Adds 10th state and $12.0
million in Revenue
DENVER, Feb. 26, 2020 /PRNewswire/ - GrowGeneration Corp.
(NASDAQ: GRWG), ("GrowGen" or the "Company") the largest chain
of specialty retail hydroponic and organic garden centers, with
currently 26 locations, is pleased to announce that the
company has purchased the assets of Healthy Harvest. Healthy
Harvest has been in business since 2011 and is the largest
hydroponic operation in the Southeast region. With over 15,000 sq.
ft. of warehouse and retail space, Healthy Harvest is
servicing growers in Florida,
Puerto Rico, Caribbean and South
America. Healthy Harvest's owners will be staying on as
Director of Southeast Region and Director of Latin American
Markets.
CEO Comments:
"The Healthy Harvest acquisition is our 1st in 2020,
adding an accretive $12.0 Million in
revenue to our Company. Healthy Harvest is the largest hydroponic
operation in the Southeast, which strengthens our position in this
region and opens the Puerto Rico,
Caribbean, and South American
markets. Florida is our 10th state and this
acquisition positions us well to service the growing number of
cultivators in Florida.The management team has been servicing
growers of all sizes for almost 10 years and has built a tremendous
hydroponic operation in South
Florida." - Darren Lampert,
CEO.
Florida Market:
- Florida's medical cannabis market is growing rapidly, with
patients up 165% year-over-year and cannabis volume up 128%
year-over-year.
- Florida is a limited license market and virtually every major
multi-state cannabis company operates or plans to operate in
Florida with 22 licensed
companies. Each company is limited to a single license. Each
license allows companies to both cultivate cannabis and to open
medical cannabis dispensaries.
- Patient counts are rising to over 280,000.
- Medical cannabis patients in Florida have embraced the addition of smokable
products to their purchasing options, with more than 22,000 pounds
of the product sold in less than six months.
- Florida's estimated total 2019 medical cannabis sales range
from $450-$550
Million.
Projections:
- Florida's cannabis industry sales are projected to reach near
the $2 billion mark in just five
years, and that doesn't include the possibility Florida could
legalize recreational marijuana as early as 2020.
- The New Frontier Data projections also call for Florida to get
12 percent of the country's $29.7
billion legal marijuana market by 2025.
About
GrowGeneration Corp.:
GrowGen owns and operates specialty retail hydroponic and
organic gardening stores. Currently, GrowGen has 27 stores, which
include 5 locations in Colorado, 5
locations in California, 2
locations in Nevada, 1 location in
Washington, 4 locations in
Michigan, 1 location in
Rhode Island, 4 locations in
Oklahoma,1 location in Oregon, 3
locations in Maine and 1 location
in Florida. GrowGen also operates
an online superstore for cultivators, located at
https://growgen.pro/. 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 U.S. and Canada.
Management estimates that roughly 1,000 hydroponic stores are in
operation in the U.S. By 2020 the market is estimated to reach over
$23 billion with a compound annual
growth.
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.
Connect:
- Website: www.GrowGeneration.com
- E-commerce: https://growgen.pro/
- Facebook: GrowGenerationCorp
- Twitter: @GrowGenOK
- Instagram: growgen
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SOURCE GrowGeneration