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GrowGeneration Acquires Oregon-Based GrowWorld

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GrowGeneration Acquires Oregon-Based GrowWorld

Hydroponic equipment supplier GrowGeneration Corp. (NASDAQ: GRWG) said Wednesday it has acquired all the assets of GrowWorld, an Oregon-based hydroponics retail store.

No terms of the agreement were disclosed. 

GrowWorld runs the largest retail and warehouse garden center in Oregon, at 15,000 square feet, according to the announcement. It has had the highest sales volume in Portland since 2015 and the is the highest-grossing store of its kind in Oregon's history, GrowGeneration said.

See Also: GrowGeneration Reports $1.8M Year-Over-Year Increase In Net Income

"The GrowWorld acquisition is our eighth in 2019, adding an accretive $5 million in revenue to our company,” GrowGeneration CEO Darren Lampert said in a statement.

“GrowWorld is one of the largest hydroponic stores in Oregon and strengthens our position in the Pacific Northwest region, that currently includes our Seattle location. With over 700 commercial cultivation licenses and a strong medical caregiver program, we feel we can capture a large market share of the Oregon hydroponic supply market."

GrowGeneration also provided some projections for the state's cannabis market in 2020. 

In addition, wanting to emphasize the potential of the Oregon cannabis market,  GrowGeneration provided some projections for the state in 2020,

Combined adult and medical use sales in Oregon are projected to hit $1.04 billion in 2020, the company said, citing New Frontier Data. 

GrowGeneration shares were trading 1.16% higher at $4.36 at the time of publication. 

Posted-In: GrowWorldCannabis M&A News Markets

 

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