GrowGeneration (‘GrowGen’) one of the largest specialty retail hydroponic and organic gardening stores, announced today that it has received $10 million from strategic investors, including a $7.5 million investment from Gotham Green Partners (“GGP”). GGP is a New York-based private equity firm focused on deploying capital into the emerging global cannabis industry. Cannabis investors Merida Capital Partners and Navy Capital also invested $1.5 million and $1.0 million, respectively.
GrowGeneration (‘GrowGen’) owns and operates specialty retail hydroponic and organic gardening stores. Currently, GrowGen has 17 stores, which includes 9 locations in Colorado, 4 in California, 2 in Nevada, 1 in Washington, and 1 in Rhode Island. GrowGen carries and sells thousands of products, including organic nutrients and soils, advanced lighting technology and state of the art hydroponic equipment to be used indoors and outdoors by commercial and home growers. Management estimates that roughly 1,000 hydroponic stores are in operation in the U.S. By 2020 the market is estimated to reach over $23 billion with a compound annual growth rate of 32%.