GrowGen acquires Hydroponics Depot in Phoenix, Arizona
GrowGeneration (GrowGen), a US-based chain of specialty hydroponic and organic garden centers, has acquired Hydroponics Depot, an indoor and outdoor garden center in Phoenix.
Following the addition of Hydroponics Depot, the portfolio of GrowGen’s hydroponic garden centers has gone up to 29 stores in 11 states.
GrowGen said that its foray into the Arizona market comes as voters consider Prop 207, which would legalize limited possession, cultivation, and use of marijuana for people aged 21 years or older. If approved, Arizona’s cannabis market is estimated to grow from more than $700 million market in 2020 into a $2 billion market, including recreational as well as medical marijuana.
Tony Sullivan – GrowGen COO said: “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.
“Importantly, it represents our 11th state and 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.”