Growgeneration Corp. (GRWG): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage rapide de la culture du cannabis et de la technologie agricole, Growgeneration Corp. (GRWG) apparaît comme une puissance transformatrice, révolutionnant comment les cultivateurs et les amateurs de jardinage accèdent aux fournitures hydroponiques de pointe. En se positionnant stratégiquement comme un fournisseur de solutions complet, la société a conçu un modèle commercial sophistiqué qui comble l'écart entre les producteurs commerciaux professionnels et les jardiniers passionnés, offrant un mélange sans précédent de diversité de produits, de connaissances d'experts et d'accessibilité à l'échelle nationale dans le cannabis en plein essor et Marchés agricoles durables.

Growgeneration Corp. (GRWG) - Modèle commercial: partenariats clés

Cultivateurs de cannabis et producteurs commerciaux

Growgeneration s'associe à plusieurs opérations de culture du cannabis sur les marchés juridiques. Depuis 2023, la société exploite 64 centres de jardine hydroponiques et biologiques au détail dans 14 États.

Type de partenariat	Nombre de partenariats	Couverture géographique
Producteurs de cannabis commerciaux	Plus de 300 partenariats actifs	Californie, Colorado, Michigan, Oklahoma

Fabricants d'équipements hydroponiques

Les relations stratégiques avec les principaux fabricants d'équipements permettent la diversification des produits et l'optimisation de la chaîne d'approvisionnement.

• Les meilleurs fabricants comprennent l'hydroponie générale
• Nutriments avancés
• Lourd 16
• Botanicare

Fournisseurs de technologies agricoles

Growgeneration se concentre sur les solutions agricoles axées sur la technologie avec des partenariats technologiques stratégiques.

Partenaire technologique	Domaine de mise au point	Investissement / collaboration
Plate-forme Artemis	Logiciel de gestion de la culture	Intégration avec les systèmes de suivi de la culture

Capital-risque et sociétés d'investissement

Les partenariats financiers soutiennent l'expansion et les initiatives de croissance stratégique.

• Investissement de Corpop Growth Corporation
• Cowen Inc. Advisory financier
• Titres de Guggenheim

Partenaires technologiques agricoles durables

Engagement envers les technologies de croissance durable grâce à des collaborations stratégiques.

Partenaire de durabilité	Focus technologique	Statut d'implémentation
Fabricants d'éclairage LED	Éclairage de culture économe en énergie	Intégration active du produit

Growgeneration Corp. (GRWG) - Modèle d'entreprise: activités clés

Distribution au détail des fournitures de croissance hydroponique

Depuis le quatrième trimestre 2023, Growgeneration exploite 63 magasins de détail dans 14 États. Total de vente au détail en pieds carrés: 215 000 pieds carrés. Volume des ventes au détail annuel: 285,7 millions de dollars en 2022.

Métrique du magasin	2023 données
Total des lieux de vente au détail	63 magasins
États couverts	14 États
Total de vente au détail en pieds carrés	215 000 pieds carrés

Gestion de la plate-forme de commerce électronique

Les ventes en ligne représentaient 12,4% des revenus totaux en 2022, avec une plate-forme de commerce électronique générant 45,2 millions de dollars de ventes en ligne annuelles.

Stratégie d'expansion et d'acquisition des magasins

• 2022 Acquisitions: 5 magasins de détail hydroponiques
• Investissement total dans les acquisitions: 12,3 millions de dollars
• Marchés cibles: Californie, Colorado, Michigan, Oklahoma

Source des produits et gestion des stocks

Valeur d'inventaire: 62,5 millions de dollars au quatrième trimestre 2022. Catégories de produits gérées: plus de 5 000 SKU à travers l'hydroponie, les nutriments, les lumières de culture et les équipements de culture.

Métrique des stocks	2022 données
Valeur d'inventaire total	62,5 millions de dollars
Total SKU de produits	5,000+

Services de formation client et de support technique

Investissement annuel dans la formation et le soutien à la clientèle: 2,7 millions de dollars. Les canaux de support comprennent des ateliers en magasin, des tutoriels en ligne et une hotline technique de support.

• Ateliers de culture hebdomadaire gratuits
• Ressources d'apprentissage en ligne
• Assistance technique 24/7

Growgeneration Corp. (GRWG) - Modèle d'entreprise: Ressources clés

Réseau étendu de magasins hydroponiques au détail

Depuis le quatrième trimestre 2023, Growgeneration exploite 63 magasins hydroponiques au détail dans 14 États aux États-Unis. Les emplacements des magasins de la société couvrent les principaux marchés agricoles et cannabis, notamment la Californie, le Colorado, le Michigan et l'Oregon.

État	Nombre de magasins
Californie	15
Colorado	12
Michigan	10
Oregon	6

Solides relations avec les fournisseurs

Growgeneration maintient des partenariats stratégiques avec plus de 50 principaux fabricants d'équipements horticoles et hydroponiques.

• Les meilleurs fournisseurs incluent l'hydroponie générale
• Nutriments avancés
• Vivosun
• Mars Hydro

Inventaire spécialisé de produits horticoles

La société maintient un inventaire approfondi d'une valeur d'environ 35 millions de dollars au troisième trimestre 2023, couvrant:

Catégorie de produits	Valeur d'inventaire estimée
Équipement de croissance	12,5 millions de dollars
Nutriments et suppléments	8,2 millions de dollars
Systèmes d'éclairage	7,3 millions de dollars
Systèmes de climatisation	5,4 millions de dollars
Fournitures diverses	1,6 million de dollars

Plateformes de vente numérique et de gestion des stocks

Growgeneration a investi 2,3 millions de dollars dans les infrastructures numériques en 2023, notamment:

• Plateforme de commerce électronique avec suivi des stocks en temps réel
• Logiciel de gestion des stocks propriétaires
• Système de gestion de la relation client (CRM)

Équipe de gestion expérimentée

Équipe de leadership ayant une expérience moyenne de l'industrie de plus de 15 ans, y compris des cadres clés:

Exécutif	Position	Années dans l'industrie
Darren Lampert	PDG	20
Michael Salaman	Président	18
Jeff Sonshine	Directeur financier	15

Growgeneration Corp. (GRWG) - Modèle d'entreprise: propositions de valeur

Shopping à guichet unique complet pour l'équipement de culture

Depuis le quatrième trimestre 2023, Growgeneration exploite 63 magasins de détail dans 14 États. Valeur moyenne des stocks de magasin: 1,2 million de dollars. Le catalogue de produits comprend plus de 10 000 SKU uniques pour les fournitures hydroponiques et de jardinage.

Catégorie de produits	Valeur d'inventaire	Part de marché
Équipement hydroponique	18,5 millions de dollars	22.3%
Fournitures croissantes	12,7 millions de dollars	19.6%
Systèmes d'éclairage	8,3 millions de dollars	26.5%

Large gamme de fournitures hydroponiques et de jardinage de haute qualité

La gamme de produits comprend:

• Grow Lights: Systèmes LED, HID et fluorescents
• Nutriments et engrais de 47 fabricants différents
• Équipement de climatisation
• Systèmes d'irrigation

Prix ​​compétitifs pour les producteurs professionnels et à domicile

Compétition moyenne des prix: 12-15% inférieure aux canaux de vente au détail traditionnels. Revenus annuels des producteurs professionnels: 78,6 millions de dollars. Revenus des producteurs de maison: 42,3 millions de dollars.

Connaissances expertes et support technique

Équipe de soutien technique: 87 membres du personnel spécialisés. Temps de réponse moyen du support client: 24 minutes. La base de connaissances en ligne contient 1 246 articles techniques.

Présence à l'échelle nationale sur les marchés du cannabis émergents

Couverture du marché: 14 États avec une culture légale de cannabis. Marché total adressable estimé à 3,2 milliards de dollars. Croissance du marché projetée: 18,5% par an.

État	Nombre de magasins	Pénétration du marché
Californie	18	34.6%
Colorado	12	27.3%
Michigan	9	22.7%

Growgeneration Corp. (GRWG) - Modèle d'entreprise: relations avec les clients

Services de consultation en magasin

Growgeneration exploite 81 centres de jardin de détail dans 20 États au T2 2023. Chaque magasin fournit des services de consultation horticole spécialisés pour les équipements de croissance hydroponique et intérieure.

Métriques de consultation en magasin	2023 données
Temps de consultation moyen par client	37 minutes
Nombre d'interactions de consultation	124 567 interactions client
Taux de satisfaction client	92.3%

Assistance technique en ligne

Growgeneration fournit un support technique multicanal via des plateformes numériques.

• Assistance de chat en ligne 24/7
• Assistance technique par e-mail
• Ligne téléphonique de support dédié

Métriques d'assistance en ligne	Performance de 2023
Temps de réponse moyen	17 minutes
Billets d'assistance en ligne totaux	46 289 billets résolus

Programmes de fidélisation de la clientèle

Growgeneration maintient un programme de fidélité structuré pour les clients réguliers.

Statistiques du programme de fidélité	2023 données
Membres du programme de fidélité totale	87 456 membres
Dépenses annuelles moyennes par membre de fidélité	$1,237
Taux d'achat répété	68.4%

Ateliers éducatifs et formation

L'entreprise propose des séances de formation spécialisées pour les techniques de croissance hydroponique et intérieure.

• Webinaires en ligne
• Séances de formation en magasin
• Ateliers techniques de culture

Métriques d'atelier	Performance de 2023
Total des ateliers conduits	276 séances
Total des participants	8 942 participants

Recommandations de produits personnalisés

Growgeneration utilise les données des clients pour les suggestions de produits ciblées.

Performance de recommandation	2023 données
Taux de conversion de recommandation personnalisée	22.7%
Augmentation moyenne de la valeur du panier	47,32 $ par transaction

Growgeneration Corp. (GRWG) - Modèle d'entreprise: canaux

Magasins de vente au détail physique

Depuis 2023, Growgeneration a fonctionné 60 magasins de détail dans 14 États aux États-Unis. Stocker les emplacements principalement concentrés dans:

• Californie
• Colorado
• Michigan
• Oregon
• Nevada

État	Nombre de magasins
Californie	18
Colorado	12
Michigan	8
Oregon	7
Nevada	5

Plateforme de commerce électronique en ligne

Site Web: Growgeneration.com généré 26,7 millions de dollars en ventes en ligne En 2022, représentant 15,4% du total des revenus de l'entreprise.

Application mobile

Growgeneration a lancé l'application mobile au troisième trimestre 2022 avec 5 000 utilisateurs mensuels actifs En décembre 2022.

Assistance des ventes téléphoniques

Le centre de service à la clientèle gère approximativement 3 500 appels par mois, avec une durée moyenne de l'appel de 7,2 minutes.

Canaux de marketing des médias sociaux

Plate-forme	Adeptes / abonnés
Instagram	42,500
Facebook	35,200
Liendin	12,800

Growgeneration Corp. (GRWG) - Modèle d'entreprise: segments de clientèle

Cultivateurs de cannabis commerciaux

En 2023, Growgeneration dessert environ 1 500 installations commerciales de culture de cannabis dans 18 États. Ces clients représentent 65% des revenus totaux de l'entreprise.

Taille de l'installation	Volume d'achat annuel	Dépenses moyennes du client
Petit (1-5 acres)	$250,000 - $500,000	$375,000
Moyen (6-20 acres)	$500,000 - $1,500,000	$1,000,000
Grand (21+ acres)	$1,500,000 - $5,000,000	$3,250,000

Accueil producteurs de cannabis

Les producteurs de cannabis à la maison constituent approximativement 20% de la clientèle de Growgeneration. Le cultivateur moyen dépense entre 500 $ et 5 000 $ par an sur les fournitures de culture.

• Nombre estimé de producteurs de maison desservis: 50 000
• Valeur de transaction moyenne: 1 200 $
• Catégories de produits primaires: cultiver des lumières, des nutriments, des médias en croissance

Professionnels agricoles

Les professionnels agricoles représentent approximativement 10% des segments de clients de Growgeneration. Il s'agit notamment des opérateurs de serre, des institutions de recherche et des installations agricoles expérimentales.

Type de client	Volume d'achat annuel	Focus du produit
Institutions de recherche	$100,000 - $750,000	Équipement de croissance spécialisé
Greenhouses commerciales	$250,000 - $2,000,000	Systèmes hydroponiques

Antactifs hydroponiques

Les amateurs hydroponiques représentent approximativement 5% de la clientèle de Growgeneration. Ce segment comprend des amateurs et des petits producteurs à l'échelle axés sur les techniques de culture avancées.

• Dépenses annuelles moyennes: 1 500 $ - 3 000 $
• Intérêt primaire: technologies de croissance avancées
• Compte estimé des clients: 25 000

Praticiens de l'agriculture durable

Les praticiens de l'agriculture durable représentent Environ 5% des segments de clients de Growgeneration. Ces clients priorisent les méthodes de croissance respectueuses de l'environnement et les techniques de culture organique.

Focus sur la durabilité	Préférence du produit	Investissement annuel moyen
Croissance biologique	Nutriments respectueux de l'environnement	$2,500
Conservation de l'eau	Systèmes d'irrigation efficaces	$3,000
Efficacité énergétique	LED des lumières de croissance	$4,000

Growgeneration Corp. (GRWG) - Modèle d'entreprise: Structure des coûts

Stockage des frais de location et opérationnels

Depuis le troisième trimestre 2023, Growgeneration a exploité 63 magasins de détail dans 14 États. Les frais de location et d'installation annuels totaux étaient d'environ 12,4 millions de dollars.

Catégorie de dépenses	Coût annuel
Loyer du magasin	8,2 millions de dollars
Services publics	2,6 millions de dollars
Entretien d'installation	1,6 million de dollars

Coûts d'approvisionnement des stocks

En 2022, les dépenses totales des stocks d'inventaire de Growgeneration ont atteint 104,5 millions de dollars.

• Approvisionnement en équipement hydroponique: 62,3 millions de dollars
• Multifère et nutriments: 27,9 millions de dollars
• Systèmes d'éclairage et de contrôle environnemental: 14,3 millions de dollars

Salaires et formation des employés

Les dépenses totales du personnel pour 2022 étaient de 33,7 millions de dollars.

Catégorie de personnel	Coût annuel
Salaires de base	28,6 millions de dollars
Formation et développement	2,4 millions de dollars
Avantages	2,7 millions de dollars

Maintenance de technologie et d'infrastructure

Les coûts de technologie et d'infrastructure ont totalisé 5,6 millions de dollars en 2022.

• Infrastructure informatique: 2,9 millions de dollars
• Maintenance de la plate-forme de commerce électronique: 1,4 million de dollars
• Cybersécurité et mises à niveau logicielles: 1,3 million de dollars

Frais de marketing et d'acquisition des clients

Les dépenses de marketing pour 2022 étaient de 7,2 millions de dollars.

Canal de marketing	Dépenses annuelles
Marketing numérique	3,6 millions de dollars
Participation des salons commerciaux	1,8 million de dollars
Impression et médias traditionnels	1,8 million de dollars

Growgeneration Corp. (GRWG) - Modèle d'entreprise: Strots de revenus

Ventes de produits au détail

Au cours de l'exercice 2022, Growgeneration a déclaré des ventes de produits de détail de 193,8 millions de dollars.

Catégorie de produits	Revenus ($)	Pourcentage de ventes
Équipement hydroponique	87,210,000	45%
Médias croissants	51,690,000	26.7%
Nutriments & Engrais	39,456,000	20.4%
Autres fournitures de jardinage	15,444,000	8%

Transactions de commerce électronique en ligne

Les ventes en ligne représentaient 22% des revenus totaux en 2022, soit 42,6 millions de dollars.

Distribution de gros

Les revenus en gros de 2022 étaient de 76,5 millions de dollars, ce qui représente 39,5% du total des ventes.

Segment de clientèle en gros	Revenus ($)
Producteurs de cannabis commerciaux	45,900,000
Entreprises agricoles	22,650,000
Installations de recherche	8,950,000

Services de consultation et de formation

Les services professionnels ont généré 5,7 millions de dollars en 2022.

• Services de conseil en culture
• Formation de configuration de l'équipement
• Consultation de conception de la salle de culture

Ventes de produits de marque privée

Les revenus des produits de marque privée ont atteint 12,3 millions de dollars en 2022.

Marque de marque privée	Revenus ($)
Nutriments GRWG	6,150,000
GRWG Médias en croissance	4,920,000
Accessoires d'équipement GRWG	1,230,000

GrowGeneration Corp. (GRWG) - Canvas Business Model: Value Propositions

You're looking at how GrowGeneration Corp. (GRWG) delivers unique value to its Controlled Environment Agriculture (CEA) customers as of late 2025. The core is shifting toward higher-margin, owned products, which you can see reflected in their improving profitability metrics.

Higher-margin proprietary products at a lower cost per gallon for nutrients

GrowGeneration Corp. (GRWG) is pushing its proprietary brands hard, aiming for a higher sales mix, which directly impacts the gross profit margin you see on their statements. For instance, in the third quarter of 2025, proprietary brand sales hit 31.6% of Cultivation and Gardening net sales, up from 23.8% in the third quarter of 2024. This focus is working; the gross profit margin for the company reached 27.2% in Q3 2025, a significant jump from 21.6% in the same period last year. To be fair, the second quarter of 2025 showed an even stronger margin at 28.3%. The goal management set was for proprietary brands to represent 35.0% of segment sales by the end of 2025. On the nutrient side, their Drip Hydro powders are specifically highlighted for providing the lowest cost per gallon of nutrients without sacrificing quality, as noted in early 2025.

Metric	Q3 2025 Value	Prior Year Q3 Value
Proprietary Brand Sales (% of C&G Revenue)	31.6%	23.8%
Gross Profit Margin	27.2%	21.6%
Q2 2025 Gross Profit Margin	28.3%	26.9%

One-stop-shop for specialty Controlled Environment Agriculture (CEA) products

You get the benefit of consolidation here. GrowGeneration Corp. (GRWG) carries and sells thousands of products across its network. This includes their own brands like Char Coir, Drip Hydro, Power Si, Ion lights, The Harvest Company, and Viagrow. By late 2024, the total proprietary product SKU count was already over 220, a number that has certainly grown as they push their owned brands. This breadth helps commercial cultivators source what they need efficiently.

Expert-designed solutions for commercial cultivators to improve yields

The product development is clearly aimed at performance metrics important to large-scale growers. For example, the ION 135 Watt Under Canopy LED Light was launched specifically to help cultivators increase yields and improve harvest quality. Generally, their proprietary products are engineered to reduce costs and improve yields. Furthermore, as of November 2025, the team is actively engaging system integrators and facility designers to support European market expansion with these commercial cultivation solutions.

Sustainable growing media like Char Coir bio pots for eco-friendly growers

For growers prioritizing sustainability, the Char Coir line is a key offering. These coco-based products are helping GrowGeneration Corp. (GRWG) penetrate the big-box garden center market. The Char Coir Bio Pot is made from 100% RHP-certified, peat-free coco coir. Honestly, the fact that these products are 100 percent biodegradable and compostable makes them a strong sustainable alternative to rockwool. You can find specific formats like the 2 Gallon BioPot sold in a case of 24.

Integrated storage solutions via the Mobile Media (MMI) segment

The Storage Solutions segment, which includes integrated storage, is showing growth, which is a nice diversification point. For the third quarter of 2025, this segment brought in net sales of $8.9 million. That's up from $8.1 million in the second quarter of 2025. This segment is contributing to the overall business as the company focuses on its multi-channel brand strategy.

• Net Sales in Storage Solutions (Q3 2025): $8.9 million.
• Net Sales in Storage Solutions (Q2 2025): $8.1 million.
• Proprietary brands like Char Coir are RHP-certified and peat-free.
• The company aims to scale B2B automation and reoccurring commercial orders.

Finance: draft 13-week cash view by Friday.

GrowGeneration Corp. (GRWG) - Canvas Business Model: Customer Relationships

You're looking at how GrowGeneration Corp. manages its different customer types as of late 2025; the focus has clearly shifted toward the commercial side, which changes the relationship dynamic.

Dedicated commercial sales teams for large B2B accounts

The relationship with your largest commercial clients is now heavily geared toward efficiency and volume through dedicated channels. This focus is reflected in the operational changes, as store and other operating expenses dropped approximately 27.8% year-over-year in the third quarter of 2025, coming in at $7.2 million for that quarter. This streamlining supports the B2B sales efforts, which benefit from bulk purchases and long-term contracts that stabilize revenue streams. The overall strategy is to build a leaner, more profitable, product-driven organization centered on these business-to-business customers.

Self-service and bulk ordering via the GrowGen Pro Portal

The digital relationship for commercial growers is anchored by the GrowGen Pro Portal, which officially launched in the first quarter of 2025. By the end of the first quarter of 2025, over 500 customers had already been moved to this digital platform. The intent is definitely to migrate more transaction activity from physical locations to this portal to drive operational efficiencies. Features like real-time inventory and automated quoting are designed to streamline procurement for large-scale cultivators, greenhouse operations, and vertical farms.

Retail store staff offering personalized, expert advice

For the remaining physical touchpoints, the relationship is still rooted in expert advice, though the footprint is smaller. As part of network optimization, GrowGeneration Corp. closed seven retail locations in the nine months ending September 30, 2025. As of the first quarter of 2025, the company maintained 31 retail locations across 12 states. Still, you see evidence of softness in the business-to-consumer demand when comparing Q2 2025 net sales to Q2 2024, which is why the strategic pivot is happening. The staff in the remaining stores are key for high-touch support, especially as the company works to serve customers through its other retail locations and online platforms like growgeneration.com.

Standard e-commerce relationship for home and hobbyist growers

The relationship for the home and hobbyist grower segment is primarily managed through the standard e-commerce channel, growgeneration.com. This channel is being supported by an expansion into the general home gardening segment, which was noted in the second quarter of 2025. While the B2B portal is the focus for commercial clients, the general e-commerce site serves the smaller-scale buyer. The company is actively working to increase proprietary brand penetration across all channels, including e-commerce.

Here's a quick look at how the channel focus translates into operational metrics as of the latest reported periods:

Relationship Metric / Channel Focus	Latest Reported Value (2025)	Reporting Period
Customers migrated to GrowGen Pro Portal	500+	Q1 2025
Retail Locations Operating	31	Q1 2025
Retail Locations Closed (YTD Sept 30)	7	Nine Months Ended Q3 2025
Store Operating Expenses (Quarterly)	$7.2 million	Q3 2025
Store Operating Expenses Decline (YoY)	27.8%	Q3 2025 vs Q3 2024

The company is using its digital platform to drive efficiency, which you can see in the reduction of store operating expenses. Also, the focus on B2B clients means the relationship structure is changing away from the traditional retail interaction.

• Proprietary brand sales reached 31.6% of Cultivation and Gardening revenue in Q3 2025.
• Proprietary brand sales reached 32.0% of Cultivation and Gardening revenue in Q2 2025.
• Proprietary brand sales reached 32.0% of Cultivation and Gardening revenue in Q1 2025.
• The target for proprietary brand sales is 35.0% by year-end 2025.

Finance: draft 13-week cash view by Friday.

GrowGeneration Corp. (GRWG) - Canvas Business Model: Channels

You're looking at how GrowGeneration Corp. gets its products and services in front of customers as of late 2025. The company has been actively streamlining its physical presence while pushing hard on digital and brand-led distribution.

The physical retail footprint has seen significant optimization. As of September 30, 2025, GrowGeneration Corp. operates 24 retail locations across 11 states. This is down from previous periods, reflecting a strategy to focus on higher volume, higher margin markets. The total geographic footprint for the Cultivation and Gardening segment spans approximately 650,000 square feet of retail and warehouse space as of that same date. This physical network supports local and regional commercial and B2C customers.

For the direct-to-consumer (B2C) side, the online superstore at growgeneration.com remains a key channel. This Omni-Channel Ecommerce platform carries over 10,000 products available for shipping around the country. The company's proprietary brand sales are a growing part of the revenue mix, reaching 31.6% of Cultivation and Gardening revenue in Q3 2025, up from 23.8% in Q3 2024. This suggests that direct sales, whether through the website or other means, are increasingly important for margin expansion.

The B2B customer portal, the GrowGen Pro Portal, is central to the commercial sales strategy. Launched to streamline procurement for commercial cultivators and retailers, it offers features like real-time inventory tracking and automated quoting. This digital channel is designed to foster customer loyalty and retention among large-scale cultivators, greenhouse operations, and vertical farms. The company noted increased customer adoption of this online B2B portal as of Q2 2025.

The wholesale distribution network is supported by strategic partners, though specific financial contribution from partners like Arett Sales isn't broken out. However, the overall shift in strategy points to leveraging external networks. For proprietary brands, direct-to-consumer sales through platforms like Amazon FBA are part of the broader channel expansion focus, aiming to scale these product lines beyond the core hydroponics supply business.

Here is a look at the scale of the physical and sales mix channels as of the end of Q3 2025:

Channel Metric	Value/Amount	Period/Date
Number of Physical Retail Locations	24	As of September 30, 2025
Total Retail/Warehouse Square Footage	650,000 square feet	As of September 30, 2025
Consolidated Net Sales (Total Company)	$47.3 million	Q3 2025
Cultivation and Gardening Net Sales	$38.4 million	Q3 2025
Storage Solutions Segment Net Sales	$8.9 million	Q3 2025
Proprietary Brand Sales (% of C&G Revenue)	31.6%	Q3 2025
Store and Other Operating Expenses	$7.2 million	Q3 2025

The company is clearly pushing its proprietary brands through these channels, as evidenced by the proprietary brand sales percentage rising to 31.6% of Cultivation and Gardening revenue in Q3 2025. Management is positioning these brands to achieve approximately 40% of Cultivation and Gardening revenue in 2026. The focus on digital efficiency is also reflected in the cost structure; Store and other operating expenses for Q3 2025 were $7.2 million, down approximately 27.8% year-over-year.

The expectation for the next period shows the importance of the combined channels, with total consolidated net sales expected to be approximately $40 million for the fourth quarter of 2025.

• B2C Online Superstore (growgeneration.com) carries 10,000+ products.
• B2B Pro Portal features real-time inventory and automated quoting.
• Proprietary Brand Sales grew over 20% year-over-year for DripHydro in Q3 2025.
• Proprietary Brand Charcor grew more than 30% year over year in Q3 2025.

GrowGeneration Corp. (GRWG) - Canvas Business Model: Customer Segments

You're looking at the customer base for GrowGeneration Corp. as they push through their strategic pivot toward higher-margin, brand-led B2B sales. Honestly, the numbers from late 2025 show a clear direction away from the broader, less profitable retail side.

The company's primary focus is on large-scale commercial cultivators, which they serve through their core Cultivation and Gardening segment. This segment generated net sales of $38.4 million in the third quarter of 2025. A critical part of serving these commercial clients is the push for proprietary brands, which carry higher gross margins in the 40% range compared to low-20s for other products. Proprietary brand sales hit 31.6% of Cultivation and Gardening net sales in Q3 2025, up from 23.8% in Q3 2024, with a stated goal of reaching 35.0% by the end of 2025.

The structure of their customer base is intentionally diversified at the individual account level, though the strategic focus is narrowing. For the years ended December 31, 2024, 2023, and 2022, no single customer accounted for more than 10% of net revenues. This suggests a broad base within the commercial sector, even as they consolidate physical touchpoints.

Here's a quick look at the segment revenue contribution for Q3 2025:

Customer-Facing Segment Area	Q3 2025 Net Sales Amount	Year-over-Year Trend Note
Cultivation and Gardening (Core B2B/Retail)	$38.4 million	Decreased from $41.4 million in Q3 2024 due to fewer retail locations.
Storage Solutions (Commercial Fixtures)	$8.9 million	Increased from $8.6 million in Q3 2024.
Total Consolidated Net Sales	$47.3 million	Up 15.4% quarter-over-quarter from Q2 2025.

The wholesale channel, which includes independent garden centers and hardware stores, is being bolstered through strategic alliances. GrowGeneration Corp. has a distribution partnership with Arett Sales, which expands their wholesale reach into thousands of retail stores across 32 states. This supports the traditional wholesale partners.

For greenhouse and nursery professionals focusing on non-cannabis agriculture, the company serves them within the broader Cultivation and Gardening segment, leveraging proprietary products like Char Coir and Drip Hydro. The company is also actively executing a digital strategy via its B2B customer portal, the GrowGen Pro Portal, to better serve these commercial and wholesale customers.

The home and hobbyist hydroponic and organic gardeners segment saw strategic moves in 2025, despite noted softness in B2C demand during Q1 2025. The company acquired Viagrow, which increased penetration with mass-market retailers and expanded into the home gardening segment.

International cultivators are now being addressed through specific channel development. New distribution partnerships have been established in the European Union and Costa Rica (Central America) as of mid-2025.

You should track the continued reduction in physical retail footprint, as the company operated 24 retail locations across 11 states as of September 30, 2025, down from 29 locations on June 30, 2025. Finance: draft 13-week cash view by Friday.

GrowGeneration Corp. (GRWG) - Canvas Business Model: Cost Structure

You're looking at the cost side of the GrowGeneration Corp. (GRWG) engine as of late 2025. It's clear the focus has been on trimming the fat while shifting the mix to higher-margin items. This disciplined execution is showing up right away in the quarterly numbers.

Cost of goods sold (COGS) is getting a lift because the proprietary brand mix is improving. This is key to margin expansion. Proprietary brand sales now make up 31.6% of Cultivation and Gardening net sales for the third quarter of 2025, a solid jump from 23.8% in the third quarter of 2024. Consequently, the gross profit margin hit 27.2% in Q3 2025, up from 21.6% the year prior. Here's the quick math on Q3 2025 gross profit: Net sales were $47.3 million, and gross profit was $12.9 million, meaning the Cost of Sales was approximately $34.4 million.

Store and other operating expenses have seen a significant reduction, reflecting the ongoing footprint optimization. Store and other operating expenses declined by approximately 27.8% year-over-year in Q3 2025, coming in at $7.2 million compared to $10.0 million in the third quarter of 2024. This reduction, combined with other cuts, helped total operating expenses drop by 31.5% to $15.7 million in Q3 2025 from $22.9 million in Q3 2024.

Selling, General, and Administrative (SG&A) expenses also reflect this cost discipline. For the third quarter of 2025, SG&A expenses were $5.7 million. That's an improvement of 22.9% when you stack it against the $7.4 million reported in Q3 2024. Depreciation and amortization is expected to remain stable, reported at $2.6 million for the quarter, down from $5.0 million in the same period last year.

Inventory management and supply chain logistics costs are being managed through strategic shifts. The previous year included costs associated with restructuring and inventory disposal, which are now absent. The current strategy involves optimizing the retail footprint, including five store closures during the quarter, bringing the total to 24 locations, to focus on higher volume, higher margin markets. This shift impacts logistics and inventory holding costs, though specific current dollar amounts for these line items aren't broken out separately in the latest release.

Regarding Research and development for new proprietary products, the focus is on scaling existing successes. Management is actively expanding into new revenue channels and product extensions for these brands. The goal is to position proprietary brands to achieve approximately 40% of cultivation and gardening revenue in 2026. The leading proprietary brands like Char Coir grew more than 30% year-over-year, and Drip Hydro increased over 20% in Q3 2025.

Here's a look at the key operating expense metrics for Q3 2025:

Cost Component	Q3 2025 Amount	Q3 2024 Amount	Year-over-Year Change
Store and Other Operating Expenses	$7.2 million	$10.0 million	Down 27.8%
Selling, General, and Administrative (SG&A) Expenses	$5.7 million	$7.4 million	Improved 22.9%
Total Operating Expenses	$15.7 million	$22.9 million	Down 31.5%
Depreciation and Amortization	$2.6 million	$5.0 million	N/A

The cost structure improvements are tied to several strategic actions:

• Proprietary brand sales penetration reached 31.6% of relevant revenue.
• Five store closures were executed during the quarter as part of optimization.
• Management anticipates positive revenue growth and Adjusted EBITDA in 2026.
• The company maintains a debt-free balance sheet with $48.3 million in cash, cash equivalents, and marketable securities.

The shift in revenue mix is defintely a primary driver in lowering the relative cost burden.

GrowGeneration Corp. (GRWG) - Canvas Business Model: Revenue Streams

You're looking at how GrowGeneration Corp. brings in its money as of late 2025, focusing on the numbers from the third quarter of 2025. The total consolidated net sales for the third quarter of 2025 hit $47.3 million. This revenue is split between two main operational areas, with the company actively shifting its mix toward higher-margin offerings.

Here's a quick look at the segment breakdown for that quarter:

Revenue Stream Segment	Q3 2025 Net Sales (Millions USD)	Proprietary Brand Mix (of C&G Sales)
Cultivation and Gardening	$38.4 million	31.6%
MMI Storage Solutions	$8.9 million	N/A

The Cultivation and Gardening segment is where the core product sales happen, and within that, the focus on owned products is clearly paying off. Proprietary brand sales made up 31.6% of the Cultivation and Gardening net sales for the three months ended September 30, 2025. This is a significant increase from 23.8% in the same period last year, showing a successful shift in product mix that management sees as a key driver for margin expansion. The MMI Storage Solutions segment, which deals with commercial fixtures, contributed $8.9 million in net sales for Q3 2025.

Also feeding the top line are revenues generated through various channels beyond direct retail foot traffic. The company relies on wholesale revenue derived from distribution partnerships, which helps move product volume. Furthermore, e-commerce sales flowing through growgeneration.com and the dedicated B2B portal contribute to the overall revenue picture, partially offsetting the impact of fewer physical retail locations. The growth in business-to-business and commercial channels helped partially offset the year-over-year sales decline in the segment.

The key revenue stream components are:

• Net sales from Cultivation and Gardening products, totaling $38.4 million in Q3 2025.
• Proprietary brand sales, representing 31.6% of Cultivation and Gardening net sales.
• Net sales from the MMI Storage Solutions segment, totaling $8.9 million in Q3 2025.
• Wholesale revenue from distribution partnerships.
• E-commerce sales via growgeneration.com and B2B portal.

Finance: draft 13-week cash view by Friday.