Denver, Colo., October 12, 2020 /PRNewswire/ — PRESS RELEASE — GrowGeneration Corp., a chain of specialty hydroponic and organic garden centers, has announced its acquisition of Hydroponics Depot, Phoenix’s largest indoor and outdoor garden center. With the addition of Hydroponics Depot, GrowGen’s portfolio of hydroponic garden centers now includes 29 stores across 11 states.
GrowGen’s entry into the Arizona market – one of the largest medical cannabis markets in the country – comes as voters consider Prop. 207, which would legalize limited possession, cultivation and use of marijuana for adults ages 21 years or older. If approved, it’s estimated Arizona could become “close to a $2 billion market” with both recreational and medical marijuana.
“We’re excited to add Hydroponics Depot to our growing portfolio, with year-to-date sales in excess of $5 million and year-over-year growth at 50 percent,” said Tony Sullivan, GrowGen’s COO. “Importantly, it represents our first retail operation in Arizona, a key market in GrowGen’s growth plan. We see tremendous potential from both a medical and recreational standpoint.”
Arizona Market and Projections:
- Arizona is one of the largest medical cannabis markets in the country, with projected 2020 sales of $770 million to $910 million, according to the new Marijuana Business Factbook.
- Retail sales of medical marijuana products in the state rose nearly 20% from January to May, according to the Arizona Department of Health Services.
- If Prop. 207 is approved, Arizona could become close to a $2 billion market with both recreational and medical cannabis.
- Marijuana Business Daily projects recreational sales in the first year could total $375 million to $400 million and reach $700 million to $760 million by 2024.
For more information about GrowGeneration, or to locate its stores, please visit www.growgeneration.com.