GrowGeneration Corp. (GRWG) Purchases All Assets of GrowWorld

GrowGeneration Corp. (NASDAQ: GRWG) the largest hydroponic solution provider, with a chain of 25 specialty retail hydroponic and organic garden centers, is pleased to announce that the company has purchased the assets of GrowWorld, located in Portland, OR. GrowWorld started in 2011 and operates out of a 15,000 sq. ft. retail and warehouse garden center, which is the largest in Oregon by square footage. GrowWorld has been the biggest hydroponics retail store with the highest sales volume in Portland, OR since 2015, as well as the highest grossing/highest revenue store in Oregon's history.

GrowGen CEO Comments:

"The GrowWorld acquisition is our 8th in 2019, adding an accretive $5.0 Million in revenue to our Company. GrowWorld is one of the largest hydroponic stores in Oregon and strengthens our position in the Pacific Northwest region, that currently includes our Seattle location. With over 700 commercial cultivation licenses and a strong medical caregiver program, we feel we can capture a large market share of the Oregon hydroponic supply market."

Oregon Market:

Oregonians will spend more than $1 billion on cannabis products in 2020, according to a new forecast. New Frontier Data projects $1.04 billion in combined adult use and medical sales in 2020. That will rank the state fifth behind California ($3.1 billion), Washington ($2.28 billion), Colorado ($1.83 billion) and Massachusetts ($1.05 billion). In addition, there are more than 63,000 acres of hemp registered statewide.

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