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GrowGeneration Stock Slightly Down After Announcing Acquisition Of Mendocino Greenhouse And Garden Supply
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Mendocino Greenhouse and Garden Supply
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The financial details of the acquisition weren’t released.
Indoor Garden & Lighting is a two-store chain providing indoor gardening gear and hydroponic materials across Seattle and Tacoma, Washington. It was founded in 1995.
GrowGeneration will merge its existent Seattle operation into the newly-purchased stores, and that it will operate out of Indoor Garden & Lighting s Tacoma warehouse.
Indoor Garden & Lighting founder Mike Long, along with his team of cultivation specialists, will become part of the GrowGeneration team.
This is GrowGeneration’s first acquisition in 2021. The company raised its total number of hydroponic centers across the U.S. to 40 stores.
Earlier in January, GrowGeneration pre-announced revenues of $61.5 million for the fourth quarter, or $192 million for the full 2020, which is by 140% higher than in 2019. What’s more, the company lifted its revenue guidance for 2021 to somewhere between $335 and $350 million, and also lifted its adjusted EBITDA g
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