowGen owns and operates specialty retail hydroponic and
organic gardening stores. Currently, GrowGen has 27 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, 1 location in
Oregon, 3 locations in
Maine and 1 location in
Florida. GrowGen also operates an
online superstore for cultivators, located at
www.growgen.pro and www.growgeneration.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. Our mission is to own and operate GrowGeneration branded
stores in all the major states in the US and Canada. Management estimates that roughly
1,000 hydroponic stores are in operation in the US. By 2025, the
global hydroponics system market is estimated to reach
approximately $16 billion.
About FTSE Russell:
FTSE Russell is a leading global index provider creating and
managing a wide range of indexes, data and analytic solutions to
meet client needs across asset classes, style and strategies.
Covering 98% of the investable market, FTSE Russell indexes offer a
true picture of global markets, combined with the specialist
knowledge gained from developing local benchmarks around the
world.
FTSE Russell index expertise and products are used extensively
by institutional and retail investors globally. Approximately
$16 trillion is currently benchmarked
to FTSE Russell indexes. For over 30 years, leading asset owners,
asset managers, ETF providers and investment banks have chosen FTSE
Russell indexes to benchmark their investment performance and
create investment funds, ETFs, structured products and index-based
derivatives. FTSE Russell indexes also provide clients with tools
for asset allocation, investment strategy analysis and risk
management.
A core set of universal principles guides FTSE Russell index
design and management: a transparent rules-based methodology is
informed by independent committees of leading market participants.
FTSE Russell is focused on index innovation and customer
partnership applying the highest industry standards and embracing
the IOSCO Principles. FTSE Russell
is wholly owned by London Stock Exchange Group.
For more information, visit www.ftserussell.com
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.
Connect:
- Website: www.GrowGeneration.com
- E-commerce: https://growgen.pro/
- Instagram: growgen
- Facebook: GrowGenerationCorp
- Twitter: @GrowGenOK
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SOURCE GrowGeneration