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New words:
abroad, accretion, accretive, age, agent, Alaska, armed, authoritative, aware, behalf, budgeting, cater, CIO, circumstance, closure, club, CODM, commonly, complimentary, composed, Consent, construed, country, cybersecurity, deficit, differential, differentiate, Distinguishing, duly, durable, EDGAR, efficiency, efficiently, Electronic, electronically, email, ethnicity, Exhibit, female, fighting, finite, flat, floor, fluctuate, furnish, furnished, Gathering, gave, golf, herewith, hindsight, hospitality, Hudson, impracticable, inside, Instance, intrinsic, Israel, lawfully, leadership, Linkbase, log, mental, Millennial, Moran, multifaceted, nonpartisan, obsolete, occasionally, outlook, overestimate, Palestine, penetration, Plante, PLLC, predominately, pressure, principle, Prisoner, progressing, progressive, promptly, pronouncement, proportional, ratifying, rationalization, realigned, recast, reform, reforming, regular, relieved, rendered, rescheduling, residing, Retrieval, retrospective, retrospectively, rolling, routinely, save, Schema, sector, seismic, SGS, shock, SIPC, site, small, Southside, static, stead, StorageTek, submitted, superseded, susceptible, suspected, tailored, Taxonomy, tenure, thereto, thereunto, therewith, thing, true, turnkey, unconditional, underestimate, undersigned, unusual, Valley, virtue, voluntarily, workforce, written, XBRL
Removed:
additive, adjusting, advanced, agricultural, analyst, approximated, array, awarded, AZ, back, Battle, Benzakry, BGT, Big, breed, Canna, Canopy, capturing, Chapter, commercialization, comparing, consummated, core, corrected, covered, Creek, curated, daily, deducting, Denver, depreciable, Durabreeze, easily, Easylife, Emerald, employed, encountered, engineering, England, excluding, farming, Florida, forfeited, generating, geographic, green, GrowBiz, grower, Hawthorne, HG, history, Hydrofarm, indirectly, individual, inhibit, innovative, Island, Jersey, legacy, long, meant, multiple, negotiated, Nevada, North, offsetting, persist, Phoenix, popular, population, portal, primary, proper, Pueblo, reader, receiving, repeat, replenish, reviewed, Rhode, round, settlement, shared, shipped, silicic, sophisticated, span, subsequent, tangible, Taylor, Tomato, underwriting, underwritten, urban, ventilation, warrant, whichever, widely
Financial report summary
?Risks
- We face competition that could prohibit us from developing or increasing our customer base.
- If we underestimate or overestimate demand for our products and do not maintain appropriate inventory levels, our net sales, working capital, or profitability could be negatively impacted.
- We identified material weaknesses in our internal control over financial reporting, and if we are unable to achieve and maintain effective internal control over financial reporting, the accuracy and timing of our financial reporting may be adversely affected, along with investor confidence in our company and, as a result, the value of our common stock.
- We may not successfully develop new products or improve existing products, or successfully manage various risks that we may be exposed to in connection with our proprietary brand offerings.
- A significant interruption in the operation of our or our suppliers’ facilities could impact our capacity to produce products and service our customers, which could adversely affect revenues and earnings.
- Disruptions in availability or prices of materials sourced by suppliers could adversely affect our results of operations.
- Economic conditions could adversely affect our business.
- Our operations may be impaired if our information technology systems, or those of our third-party vendors, fail to perform adequately, or if we or our third-party vendors are the subject of a data breach or cyber-attack.
- Acquisitions, strategic alliances, and other investments could result in operating difficulties, dilution, and other consequences that may adversely impact our business and results of operations.
- If we are unable to hire and retain employees, we may not be able to implement our business plan and our business may be materially adversely affected.
- Our products may be purchased for use in new and emerging industries subject to varying, inconsistent, and rapidly changing laws, regulations, administrative practices, enforcement, judicial interpretations, and consumer perceptions.
- Litigation may adversely affect our business, financial condition, and results of operations.
- Third parties may initiate legal proceedings alleging that we are infringing their intellectual property rights, the outcome of which could have a material adverse effect on our business, financial condition, or results of operations.
- If our owned or in-licensed trademarks and trade names are not adequately protected, then we may not be able to build name recognition in our markets of interest and our business may be adversely affected.
- Compliance with, or violation of, environmental, health, and safety laws and regulations, including laws pertaining to the use of pesticides, could result in significant costs that adversely impact our reputation, businesses, financial position, results of operations, and cash flows.
- If product liability lawsuits are brought against us, we may incur substantial liabilities.
- Our insurance coverage may not be sufficient to avoid material impact on our financial position or results of operations resulting from liabilities against us, and we may not be able to obtain insurance coverage in the future.
- Cost-cutting measures could be insufficient to drive profitability and could have unanticipated negative consequences, including hindering strategic initiatives and future growth of our business.
- We are subject to collection risk that can impact the results of our operations.
- We may be required to record impairment charges against the carrying value of our goodwill and other intangible assets in the future.
- The estimates and judgments we make, or the assumptions on which we rely, in preparing our consolidated financial statements could prove inaccurate.
- We occupy many of our facilities under long-term, non-cancellable leases, and we may be unable to renew our leases at the end of their terms.
- Public health emergencies and efforts to mitigate their impact may have an adverse effect on our business, liquidity, results of operations, and financial condition and the price of our securities.
- If we need additional capital to fund our operations, we may not be able to obtain sufficient capital and may be forced to limit the scope of our operations.
- Ongoing and future armed conflicts could create or exacerbate certain risks we face to our business, financial condition, and results of operations.
- Damage to our reputation could have an adverse effect on our business.
- Climate change and other environmental, social, and governance issues could adversely affect our brands, business, results of operations, and financial condition.
- Unanticipated changes in our tax provisions, the adoption of new tax legislation or exposure to additional tax liabilities could affect our profitability and cash flows.
- We are subject to a number of risks associated with the cannabis industry because cannabis is illegal under federal law.
- Participants in the cannabis industry have difficulty accessing the service of banks, which makes it difficult for us to operate.
- If cannabis were to become legal under federal law, its sale and use could become regulated by the Food and Drug Administration ("FDA") or another federal agency, which could result in a decrease in cannabis sales and have a material adverse impact on the demand for our products.
- There are risks, including stock market volatility, inherent in owning our common stock.
- We may incur indebtedness that ranks senior or equally to our common stock as to liquidation preference and other rights and that may dilute our stockholders’ ownership interest.
- Our security holders may be diluted by future issuances of securities by us. The market price of our common stock could be negatively affected by future sales of our common stock.
- If securities or industry analysts do not publish research or reports about our business, or they publish negative reports about our business, our share price and trading volume could decline.
Management Discussion
- ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION
- GrowGeneration Corp. (together with all of its direct and indirect wholly owned subsidiaries, collectively "GrowGeneration" or the "Company") was incorporated in Colorado in 2014. Since then, GrowGeneration has grown from a small chain of specialty retail hydroponic and organic garden centers to a multifaceted business with diverse assets. Today, GrowGeneration operates two major lines of business: its Cultivation and Gardening segment, composed of the Company's hydroponic and organic gardening business; and its Storage Solutions segment, composed of the Company's benching, racking, and storage solutions business.
- During the fourth quarter of 2023, we realigned our operating and reportable segments to correspond with changes to our operating model, management structure, and internal reporting and to better align with how the chief operating decision maker makes operating decisions, allocates resources, and assesses performance. Accordingly, we identified two operating segments, each its own reportable segment, based on our major lines of business: the Cultivation and Gardening segment and the Storage Solutions segment. Comparative prior period disclosures in this Annual Report on Form 10-K have been recast to conform to the current segment presentation.