GrowGeneration Corp., a cannabis cultivation company that owns a chain of hydroponic garden centers, intends to raise an additional $125 million through a secondary stock offering to fuel expansion, according to a filing with the U.S. Securities and Exchange Commission.
Denver-based GrowGeneration on Monday said in a prospectus that it now has 36 stores in 11 states and has targeted seven states for expansion: Illinois, Massachusetts, Missouri, New Jersey, New York, Ohio and Pennsylvania.
GrowGeneration recently acquired the assets of The GrowBiz, one of the largest hydroponic garden centers in the U.S. with stores in California and Oregon.
GrowGeneration generated $131.4 million of revenue for its first nine months of the year ended Sept. 30, more than double revenue of $54.3 million for the same period in 2019.
The company posted a profit $3.8 million for the nine-month period, compared with earnings of $2.3 million for the same period of 2019.
The company trades on Nasdaq as GRWG.