Business
GrowGeneration Corp. Acquires Concord, CA Based Emerald City Garden
Adds 28th Store, Expands Northern CA Footprint DENVER, Aug. 11, 2020 /PRNewswire/ - GrowGeneration Corp. (NASDAQ: GRWG), ("GrowGen" or the "Company") the
About this update from Growgeneration Corp.
[{"type":"text","content":"Adds 28th Store, Expands Northern CA Footprint \n DENVER, Aug. 11, 2020 /PRNewswire/ - GrowGeneration Corp. (NASDAQ: GRWG), (\"GrowGen\" or the \"Company\") the largest chain of specialty hydroponic and organic garden centers, with currently 27 locations, is pleased to announce that the company has purchased the assets of Emerald City Garden located in Concord, CA. Concord is located in the \" green zone\". With the acquisition of Emerald City Garden, GrowGen opens up the East Bay region. Emerald City Garden has been in business since 2012 and is one of the largest hydroponic operations in the region, with 2020 sales estimated to be approximately $4.0 million. \nCEO Comments:\nDarren Lampert, GrowGeneration CEO stated, \"The Emerald City Garden acquisition is our 3rd in 2020,adding a strong team and customer base to our portfolio of hydroponic garden centers. Emerald City Garden, located approximately an hour outside of Oakland and San Francisco, strategically positions GrowGen to capture commercial growers and increase revenue through its sales, marketing and purchasing post our acquisition.\" \nCalifornia Market and Projections:\nIn 2019, legal sales of adult-use cannabis in California topped $2.8 billion. By 2022, the legal adult-use cannabis market in California is projected to jump to $5 billion – boosted significantly by California's recreational cannabis market. The California cannabis industry's total economic impact could be nearly $10 billion. As of January 2020, California has issued over 10,000 commercial cannabis licenses. There are 7,551 active licenses, including 4,220 cultivators, 987 manufactures and 910 retailers, delivery services, 944 distributors, 243 microbusinesses, 129 transporters, 86 event organizers and 32 testing laboratories.\nSource: https://newfrontierdata.com/cannabis-insights/california-cannabis-sales-gather-momentum/ https://cannabusinessplans.com/california-cannabis-market/\nAbout GrowGeneration Corp.:\nGrowGen owns and operates specialty retail hydroponic and organic gardening stores. Currently, GrowGen has 28 stores, which include 5 locations in Colorado, 6 locations in California, 2 locations in Nevada, 1 location in Washington, 4 locations in Michigan, 1 location in Rhode Island, 4 locations in Oklahoma, 1 location in Oregon, 3 locations in Maine and 1 location in Florida. GrowGen also oper...