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GrowGeneration Boosts 2021 Revenue Outlook to $415-430 Million
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GrowGen Enters Massachusetts With 7th Acquisition In 2021
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, 55 Hydroponics.
The news comes on the heels of GrowGen’s acquisition of
Char Coir, a professional grade growing medium made from 100% coconut fiber.
Santa Ana, California-based 55 Hydroponics was founded in 2010. It touts annual revenues of about $10 million.
With the newest purchase, GrowGen owns and operates 18 stores in the Golden State and a total of 53 locations across the U.S. It is approaching its goal of having 55 garden centers by the end of the year. Southern California continues to be a vital market for GrowGeneration, and we re thrilled to add 55 Hydroponics to our growing number of locations in the region, GrowGen CEO Darren Lampert stated. As the dominant hydroponics retailer in Orange County, 55 Hydroponics boasts a devoted customer base, unmatched cultivation expertise, and a vast inventory of top-notch supplies, all of which will help GrowGen better serve Southern California s growers.
(NASDAQ:GRWG) agreed to acquire
Char Coir, a professional grade growing medium made from 100% coconut fiber, for an undisclosed price.
Char Coir’s products are labeled as 100% biodegradable and compostable, providing a more durable solution compared to rockwool.
GrowGen noted that these products should contribute to the company’s revenue in 2021 with more than $15 million. Private label offerings continue to be a focus for GrowGeneration and our future growth as a company, and bringing an innovative product company like Char Coir into our portfolio is a positive step forward for those plans, GrowGeneration CEO Darren Lampert told Benzinga. As cannabis cultivators focus more on sustainability and environmental impact, we believe Char Coir s 100% biodegradable growing medium will be positioned to drive incredible growth for GrowGen.
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