Benzinga | Sep 15, 2021 10:39AM EDT

GrowGeneration Expands California Footprint With Opening Of Two Hydroponic Garden Centers

Hydroponics innovator GrowGeneration Corp. (NASDAQ:GRWG) is opening two new hydroponic garden centers in Los Angeles County, California.

The two new centers, poised to open on Friday, September 24, are the company's 11th and 12th locations in Southern California.

The grand opening ceremony of its 70,000 square foot center located near the Long Beach Ports will take place at 19516 South Susana Road in Rancho Dominguez.

On Saturday, the company will celebrate the opening of its downtown 52,000-square foot Los Angeles location at 1651 Naomi Street.

The company said Wednesday that these two stores position it to sell to the highest concentration of commercial indoor cannabis growers in California.

Last month, GrowGen purchased Commercial Grow Supply, a hydroponic superstore located in Santa Clarita, California, with annual revenues heading toward $10 million.

Hoagtech Hydroponics, a leading hydroponic equipment and indoor gardening store that serves the Bellingham, Washington area, was also bought by GrowGen in August. It was its 13th acquisition this year.

In addition, the company raised its full-year 2021 revenue guidance to $455 million -- $475 million, as it expects to have over 70 garden center locations by the end of 2021.

Price Action

GrowGen's shares traded 3.17% higher at $26.65 at the time of writing, Wednesday morning.

Photo: Courtesy of GrowGeneration Corp.