Adds 28th Store, Expands Northern CA Footprint
DENVER, Aug. 11, 2020 /PRNewswire/ - GrowGeneration Corp.
(NASDAQ: GRWG), ("GrowGen" or the "Company") the largest chain
of specialty hydroponic and organic garden centers, with currently
27 locations, is pleased to announce that the company has
purchased the assets of Emerald City Garden located in
Concord, CA. Concord is
located in the " green zone". With the acquisition of
Emerald City Garden, GrowGen opens up the East Bay region. Emerald City Garden has
been in business since 2012 and is one of the largest hydroponic
operations in the region, with 2020 sales estimated to be
approximately $4.0 million.
CEO Comments:
Darren Lampert, GrowGeneration
CEO stated, "The Emerald City Garden acquisition is our
3rd in 2020,adding a strong team and customer base
to our portfolio of hydroponic garden centers. Emerald City Garden,
located approximately an hour outside of Oakland and San
Francisco, strategically positions GrowGen to capture
commercial growers and increase revenue through its sales,
marketing and purchasing post our acquisition."
California Market and Projections:
- In 2019, legal sales of adult-use cannabis in California topped $2.8
billion.
- By 2022, the legal adult-use cannabis market in California is projected to jump to
$5 billion – boosted significantly by
California's recreational cannabis
market. The California cannabis
industry's total economic impact could be nearly $10 billion.
- As of January 2020, California has issued over 10,000 commercial
cannabis licenses. There are 7,551 active licenses, including 4,220
cultivators, 987 manufactures and 910 retailers, delivery services,
944 distributors, 243 microbusinesses, 129 transporters, 86 event
organizers and 32 testing laboratories.
Source:
https://newfrontierdata.com/cannabis-insights/california-cannabis-sales-gather-momentum/
https://cannabusinessplans.com/california-cannabis-market/
About GrowGeneration Corp.:
GrowGen owns and operates specialty retail hydroponic and
organic gardening stores. Currently, GrowGen has 28 stores, which
include 5 locations in Colorado, 6
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 www.growgen.pro and
www.growgeneration.com. 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 US and Canada.
Management estimates that roughly 1,000 hydroponic stores are in
operation in the US. By 2025, the global hydroponics system market
is estimated to reach approximately $16
billion.
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://www.growgen.pro/
- Instagram: growgen
- Facebook: GrowGenerationCorp
- Twitter: @GrowGenOK
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SOURCE GrowGeneration