GrowGeneration Buys Maine’s Grow Depot

GrowGeneration

GrowGeneration has struck yet another deal.

The Denver-based company announced Monday plans to expand in Maine via the acquisition of two “Grow Depot” stores located in Auburn and Augusta.

The purchase, GrowGeneration’s second of 2021, brings its total footprint to five locations in Maine and 42 throughout the U.S.

Specific financial details were not disclosed.

In a news release, GrowGeneration CEO Darren Lampert said the company expects to generate more than $20 million in revenue from its Maine operations this year. The company already operates retail stores in Biddeford, Brewer, and York, Maine.

"It's a very exciting time in Maine's adult-use market, and we're pleased to expand our footprint in the state through our acquisition of Grow Depot, which has proudly served the Central Maine area for nearly a decade," he said.

Grow Depot was founded in 2012 by Jim Parisi. The company sells a variety of indoor growing and hydroponic products, including organic nutrients, grow lights and lighting accessories, plant care products, and tools, among other items.

The acquisition of Grow Depot comes less than a week after GrowGeneration bought a two-store chain in Washington called “Indoor Garden & Lighting.”

As part of that deal, GrowGeneration said it would shutter an existing retail store in Seattle and consolidate operations with Garden & Lighting’s Mountlake Terrace location.

In early January, GrowGeneration shared preliminary 2020 results, which included 140% revenue growth to $192 million.

2021 revenue is expected to reach as much as $350 million, the company said.

Including acquired properties, GrowGeneration opened 14 stores in 2020. The company has plans to operate as many as 55 stores before the end of 2021.


© 2020 THCNET®. All rights reserved.