GrowGeneration Announces New Store in Traverse City, Michigan

Rhea-AI Summary

GrowGeneration Corp. (NASDAQ: GRWG) announced the acquisition of inventory and equipment from The Grow Store, a long-established hydroponic retailer in Traverse City, Michigan, enhancing its market presence in northern Michigan. This strategic move aims to better serve the local grower community, supporting GrowGen's commitment to high-quality products and extensive customer service. With 60 stores across 16 states, GrowGen continues to expand its footprint in the hydroponics market, reinforcing its position as a leading specialty retailer in the sector.

Positive

• Acquisition of The Grow Store strengthens GrowGen's presence in northern Michigan.
• Supports GrowGen's commitment to high-quality products and customer service.
• GrowGen now operates 60 stores across 16 states, indicating strong growth potential.

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 The Grow Store, a family owned and operated business located in Traverse City, Michigan, with roots dating back to 1997 as one of the first hydroponics and indoor garden centers in the country. As a part of the transaction, GrowGen also took over the existing store location at 90 N. US-31 S., Traverse City, MI.

Darren Lampert, Co-Founder and Chief Executive Officer of GrowGen said, “We are excited to expand our retail footprint to northern Michigan to more efficiently and effectively service the many growers in that area. The Grow Store has had incredible success and we are excited to continue its legacy in the Traverse City market.”

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 60 stores across 16 states, which include 21 locations in California, 7 locations in Michigan, 6 locations in Colorado, 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 Jersey, 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230117005482/en/

Investor

ICR, Inc.

GrowGenIR@icrinc.com

Source: GrowGeneration Corp.

FAQ

What recent acquisition did GrowGeneration Corp. announce?

GrowGeneration Corp. announced the acquisition of inventory and equipment from The Grow Store in Traverse City, Michigan.

How many stores does GrowGeneration Corp. operate after the acquisition?

After the acquisition, GrowGeneration Corp. operates 60 stores across 16 states.

What is the significance of GrowGeneration Corp.'s acquisition of The Grow Store?

The acquisition enhances GrowGeneration's market presence in northern Michigan and supports its commitment to high-quality products and customer service.

What is the stock symbol for GrowGeneration Corp.?

The stock symbol for GrowGeneration Corp. is GRWG.