GrowGen Shares Up On New Acquisition In Missouri Post Cannabis Legalization

GrowGeneration Corp. GRWG acquired St. Louis Hydroponic Company, a hydroponic retail store in St. Louis, Missouri.

This store acquisition furthers the company’s strategic retail footprint and represents entry into an important and growing market, where voters approved adult-use ballot measures on Tuesday. The store officially began operating under the GrowGeneration name on November 7, 2022. Currently, with over 200,000 medical patients, and the addition of 144 new micro licenses and home growing, the Missouri market is poised for growth.

“We are incredibly excited to establish a retail presence in Missouri just in time to help build out the adult-use market, and we couldn’t have found a better partner to do it with than the St. Louis Hydroponic team,” stated Darren Lampert, co-founder and CEO of GrowGen. Lampert continued, “Especially now, following voters’ resounding approval of adult-use sales, we expect tremendous success in St. Louis and the broader Missouri market by continuing to build upon the relationships and expertise of more than 40 combined years of industry experience among the St. Louis Hydroponic Company team.”

Corey Christanell, co-owner of St. Louis Hydroponic Company, stated, “The timing for this partnership couldn’t have been better with the positive results at the polls yesterday.” John Curtis, Co-Owner of St. Louis Hydroponic Company, continued, saying “Our business has always been about our people, both customers and employees. The GrowGen team clearly shares those same values, and Corey and I are excited to partner with GrowGen to continue to deliver excellent products and service to our customers.”

Price Action

GrowGeneration shares were trading 14.03% higher at $5.84 per share at the time of writing Thursday morning.

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