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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 +12.38% 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 +4.02% has gained 41% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.49% has gained 10.8%.

US : U.S.: Nasdaq
$ 39.93
+4.40 +12.38%
Volume: 2.62M
May 14, 2021 4:00p
P/E Ratio
Dividend Yield
Market Cap
$2.35 billion
Rev. per Employee
US : U.S.: NYSE Arca
$ 15.77
+0.61 +4.02%
Volume: 114,617
May 14, 2021 4:00p
+61.35 +1.49%
Volume: 1.91B
May 14, 2021 5:02p

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