Acquisition Brings Total Number of GrowGen
Locations to 59
DENVER, Aug. 23, 2021 /PRNewswire/ - GrowGeneration
Corp. (NASDAQ: GRWG), ("GrowGen" or the "Company") the nation's
largest chain of specialty hydroponic and organic garden centers,
today announced the acquisition of Hoagtech Hydroponics, a
leading hydroponic equipment and indoor gardening store, serving
the Bellingham, Washington area.
This acquisition brings the total number of GrowGen hydroponic
garden centers nationwide to 59 stores.
"We're thrilled with our acquisition of Hoagtech
Hydroponics, which boasts a strong commercial customer base and a
talented team of grow professionals," said Darren Lampert, GrowGeneration's CEO. "This
transaction expands our footprint in the Pacific Northwest and puts
us in close proximity to some of the state's largest commercial
operators. Further, Bellingham is
located near two major Pacific Northwest cites, Vancouver, British Columbia and Seattle, WA. With the addition of Hoagtech
Hydroponics, we expect the Washington market to generate annual revenues
approaching $15 million
annually."
Founded in 2010, by Dan Hoag,
GrowGeneration plans to operate out of Hoagtech's 25,000
square-foot warehouse in Bellingham. As part of the transaction, Hoag
and his team of eight cultivation experts will join
GrowGeneration.
The Hoagtech Hydroponics acquisition is the Company's 13th
acquisition this year and follows yet another quarter of record
earnings. Earlier this month, the Company raised its full-year
2021 revenue guidance to $455 million
- $475 million. GrowGen plans to have
over 70 garden center locations by the end of 2021.
For more information about GrowGeneration, or to locate its
stores, please visit www.growgeneration.com.
About GrowGeneration Corp.:
GrowGen owns and operates specialty retail hydroponic and
organic gardening centers. Currently, GrowGen has 59 stores, which
include 21 locations in California, 8 locations in Colorado, 7 locations in Michigan, 5 locations in Maine, 5 locations in Oklahoma, 4 locations in Oregon, 3 locations in Washington 2 locations in Nevada, 1 location in Arizona, 1 location in Rhode Island,1 location
in Florida, and 1 location in
Massachusetts.
GrowGen also operates an online superstore for cultivators at
growgeneration.com and B2B ERP platform, agron.io. 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.
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.
Company Inquiries:
GrowGeneration Corp.
610-216-0057
michael@growgeneration.com
Investor Contact:
John
Evans
GrowGeneration
john.evans@growgeneration.com
415-309-0230
Connect:
Website: www.GrowGeneration.com
Instagram: growgen
Facebook: GrowGenerationCorp
Twitter: @GrowGenCorp
View original content to download
multimedia:https://www.prnewswire.com/news-releases/growgeneration-acquires-washington-based-hoagtech-hydroponics-expands-footprint-in-pacific-northwest-301360559.html
SOURCE GrowGeneration