GrowGeneration Continues With Acquisitions, Buys Maine-Based Grow Depot

GrowGeneration Corp. GRWG confirmed Monday a second acquisition for 2021.

The company purchased Grow Depot, a two-store chain in Auburn and Augusta, Maine.

The financial details of the deal weren’t released.

In January, GrowGeneration agreed to buy Washington-based Indoor Garden & Lighting, a two-store chain providing indoor gardening gear and hydroponic materials across Seattle and Tacoma. 

With the acquisition of Grow Depot, the Denver-based hydroponics innovator will run a total of five hydroponic garden centers in Maine, and a total of 42 across the US.

GrowGeneration previously announced its plan to own 55 garden centers by the end of the year.

GrowDepot was launched in 2012 by Jim Parisi, who — together with Anthony Parisi — join GrowGeneraion’s team as part of the deal.

The company has a diversified portfolio of indoor growing gear and hydroponic systems.

"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," GrowGeneration CEO Darren Lampert said. "With our expanded footprint, the Maine market is expected to generate 2021 annual revenues of over $20 million for GrowGen."