PR Newswire
DENVER, Oct. 20, 2020
Acquisition Brings the Number of GrowGen Locations in
Michigan
to Six
DENVER
,
Oct. 20, 2020
/PRNewswire/ –
GrowGeneration Corp
. (NASDAQ: GRWG), (“GrowGen” or the “Company”) the nation’s largest chain of specialty hydroponic and organic garden centers, today announced its acquisition of Big Green Tomato (“BGT”), a two-store chain in
Battle Creek
and
Taylor, Michigan
. Big Green Tomato is one of
Michigan’s
premier hydroponic equipment stores, founded in 2011 by a team of experienced executives with 25 years of combined experience in the industry. BGT has two well established locations with strong commercial operations and annual revenues approaching
$16M
. As part of the transaction, GrowGen purchased the 10,000 square-foot retail property in
Battle Creek
.
With the BGT acquisition, the
Michigan
market is expected to generate annual revenues well over
$40M
for GrowGen. It also brings the total number of GrowGen hydroponic garden centers in
Michigan
to six, with locations in
Battle Creek
,
Grand Rapids
,
Livonia
,
Taylor
,
South Lansing
and
West Lansing
.
”
Michigan’s
recreational cannabis market is growing exponentially,” said
Tony Sullivan
, GrowGen’s COO. “We’re encouraged by new state regulations that will allow for more cultivation licenses, which in turn will fuel continued expansion and growth for GrowGeneration’s customer base in the state.”
Michigan Market and Projections:
-
Currently in
Michigan
there are 250+ class C medical grows of 1,500 plants each and 50+ class C adult use grows of 2,000 plants each (note adult use has only been in effect in
Michigan
for less than nine months) -
Michigan
has
the second-highest medical marijuana market
in the country, behind
California
-
Michigan’s
2020 adult-use sales are estimated to total between
$400M
and
$475M
-
Michigan’s
recreational cannabis market is on track to surpass
$1B
over the next couple of years
For more informatio.n 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 stores. Currently, GrowGen has 31 stores, which include 5 locations in
Colorado
, 6 locations in
California
, 2 locations in
Nevada
, 1 location in
Washington
, 6 locations in
Michigan
, 1 location in
Arizona
, 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 at 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
.
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SOURCE GrowGeneration
