GrowGen's financial results for the second quarter of 2022 were made public on August 4. Due to a decline in industry demand, net sales during this time period fell by 44 percent, to $71.1 million. For the full quarter, comparable store sales dropped by 56.9%. In contrast to a net gain of $6.7 million the year prior, the corporation reported a net loss of $136.4 million. This included an impairment charge of $127.8 million for goodwill and other intangibles. It is significant that the company decided to lower its estimated revenue range for 2022 from $340 to $400 million to $250 to $275 million. In May, GrowGeneration unveiled Drip Hydro, a range of liquid fertilizer blends designed for industrial planters. The business revealed its plans to open a new hydroponic garden facility in Richmond, Virginia, in September.