GrowGeneration.com, November 2, 2020
GrowGeneration, the nation's largest chain of specialty hydroponic and organic garden centers, announced the signing of an asset purchase agreement to acquire The GrowBiz, the nation's third-largest chain of hydroponic garden centers, with five stores across California and Oregon. The transaction is expected to close before fiscal year-end 2020.
California accounts for 20% of the nation's legal cannabis sales and by 2022, the state's cannabis market is projected to hit $5B.
Oregon could achieve $1B in recreational and medical cannabis sales in 2020.
The addition of The GrowBiz is expected to generate annual revenues approaching $50M. The acquisition will bring the total number of GrowGen hydroponic garden centers in California to ten and Oregon to two. The new GrowGen locations include Rocklin, Cotati, Santa Cruz and San Luis Obispo, California, and Portland, Oregon.
Read the full release here.