GrowGeneration Acquires Store in Jackson, Michigan

Rhea-AI Summary

GrowGeneration Corp. (NASDAQ: GRWG) has announced the acquisition of inventory and equipment from Mighty Grow, a Michigan-based gardening business serving the local community for over a decade. This strategic transaction marks GrowGen's eighth retail location in Michigan, enhancing its footprint in the state. CEO Darren Lampert expressed enthusiasm about expanding their ability to serve both commercial and home-grow customers, while maintaining their commitment to quality products and knowledgeable service. GrowGen, known for its specialty hydroponic and organic gardening centers, currently operates 61 stores across 17 states and also features an online superstore.

Positive

• Acquisition of Mighty Grow strengthens GrowGen's presence in Michigan with its eighth location.
• Enhances product selection and customer service capabilities for commercial and home-grow customers.

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 inventory and equipment from Mighty Grow, a family owned and operated business located in Jackson, Michigan serving the gardening community for over 10 years. As a part of the transaction, GrowGen also took over the existing store location at 2418 W. Michigan Ave. Jackson, MI.

Darren Lampert, Co-Founder and Chief Executive Officer of GrowGen, said, “We are excited to expand our retail footprint in Michigan with this strategic transaction which represents our eighth location in the state. Mighty Grow has successfully served the broader Jackson growing market for over 10 years through focusing on customer service and offering high quality supplies to its customers. We look forward to continuing this location’s strong legacy and providing the same caliber of service and product offerings to the local and surrounding growing markets.”

Mr. Lampert continued, “GrowGen remains committed to providing high-quality products and having the largest product selection, best service, and most knowledgeable grow professionals in the industry. This transaction supports those commitments and enhances our overall portfolio of stores to best serve both our commercial and home-grow customers.”

About GrowGeneration Corp.

GrowGen owns and operates specialty retail hydroponic and organic gardening centers. Currently, GrowGen has 61 stores across 17 states. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230418005424/en/

Investors

ICR, Inc.

GrowGenIR@icrinc.com

Source: GrowGeneration Corp.

FAQ

What does GrowGeneration Corp. (GRWG) do?

GrowGeneration Corp. operates hydroponic and organic gardening centers, providing various products for commercial and home growers.

What is the significance of the recent acquisition by GrowGeneration?

The acquisition of Mighty Grow enhances GrowGen's retail footprint in Michigan, allowing for better service and product offerings in the region.

How many locations does GrowGeneration have after the acquisition?

With the acquisition of Mighty Grow, GrowGeneration now has eight locations in Michigan and a total of 61 stores across 17 states.

What is the location of the newly acquired store?

The newly acquired store from Mighty Grow is located at 2418 W. Michigan Ave., Jackson, MI.