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Record Revenues of $55.0 Million, Adjusted EBITDA of $6.6 Million, and Pre-Tax Net Income of $5.1 Million 2020 full-year revenue guidance increased to $185-$190 million 2020 full-year adjusted EBITDA guidance updated to $19.0 million-$20.0 million 2020 full-year GAAP pre-tax net income guidance for 2020 is $9.0 million-$11.0 million 2021 full-year revenue guidance updated to $280 million-$300 million 2021 full-year adjusted EBITDA guidance for 2021 increased to $34.0 million-$36.0 million DENVER, Nov. 11, 2020 /PRNewswire/ --GrowGenerationCorp. (NASDAQ: GRWG), ("GrowGen" or the "Company"), the largest chain of specialty hydroponic and organic garden centers with 31 locations across 11 states, today reported record third quarter 2020 revenues of $55.0 million, versus $21.8 million in the same period last year. This represents the Company's eleventh consecutive quarter of record revenues. Third quarter 2020 adjusted EBITDA of $6.6 million compares to $2.0 million in the same period last year. The Company also reported record third quarter 2020 GAAP pre-tax net income of approximately $5.1 million, compared to pre-tax net income of $1.0 million, in the same period last year. As the Company continues to outpace guidance, it is increasing 2020 revenue guidance to $185 million-$190 million, and adjusted EBITDA to $19.0 million-$20.0 million. Revenue and adjusted EBITDA guidance for 2021 increases to $280 million-$300 million, and $34 million-$36 million, respectively. "Our steadfast focus on rapid, strategic growth in key markets, both organically and through acquisitions, has resulted in our eleventh consecutive quarter of record revenues and EBITDA,said Darren Lampert, GrowGen's co-founder and CEO. "We are building a best-in-class team of grow professionals, a robust e-commerce platform, and an insight-driven retail footprint targeting both established and emerging markets. The results of the recent elections, combined with our proven ability to scale while reducing operational costs, will allow us to grow our revenue and expand our bottom line into the following quarters. We have raised our guidance accordingly." Financial Highlights for Third Quarter 2020 Compared to Third Quarter 2019 Revenues rose 153% to $55.0 million, for third quarter 2020, versus $21.8 million for the same period last year Same-store sales were $33.4 million for third quarter 2020, versus $19.2 million for third quarter 2019, a 73% increase year over year Adjusted EBITDA of $6.6 million for third quarter 2020, versus $2.0 million for third quarter 2019, an increase of 230% year over year, or $.14 per share basic for third quarter 2020 versus $.06 per share basic for the same period last year Gross profit margin for third quarter 2020 was 26.5% compared to 29.9% in the same quarter last year; the decrease in margin is attributable to a larger percentage of revenue from our expanding commercial and e-commerce business segments Gross profit was $14.6 million for third quarter 2020, compared to $6.5 million for the same period last year, an increase of 124% year over year Store operating costs, as a percentage of sales, was 9.0 % for third quarter 2020, compared to 12.6% for the same period last year, an improvement of 28% year over year Income from store operations was $9.6 million for third quarter 2020, versus $3.8 million for the same period last year, an increase of 156% year over year Income from store operations as a percentage of revenue was 17.4% for the third quarter 2020 Online sales increased by 112% in the third quarter when compared to the same quarter last year The commercial division generated over $13.0 million in revenues, an increase of 188% in the third quarter 2020 versus the same period last year GrowGen's private-label line of products surpassed $1.0 million in sales in the third quarter Corporate payroll and general and administrative expense, excluding non-cash operating expenses, as a percentage of revenue, was 5.5% for third quarter 2020 versus 8.4% for the same period last year, an improvement of 34% year over year Pre-tax net income was $5.1 million for the third quarter 2020 versus $1.0 million for the same period last year GAAP net income was $3.3 million, or $0.07 per share basic, for third quarter 2020 compared to net income of $1.0 million, or $0.03 per share basic, for same period last year, an increase of 133% year over year Nine-Month Financial Results Revenues rose 142% to $131.4 million for the first nine-months of 2020 compared to $54.3 million for same period last year Same-store sales increased 59% to $52.4 million for the first nine months of 2020 compared to $33.0 million for same period last year Adjusted EBITDA rose 208% to $13.4 million, or $0.32 per share, for the first nine months of 2020 compared to $4.3 million, or $0.14 per share, for same period last year Gross profit for the first nine months of 2020 grew 119% to $35 million compared to $16 million in the same period last year Gross profit margin for the first nine months of 2020 was 27% Income from store operations grew 161% to $22.6 million for the first nine months of 2020 compared to $8.6 million for the same period last year Pre-tax net income was $5.8 million for the first nine months of 2020 compared to $2.3 million for same period last year GAAP net income for the first nine months of 2020 was $3.8 million, or $0.09 per share, versus $2.3 million, or $0.07 per share, for the same period last year, a 63% increase Online sales increased by 140% to $7.4 million, for the first nine months of 2020 compared to $3.1 million for the same period last year The commercial division generated over $32.7 million in revenues, an increase of 200% for the first nine months of 2020 compared to $10.9 million the same period last year Working Capital and Cash As previously announced on July 2, 2020, we closed on a $48 million upsized follow-on public offering with Oppenheimer & Co. Inc. acting as the sole book-running manager for the Offering. Ladenburg Thalmann & Co. Inc. and Lake Street Capital Markets, LLCacted as co-managers for the Offering. The Company is using this capital from the Offering primarily to expand its network of hydroponic garden centers through organic growth and acquisitions, build-out new GrowGeneration hydroponic garden centers in new markets such as New Jersey, New York, Pennsylvania and Ohio, and complete our national distribution network adding Los Angeles, Miami and New England. Working capital was $83 million on September 30, 2020 compared to $30.6 million at December 31, 2019 Cash on September 30, 2020 was $55.3 million, cash on December 31, 2019 was $12.98 million, and cash as of November 2, 2020 was $50.4 million Proceeds from the sale of common stock and warrants were $44.9 million for third quarter 2020 M&A Activity Our merger and acquisition pipeline is the most active it has been since the Company's inception. As announced on November 2, 2020, the Company signed an asset purchase agreement to acquire The GrowBiz, the nation's third-largest chain of hydroponic garden centers. The GrowBiz is a $50 million chain of five garden centers and when completed, will increase the total count of GrowGen garden centers to 36. As we have often stated, the Company's corporate goal is to reach 50 garden centers and 15 states in 2021, and we made significant progress towards this goal in the third quarter. Recent Events On August 10,2020, the Company purchased the assets of Emerald City Garden, located in Concord, California On October 12, 2020, the Company purchased the assets of Hydroponics Depot, located in Phoenix, Arizona, expanding our geographic footprint to 11 states On October 20, 2020, the Company purchased the assets of The Big Green Tomato, a two-store chain in Battle Creek and Taylor, Michigan On October 29, 2020, the Company signed an asset purchase agreement to acquire the third-largest chain of hydroponic garden centers in the US, The GrowBiz, with five stores in California and Oregon COVID-19 Response The Company continues to be mindful of the COVID-19 pandemic that is besieging society, leaving no one unaffected. We are thankful for the dedication of health care workers and first responders, as well as the essential workers who are keeping our communities running. As a result of the Company's first-rate preparedness, all personnel have been working at full capacity since mid-March and Company management has been inspired by the efforts and dedication of GrowGen's team as they have worked tirelessly to service our customers and communities. Conference Call The company will host a conference call on November 12, 2020 at 9:00AM Eastern Time. To participate in the call, please dial (888)-664-6383 (domestic). Participants should request the GrowGeneration Earnings Call or provide confirmation code: 96567037. This call is being webcast and can be accessed on the Investor Relations section of GrowGeneration website at: https://ir.growgeneration.com/news-events/ir-calendar. A replay of the webcast will be available approximately two hours after the conclusion of the call and remain available for approximately 90 calendar days. About GrowGeneration Corp.: GrowGen owns and operates specialty retail hydroponic and organic gardening stores. Currently, GrowGen has 31 stores, which include 5 locations in Colorado, 6 locations in California, 2 locations in Nevada, 1 location in Washington, 6 locations in Michigan, 1 location in Rhode Island, 4 locations in Oklahoma, 1 location in Oregon, 3 locations in Maine, 1 location in Florida, and 1 location in Arizona. GrowGen also operates an online superstore for cultivators, located at 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. 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. Use of Non-GAAP Financial InformationThe Company believes that the presentation of results excluding certain items in "Adjusted EBITDA," such as non-cash equity compensation charges, provides meaningful supplemental information to both management and investors, facilitating the evaluation of performance across reporting periods. The Company uses these non-GAAP measures for internal planning and reporting purposes. These non-GAAP measures are not in accordance with, or an alternative for, generally accepted accounting principles and may be different from non-GAAP measures used by other companies. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net income or net income per share prepared in accordance with generally accepted accounting principles. Set forth below is a reconciliation of Adjusted EBITDA to net income: September30, 2020 September 30, 2019 Net income $ 3,337,333 $ 1,049,699 Income taxes 1,775,801 - Interest 142 27,067 Depreciation and Amortization 443,578 247,715 EBITDA 5,556,854 1,324,481 Share based compensation (option compensation, warrant compensation, stock issued for services) 1,022,137 553,492 Amortization of debt discount - 114,210 Adjusted EBITDA $ 6,578,991 $ 1,992,183 Adjusted EBITDA per share, basic $ .14 $ .06 Adjusted EBITDA per share, diluted $ .13 $ .05 Nine Months Ended September 30, 2020 September 30, 2019 Net income $ 3,817,758 $ 2,341,120 Income taxes 1,955,113 - Interest 19,728 35,757 Depreciation and Amortization 1,270,398 538,847 EBITDA 7,062,997 2,915,724 Share based compensation (option compensation, warrant compensation, stock issued for services) 6,324,109 1,075,735 Amortization of debt discount - 356,306 Adjusted EBITDA $ 13,387,106 $ 4,347,765 Adjusted EBITDA per share, basic $ .32 $ .14 Adjusted EBITDA per share, diluted $ .30 $ .13 GROWGENERATION CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS September 30,2020 December31, 2019 (Unaudited) ASSETS Current assets: Cash $ 55,347,450 $ 12,979,444 Accounts receivable (net of allowance for credit losses of $364,262 and $291,372, respectively) 5,246,521 4,455,209 Inventory, net 37,847,421 22,659,357 Prepaid expenses and other current assets 5,537,083 2,549,559 Total current assets 103,978,475 42,643,569 Property and equipment, net 4,488,922 3,340,616 Operating leases right-of-use assets, net 8,109,184 7,628,591 Deferred income taxes - Intangible assets, net 864,219 233,280 Goodwill 21,925,084 17,798,932 Other assets 336,149 377,364 TOTAL ASSETS $ 139,702,033 $ 72,022,352 LIABILITIES & STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 11,452,252 $ 6,024,750 Other accrued liabilities 119,810 - Payroll and payroll tax liabilities 1,943,328 1,072,142 Customer deposits 2,469,581 2,503,785 Sales tax payable 901,900 533,656 Income taxes payable 1,927,805 - Current maturities of operating leases liability 2,037,537 1,836,700 Current maturities of long-term debt 88,049 110,231 Total current liabilities 20,940,262 12,081,264 Operating leases liability, net of current maturities 6,307,463 5,807,266 Long-term debt, net of current maturities 189,333 242,079 Total liabilities 27,437,058 18,130,609 Commitments and contingencies Stockholders' Equity: Common stock; $.001 par value; 100,000,000 shares authorized; 48,412,292 and 36,876,305 shares issued and outstanding, respectively 48,412 36,876 Additional paid-in capital 115,285,993 60,742,055 Accumulated deficit (3,069,430) (6,887,188) Total stockholders' equity 112,264,975 53,891,743 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 139,702,033 $ 72,022,352 GROWGENERATION CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2020 2019 2020 2019 Sales $ 55,007,475 $ 21,778,487 $ 131,440,820 $ 54,349,092 Cost of sales 40,436,707 15,276,906 96,338,467 38,340,670 Gross profit 14,570,768 6,501,581 35,102,353 16,008,422 Operating expenses: Store operations 4,972,058 2,744,199 12,523,594 7,360,525 General and administrative 857,943 803,707 3,244,682 1,928,020 Share based compensation 1,022,137 553,492 6,324,109 1,075,735 Depreciation and amortization 443,578 247,715 1,270,398 538,847 Salaries and related expenses 2,175,276 1,020,627 5,944,427 2,449,733 Total operating expenses 9,470,992 5,369,740 29,307,210 13,352,860 Income from operations 5,099,776 1,131,841 5,795,143 2,655,562 Other income (expense): Interest expense (142) (141,277) (19,728) (392,063) Interest income 47,562 60,973 72,605 95,256 Other income (loss) (34,062) (1,838) (75,149) (17,635) Total non-operating income (expense), net 13,358 (82,142) (22,272) (314,442) Net income before taxes 5,113,134 1,049,699 5,772,871 2,341,120 Provision for income taxes (1,775,801) - (1,955,113) - Net Income $ 3,337,333 $ 1,049,699 3,817,758 $ 2,341,120 Net income per shares, basic $ .07 $ .03 .09 $ .07 Net income per shares, diluted $ .06 $ .03 .09 $ .07 Weighted average shares outstanding, basic 47,878,011 35,707,788 41,477,438 31,523,679 Weighted average shares outstanding, diluted 51,626,134 37,606,678 44,223,683 32,191,027 SOURCE GrowGeneration Related Links www.growgeneration.com

Answer: GrowGeneration Reports Record Third Quarter 2020 Financial Results