GrowGeneration Purchases Assets of Groco Supply
Company Projects to Add $1.0M in New Commercial Business in Washington
Denver,CO., Feb. 14, 2018 (GLOBE NEWSWIRE) —
— GrowGeneration Corp. (OTCQB: GRWG), GrowGeneration (“GrowGen” or the “Company”), one of the largest specialty retail hydroponic and organic gardening stores, with currently 17 locations serving both commercial and home growers, today announced that it has purchased certain assets of Groco Supply located in Bellevue, WA. The assets include both inventory and customer accounts equaling up to $1.0M in new business for GrowGeneration Washington.
The purchase of the assets of Groco demonstrates GrowGen’s strategy to consolidate new customers and revenue from hydroponic stores who are looking to align with a national company that has economies of scale. GrowGen is identifying these types of opportunities around the country that are accretive to revenue and income.
Darren Lampert, Co-Founder and CEO
About GrowGeneration Corp.:
GrowGeneration Corp. (“GrowGen”) owns and operates specialty retail hydroponic and organic gardening stores. Currently, GrowGen has 17 stores, which includes 9 locations in Colorado, 4 locations in California, 2 locations in Las Vegas, 1 location in Rhode Island and 1 location in Washington. 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. Our mission is to own and operate GrowGeneration branded stores in all the major legalized cannabis states. 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%.