GrowGeneration Expands In Michigan, Acquires Downriver Hydro
GrowGeneration Corp. (NASDAQ:GRWG) has acquired Michigan-based Downriver Hydroponics.
The deal details weren't disclosed.
The indoor garden supply center in Wayne County was founded in 2011. Its annual revenues amount to roughly $10 million.
The move follows GrowGen's purchase of 55 Hydroponics, a Santa Ana, California-based hydroponic and organic fertilizer store, and Aquarius Hydroponics, which is located in New England.
The acquisition of Downriver Hydro brings the operational footprint of the Denver-based company to 53 stores across 12 states.
"We continue to look for best-in-class hydroponics stores in mature and emerging markets, and Downriver Hydro has a strong customer base, as well as an experienced and knowledgeable staff, led by owner Scott Brownlie." Darren Lampert, the company's CEO, said Tuesday.
GrowGen also disclosed that Brownlie and his team would continue to operate its seventh Michigan-based location as part of the deal.
Brownlie said his team is thrilled to partner up with GrowGen and "leverage our combined resources, expertise, and inventory to meet the state's growing number of cultivators."
The company also oversees hydroponic garden centers in Battle Creek, Grand Rapids, Livonia, Taylor, South Lansing, and West Lansing.
Lampert called Michigan an "ideal place for further investment and expansion."
According to Detroit Metro Times, the legal cannabis market in the Great Lake State could hit $3 billion in and almost 4 million customers within three years.
GrowGen's shares were trading 4.74% lower at $43.19 per share a the time of writing.
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