DENVER, June 17, 2020 /PRNewswire/
- GrowGeneration Corp. (NASDAQ: GRWG), ("GrowGen") or the
"Company"), the largest chain of stand-alone specialty hydroponic
and organic garden centers, currently with 27 locations, is pleased
to announce that the Company has purchased the assets of H2O
Hydroponics, LLC ("H2O"), the largest hydroponic garden center in
Lansing, MI. Following the asset
purchase, the Company will open a new location in Lansing, MI, which will serve as a
retail/commercial operation, as well as a fulfillment center,
supporting the Company's online and direct-to-farm deliveries.
GrowGen CEO Comments:
Darren Lampert, CEO, commented,
"H2O Hydroponics is the largest hydroponic store in Lansing, MI. with 2019 sales of approximately
$4.0 million. We are consolidating
our current West Lansing location,
with H2O, and relocating into a newly built 15,000 square
foot super hydroponic garden center, that we expect will generate
over $7.0 million in sales. With this
acquisition, we continue to increase our footprint and strengthened
our supply chain in the Michigan
market."
Michigan Market:
According to a March 2020 report,
"The Market for and Economic Impact of the Adult-use Recreational
Marijuana Industry in Michigan" by
Michigan State University Product
Center Food-Ag-Bio:
"It is estimated that the level of cannabis retail sales once it
becomes widely available is approximately $3
billion with a total economic impact in excess of
$7.8 billion. Employment in
businesses along the marijuana supply chain is estimated to be
13,500 with a total economic impact on employment in the state of
23,700. Total tax revenue raised is $495.7
million of which $298.6
million is excise taxes and $197.1
million are in the form of sales taxes.
The supply chain for marijuana was also analyzed. It appears that
the supply chain is maturing rapidly, with several well-funded
vertically integrated firms already operating. Both indoor and
outdoor growing operations are in place but over time it appears
that much of the production will take place in dedicated indoor
growing facilities."
In November 2018, Michigan became the 10th state to
legalize cannabis for adults and the first state to do so in the
Midwest. Within a residence, adults may grow up to 12 plants and/or
possess up to 10 ounces. Medical cannabis is permitted. An
individual may register as a medical patient if their doctor
certifies that the individual suffers from one or more of the
qualifying conditions under the state law.
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
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://growgen.pro/
- Instagram: growgen
- Facebook: GrowGenerationCorp
- Twitter: @GrowGenOK
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SOURCE GrowGeneration