DENVER— GrowGeneration Corp. (NASDAQ: GRWG), (” GrowGen” or the “Business”) the country’s biggest chain of specialized hydroponic and natural garden centers, today revealed its acquisition of Grow Depot, a two-store chain in Auburn and Augusta, Maine. The acquisition brings the overall variety of GrowGen hydroponic garden centers in Maine to 5, with areas in Auburn, Augusta, Biddeford, Maker, and York.
” It’s an extremely amazing time in Maine’s adult-use market, and we’re happy to broaden our footprint in the state through our acquisition of Grow Depot, which has actually happily served the Central Maine location for almost a years,” stated Darren Lampert, GrowGeneration’s CEO. “With our broadened footprint, the Maine market is anticipated to produce 2021 yearly profits of over $20 million for GrowGen.”
Established in 2012 by Jim Parisi, Grow Depot brings a big brochure of devices for indoor growing and hydroponic systems. As part of the deal, both Jim and Anthony Parisi, with over twenty years of experience in the indoor growing supply market, and their 10 workers will sign up with GrowGen’s group of more than 450 grow specialists.
The Grow Depot acquisition is the Business’s second of the year and follows yet another quarter of record revenues. Last month, the Business pre-announced fourth-quarter profits of $61.5 million, bringing full-year 2020 income to $192 million, up 140% from 2019. Same-store sales increased 63% for full-year 2020, compared to the previous year. The Business likewise raised its 2021 income assistance to $335 million-$ 350 million and raised its 2021 changed EBITDA assistance to $38 million-$ 40 million. GrowGen prepares to have 55 garden center areas by the end of 2021.
To find out more about GrowGeneration, or to find its shops, please go to www.growgeneration.com.
About GrowGeneration Corp.
GrowGen owns and runs specialized retail hydroponic and natural gardening shops. Presently, GrowGen has 42 shops, that include 5 areas in Colorado, 13 areas in California, 2 areas in Nevada, 1 area in Arizona, 2 areas in Washington, 6 areas in Michigan, 1 area in Rhode Island, 4 areas in Oklahoma, 2 areas in Oregon, 5 areas in Maine and 1 area in Florida. GrowGen likewise runs an online warehouse store for growers at growgeneration.com. GrowGen brings and offers countless items, consisting of natural nutrients and soils, advanced lighting innovation and cutting-edge hydroponic devices to be utilized inside your home and outdoors by industrial and house growers. Our objective is to own and run GrowGeneration branded shops in all the significant states in the United States and Canada. Management approximates that approximately 1,000 hydroponic shops function in the United States. By 2025, the worldwide hydroponics system market is approximated to reach around $16 billion.