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GrowGeneration Corp. (NASDAQ: GRWG) announced its acquisition of St. Louis Hydroponic Company, entering the St. Louis market as adult-use sales are set to begin following recent voter approval. This strategic move enhances GrowGen's retail footprint, positioning the company in an expanding market with over 200,000 medical patients and new home cultivation licenses. With 59 stores across 15 states, GrowGen aims to leverage the St. Louis Hydroponic team's 40 years of combined experience to capture market share and drive growth in Missouri.
Positive
Strategic entry into St. Louis market, poised for growth with 200,000 medical patients.
Acquisition expected to capitalize on adult-use market expansion following voter approval.
Enhanced retail footprint with 59 stores across 15 states.
Negative
None.
DENVER--(BUSINESS WIRE)--
GrowGeneration Corp. (NASDAQ: GRWG) (“GrowGen” or “the Company”), the largest chain of specialty hydroponic and organic garden centers in the United States, today announced the acquisition of St. Louis Hydroponic Company, one of the leading hydroponic retail stores in St. Louis, Missouri.
This store acquisition furthers the Company’s strategic retail footprint and represents entry into an important and growing market, where voters approved adult-use ballot measures on Tuesday. The store officially began operating under the GrowGeneration name on Monday November 7, 2022. Currently, with over 200,000 medical patients, and the addition of 144 new micro licenses and home growing, the Missouri market is poised for growth.
“We are incredibly excited to establish a retail presence in Missouri just in time to help build out the adult-use market, and we couldn’t have found a better partner to do it with than the St. Louis Hydroponic team,” said Darren Lampert, Co-Founder and Chief Executive Officer of GrowGen. Mr. Lampert continued, “Especially now, following voters’ resounding approval of adult-use sales, we expect tremendous success in St. Louis and the broader Missouri market by continuing to build upon the relationships and expertise of more than 40 combined years of industry experience among the St. Louis Hydroponic Company team.”
Corey Christanell, Co-Owner of St. Louis Hydroponic Company, said, “The timing for this partnership couldn’t have been better with the positive results at the polls yesterday.” John Curtis, Co-Owner of St. Louis Hydroponic Company, continued, saying “Our business has always been about our people, both customers and employees. The GrowGen team clearly shares those same values, and Corey and I are excited to partner with GrowGen to continue to deliver excellent products and service to our customers.”
About GrowGeneration Corp.
GrowGen owns and operates specialty retail hydroponic and organic gardening centers. Currently, GrowGen has 59 stores across 15 states, which include 22 locations in California, 6 locations in Colorado, 6 locations in Michigan, 5 locations in Maine, 5 locations in Oklahoma, 4 locations in Oregon, 3 locations in Washington, 1 location in Arizona, 1 location in Florida, 1 location in Massachusetts, 1 location in Mississippi, 1 location in Missouri, 1 location in New Mexico, 1 location in Rhode Island, and 1 location in Virginia. 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.
