"We're a one-stop shop... we're teaching people how to grow a plant," Daren Lampert, CEO and co-founder at one of nation's largest hydroponic store and organic garden centers said of GrowGeneration Corp's (NASDAQ:GRWG) staff that includes around 450 members.
The NASDAQ-listed company, which does not touch the plant but helps it grow, owns 46 hydroponics stores selling equipment to growers in 17 states.
See also: GrowGeneration Reports Q4 & 2023 Results: Sales Dip, Earns More Per Sale Thanks To Smart Product Strategy
What's It All About
Longview Strategic, LLC, founder and CEO Ellie Siegel hosted an exclusive fireside discussion with Grow Generation's Lampert at Benzinga's Cannabis Market Spotlight event on Monday June 17 in New Brunswick, New Jersey. The two experts talked about everything from lowering costs to competing in a post-price compression world with New Jersey in the spotlight.
Enter GrowGen
From large multi-state operators and single-state operators to small businesses and individuals who love to grow weed at home, GrowGen is there. Because growing cannabis is not easy, Lampert said.
"We did believe 10 years ago that the states that had homegrow rules.. there'd be a lot more people growing. But, growing is difficult. It's expensive," Lampert said. "And most of the individuals just can't grow the same quality as some of the professionals can grow."
Why? Lampert said it's important to choose the right genetics. "If you're not starting with the right genetics, no matter what you do, You know, your plants aren't going to come to fruition and what you want."
But, in New Jersey, which Siegel sees as "sort of a Nexus of Interest," home growing is not yet legal. Moreover, there are several municipalities that don't allow licensed grows either, even though there's no cap on cultivation.
Yet, Lampert sees the price of real estate, which rising quickly in the Garden State, as one of the biggest issues.
"There's a tremendous amount of municipalities that don't allow growing, so you're seeing very concentrated grows in the state of New Jersey, but you're still seeing pricing," he said. "We've seen pricing in other states, where we sell products and we sell products around the country, we distribute every state in the country. But, the pricing that you're seeing in New Jersey right now, will not stand up."
Now read: Cannabis Chart Of The Week: Are Ancillary Sectors Participating In The Rescheduling Price Upswing?
Cannabis rescheduling seems to be right around the corner. Want to understand what this means for the future of the industry? Hear directly for top executives, investors and policymakers at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. Get your tickets now before prices surge by following this link.