weGrow, the nation’s first medical marijuana-focused hydroponics superstore, announced today that the high-growth chain has already sold out the franchise rights to open all stores in Arizona, New Mexico, Washington D.C. and Delaware.
The announcement comes just weeks after weGrow’s 21,000 square-foot superstore opened in Phoenix, Ariz. on June 1. More than 1,000 franchise applications have been received to date.
“There has been a tremendous demand from individuals interested in taking advantage of the growth of the medical marijuana industry without all of the risks associated with growing or selling the marijuana plant itself,” said Dhar Mann, founder of weGrow.
The growing chain does not actually sell marijuana; just all of the products one would need to grow it.
The recent franchise approval through the Department of Corporations (DOC) in California, the state with an estimated $14 billion marijuana industry, was an important landmark for the company.
“California is widely known for being one of the toughest states for obtaining approval to franchise,” said Mann. “The California DOC approval is a great example of how medical marijuana related businesses are entering mainstream commerce and creating new economic opportunities across the nation.”
weGrow anticipates opening 72 store locations over the next five to seven years in California alone. Although the company doesn’t have plans to open stores in states that have not yet passed medical marijuana legislation, Mann says that investors are purchasing rights to open future stores in states where it is anticipated that medical marijuana will soon be legal.
“Owning a hydroponics store is an excellent conduit to be a part of the medical marijuana movement,” said Alex Wong, weGrow franchisee in Washington D.C. and Delaware. “Originally I had planned to open a single store in D.C., but after Delaware became the 16th state to legalize medical marijuana, it opened my eyes to the opportunity to expand the weGrow brand on the East Coast in a larger way now that medical marijuana laws are moving eastward.”
The company also announced today that “serious discussions” are underway with a number of prominent investment groups for weGrow’s first-ever capital raise. Mann says the funding will allow for faster expansion, increased staffing, strategic partnerships and acquisitions for capturing additional market share.
“The prospect of an IPO in an ancillary service to the medial marijuana industry is really exciting for investors,” said Mann.
weGrow not only features the largest selection of hydroponic supplies, but also offers a variety of services aimed at educating medical marijuana cultivators, including live grow demonstrations with real non-marijuana plants, an on-site doctor for medical cannabis evaluations, expert technicians to teach safe and responsible grow practices, and will soon feature an on-site laboratory to test cannabis before patient consumption.
For more information, please visit http://www.wegrowstore.com.
weGrow is the first honest hydroponics store, geared towards selling the products and services necessary to grow marijuana for those with medical marijuana needs. From the largest showroom of hydroponic equipment, to grow training services; weGrow is a one-stop-shop for cultivators. weGrow has several locations nationwide and has plans for continued growth. For more information, please visit http://www.wegrowstore.com.
– Article originally from Daily Markets.