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GrowGeneration Corp (NASDAQ: GRWG) is a huge chain of specialty organic and hydroponic garden facilities that recently announced it would acquire Washington-based Hoagtech Hydroponics. Haogtech is one of the top hydroponic indoor and equipment gardening retail stores in the Washington area. This acquisition by GrowGeneration means that the company now has a total of 59 hydroponic garden centers all across the United States.
GrowGeneration’s Chief Executive Officer, Darren Lambert, said that they were excited about their acquisition of Hoagtech, which consists of a talented team of professionals and a robust customer base. The CEO continued to say how this transaction would help the company get a larger share of the Pacific Northwest market and put them closer to some of the biggest commercial operators in the state. Furthermore, Bellingham, where Hoagtech is based, is close to two major cities in the Pacific Northwest; Seattle, WA, and Vancouver, British Columbia. The CEO claimed that they expect to generate annual revenues of roughly $15 million from the Washington market because of this acquisition.
GrowGeneration intends to use the 25,000 square-foot premises Hoagtech has in Bellingham. As part of the agreement, Dan Hoag, founder of Hoagtech Hydroponics, and his team of cultivation professionals will join GrowGen. Hoagtech Hydroponics is the 13th company GrowGeneration has acquired in 2021, a transaction that follows yet another record-breaking fiscal quarter. Just recently, GrowGen managed to raise its full-year revenue guidance of 2021 to approximately $460 million.
The 59 stores that GrowGeneration owns include twenty-one locations in California, eight locations in Colorado, seven locations in Michigan, five locations in Maine, five locations in Oklahoma, four locations on Oregon, three locations in Washington, two locations in Nevada and one location each in Arizona, Rhode Island, Florida and Massachusetts.
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