Hedge Funds ◦ Managed Futures ◦ Crypto Funds ◦ Venture Capital ◦ Private Equity ◦ Real Estate ◦ Cannabis

Alternative Investment Network

Investments For All Market Conditions

Investment Listings ◦ Contact & Company Profiles ◦ News ◦ Member Posts
Crowd Sourced Investment Due Diligence
3d ago Cannabis greenmarketreport Views: 32

GrowGeneration Corp. (NASDAQ: GRWG) is buying San Diego Hydroponics & Organics, a four-store chain of organic, hydroponic and aquaponics garden centers in San Diego, California. The company said that San Diego Hydroponics & Organics is San Diego County’spremier hydroponic equipment supplier, with annual revenues approaching$10 million. GrowGen did not say what it paid for the company. This latest acquisition brings the total number of GrowGen hydroponic garden centers to 50 stores. In California, the country’s largest legal cannabis market, GrowGen now has 17 stores, with eight of those stores located in Southern California. “Southern Californiais a priority market for GrowGeneration, and we are excited to add San Diego Hydroponics & Organics to our ever-expanding footprint there,” saidDarren Lampert, GrowGen’s CEO. “As the leading hydroponics supplier, San Diego Hydroponics & Organics strategically positions GrowGen to conveniently provide our services to commercial growers in theSouthern Californiamarket.” San Diego Hydroponics & Organics was founded in 2001 byTodd Kent. The companyfirst opened its doors with an 800-square-foot store in Pacific Beach, California, and has since expanded to four locations with more than 20,000-square-feet of retail space and 20 employees, who will join GrowGeneration’s team of over 500 grow professionals as part of the transaction. “Since 2001, we’ve remained committed to our goal of supplyingSouthern Californiawith top-quality products, cutting-edge horticultural technology, and unbeatable customer service. Our partnership with GrowGen, the nation’s clear leader in hydroponics, allows us to marry decades of combined cultivation expertise and knowledge to better serve theSouthern Californiamarket,” said San Diego Hydroponics & Organics’ founderTodd Kent. The San Diego Hydroponics & Organics acquisition is GrowGen’s fourth this year and follows yet another quarter of record earnings. In January, GrowGen pre-announced fourth-quarter revenues of $61.5 million, bringing full-year 2020 revenue to$192 million, up 140% from 2019. Same-store sales increased 63% for full-year 2020, compared to the previous year. The Company also raised its 2021 revenue guidance to$335 million–$350 millionand raised its 2021 adjusted EBITDA guidance to$38 million–$40 million. GrowGen plans to have 55 garden center locations by the end of 2021. The four analysts covering GrowGen have an average price target of $56.43 according to Yahoo Finance. The stock was lately trading at $49.50, down from its 52-week high of $67. GrowGen Buys San Diego Hydroponics Bringing Total To 50 Stores on Green Market Report. -

Cannabis Investment Headlines:

Cannabis Investment
Network
Join the AlphaMaven ALTERNATIVE INVESTMENT Network

Exclusively For:

Qualified Investors & Knowledgeable Industry Participants

Cannabis Investment
Network
Join the AlphaMaven ALTERNATIVE INVESTMENT Network

Exclusively For:

Qualified Investors & Knowledgeable Industry Participants

Log In for More
Access Over 250K+ Industry Headlines, Posts and Updates