Welcome to our dedicated page for Growgeneration news (Ticker: GRWG), a resource for investors and traders seeking the latest updates and insights on Growgeneration stock.
GrowGeneration Corp. reports news on its specialty products business for controlled environment agriculture, commercial cultivation and retail garden centers. The company sells nutrients, additives, growing media, lighting, environmental control systems, benching and racking through retail stores, an online superstore, wholesale distribution and commercial sales.
Recurring updates cover quarterly and annual financial results, proprietary brand penetration, retail and distribution activity, and product introductions under brands such as Char Coir, Drip Hydro, Power Si, Ion lights, The Harvest Company and Viagrow. Company news also includes industry conference participation, commercial cultivation education, and developments in its MMI Storage Solutions benching, racking and storage operations.
GrowGeneration Corp. Expands Presence in Northern California
On August 11, 2020, GrowGeneration (NASDAQ: GRWG) announced the acquisition of Emerald City Garden in Concord, CA, marking its 28th retail location. This acquisition, valued at approximately $4 million in estimated annual sales, enhances GrowGen's footprint in the East Bay region. CEO Darren Lampert emphasized this move strengthens their market position and potential revenue growth, especially given California's thriving cannabis market, projected to reach $5 billion by 2022.
GrowGeneration Corp. (NASDAQ: GRWG), the largest specialty retail chain for hydroponic and organic gardening, announced a conference call to discuss their Q2 2020 earnings on August 13, 2020, at 9:00 AM ET. With 27 locations across the U.S., GrowGen aims to capture a significant share of the estimated $16 billion global hydroponics market by 2025. The call will feature CEO Darren Lampert and other key executives who will answer questions from participants.
GrowGeneration Corp (NASDAQ: GRWG) announced a public offering of 7,500,000 shares of common stock at $5.60 per share, raising approximately $42.0 million in gross proceeds. This offering size was increased from a previous $35.0 million. The funds will primarily be used to expand its hydroponic garden center network through acquisitions and organic growth. The company expects to close the offering by July 2, 2020. Oppenheimer & Co. Inc. is the book-running manager for the offering, with additional support from co-managers.
On June 17, 2020, GrowGeneration Corp. (NASDAQ: GRWG) announced the acquisition of H2O Hydroponics, LLC, the largest hydroponic garden center in Lansing, MI. This purchase, consolidating GrowGeneration's current West Lansing location, will enable the opening of a new 15,000 square foot facility projected to generate over $7 million in sales. H2O reported 2019 sales of approximately $4 million. This strategic move enhances GrowGeneration's footprint and supply chain in Michigan, a state with a booming cannabis market projected to generate $3 billion in retail sales.