GrowGeneration Corp. Acquires Florida-based Healthy Harvest – Yahoo Finance

Adds 10th state and $12.0 million in Revenue  

DENVER, Feb. 26, 2020 /PRNewswire/ – GrowGeneration Corp. (NASDAQ: GRWG), (“GrowGen” or the “Company”) the largest chain of specialty retail hydroponic and organic garden centers, with currently 26 locations, is pleased to announce that the company has purchased the assets of  Healthy Harvest. Healthy Harvest has been in business since 2011 and is the largest hydroponic operation in the Southeast region. With over 15,000 sq. ft. of warehouse and retail space, Healthy Harvest  is servicing growers in Florida, Puerto Rico, Caribbean and South America. Healthy Harvest’s owners will be staying on as Director of Southeast Region and Director of Latin American Markets.

GrowGeneration Corp (CNW Group/GrowGeneration)More

CEO Comments:

“The Healthy Harvest acquisition is our 1st in 2020, adding an accretive $12.0 Million in revenue to our Company. Healthy Harvest is the largest hydroponic operation in the Southeast, which strengthens our position in this region and opens the Puerto Rico, Caribbean, and South American markets. Florida is our 10th  state and this acquisition positions us well to service the growing number of cultivators in Florida.The management team has been servicing growers of all sizes for almost 10 years and has built a tremendous hydroponic operation in South Florida.” – Darren Lampert, CEO.

Florida Market:

  • Florida’s medical cannabis market is growing rapidly, with patients up 165% year-over-year and cannabis volume up 128% year-over-year.
  • Florida is a limited license market and virtually every major multi-state cannabis company operates or plans to operate in Florida with 22 licensed companies. Each company is limited to a single license. Each license allows companies to both cultivate cannabis and to open medical cannabis dispensaries.
  • Patient counts are rising to over 280,000.
  • Medical cannabis patients in Florida have embraced the addition of smokable products to their purchasing options, with more than 22,000 pounds

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