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April 20, 2021, 8:13 a.m. EDT

GrowGeneration shares up 2.9% premarket after it backs 2021 revenue guidance

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By Ciara Linnane

GrowGeneration Corp.'s shares /zigman2/quotes/207254713/composite GRWG -1.72% rose 2.9% premarket Tuesday, after the company reiterated guidance for 2021 of revenue of $415 to $430 million. The Denver, Colo.-based company made the move as it announced the acquisition of Downriver Hydroponics, a Michigan-based indoor garden supply center in Wayne County. Downriver Hydro was founded in 2011 and is the area's biggest hydroponics store, with annual revenues of almost $10 million. GrowGeneration said its portfolio of hydroponic garden centers now includes 53 stores across 12 states, with seven locations in Michigan. "Michigan's cannabis market is expected to generate $3 billion in revenue over the next three years, making it an ideal place for further investment and expansion," said Darren Lampert, GrowGen's CEO, in a statement. The company is expecting to have 60 garden center locations in 15 states by the end of 2021. Shares have gained 13% in the year to date, while the Cannabis ETF /zigman2/quotes/213173823/composite THCX -4.80% has gained 41% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.73% has gained 10.8%.

/zigman2/quotes/207254713/composite
US : U.S.: Nasdaq
$ 42.33
-0.74 -1.72%
Volume: 1.09M
May 10, 2021 3:07p
P/E Ratio
427.41
Dividend Yield
N/A
Market Cap
$2.52 billion
Rev. per Employee
$475,099
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/zigman2/quotes/213173823/composite
US : U.S.: NYSE Arca
$ 16.85
-0.85 -4.80%
Volume: 95,672
May 10, 2021 3:03p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,201.79
-30.81 -0.73%
Volume: 1.55B
May 10, 2021 3:08p
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