Why GrowGeneration's Stock Is Trading Higher Today

GrowGeneration Corp GRWG is trading higher Tuesday after the company announced it acquired The Harvest Company.

What Happened: On Tuesday, GrowGeneration announced its acquisition of a northern California-based hydroponic supply center serving growers in California's Emerald Triangle called The Harvest Company.

"As the country's largest legal cannabis market, California continues to be a critical market for GrowGeneration. The Emerald Triangle in particular represents tremendous market potential, with over 500 cultivation licenses in Trinity County alone," said Darren Lampert, CEO of GrowGeneration.

Recent Earnings:  On May 12, GrowGeneration reported earnings of 10 cents per share, which beat the estimate of 7 cents per share. It reported quarterly revenue of $90.02 million, which beat the estimate of $87.14 million. The company also raised its full-year 2021 revenue guidance to $450 million to $470 million.

See Also: Analyst Ratings for GrowGeneration

Price Action: GrowGeneration traded as high as $67.75 and as low as $5.88 over a 52-week period. 

At last check Tuesday, the stock was up 7.30% at $39.56