Specialty retail hydroponic and organic gardening stores operator GrowGeneration Corp. (NASDAQ:GRWG) recently announced that it has acquired mobile shelving systems manufacturer Mobile Media, Inc. and MMI Agriculture for $9.4 million. Following the news, shares of the company reacted adversely and declined 6.6% on Tuesday. The stock pared its losses slightly to close at $12.95 in the extended trading session. Strategic Impact With annual revenues of about $14 million in 2021 and two warehouses spanning an area of about 70,000 sq. ft, the acquisition of MMI will allow GrowGeneration to enhance its mobile shelving capabilities with MMI, which is one of the leading manufacturers of such systems.
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