GrowGeneration Partners with Bridgetown Mushrooms to Begin Selling Mycology Supplies
Breaking into Burgeoning Mushroom Farming Industry in the United States
DENVER & PORTLAND, Ore.--(BUSINESS WIRE)-- GrowGeneration Corp. (NASDAQ: GRWG) (“GrowGen” or the “Company”) and GrowLife, Inc. (OTCQB: PHOT), today announced a multi-year partnership focused on the development and sale of mycology supplies, placing both companies among the early movers in the rapidly expanding mushroom farming industry.
The partnership will initially focus in the Pacific Northwest and other Western states, with the goal of quickly increasing capacity and expanding nationwide, leveraging GrowGeneration’s seasoned commercial sales team, as well as its more than 60 retail stores across the United States. With demand for mycology supplies on the rise, the partnership with Bridgetown is an excellent opportunity to drive significant revenue growth and market share for both companies.
The global mushroom market is expected to surpass $115 billion by 2030, according to GrandView Research. This demand has now come to the United States, creating a major opportunity for U.S.-based mushroom companies. In the United States, consumers have become aware of the health benefits offered by gourmet, functional and active mushrooms. Bridgetown is currently expanding all three of its core divisions (fresh gourmet, functional products and mycology supplies) to meet the demand.
Under the terms of this partnership, GrowGeneration will be the exclusive distributor of Bridgetown’s suite of industry-leading mycology products, including Bridgetown’s proprietary mix of commercial substrates, soils and nutrients, developed over the past 10 years. This partnership is a game-changer for the mushroom farming industry, providing mushroom farmers with the ideal medium to optimize mushroom production.
Michael Salaman, Co-Founder and President of GrowGeneration, stated, “GrowGen has recently seen an increase in demand for mycology supplies at our stores around the country and we feel this is the right time to take advantage of this opportunity. With a strong, seasoned team and industry-leading proprietary products, we feel Bridgetown is the best choice to serve our loyal customer base. Our partnership with Bridgetown enables us to provide a complete line of mycology products to our customers who want to grow mushrooms for both commercial and personal use. We see mycology as a growth category that GrowGen is uniquely positioned to take advantage of on a national scale, and we are excited to partner with Bridgetown to make this vision a reality.”
Dave Dohrmann, Chief Executive Officer of GrowLife, commented, “We have had the pleasure of working with the GrowGeneration team over the past year, and we are excited to announce this partnership. With their support, we can accelerate the growth of our mycology supply division and better serve mushroom growers across the United States. Our current customers have been delighted with the results of our products, and we are thrilled to expand our footprint and enhance our ability to serve farms seeking high-quality mycology supplies.”
About GrowGeneration Corp:
GrowGen owns and operates specialty retail hydroponic and organic gardening centers. Currently, GrowGen has 61 stores across 17 states. GrowGen also operates an online superstore for cultivators at growgeneration.com. 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.
About GrowLife, Inc:
Founded in 2012, GrowLife, Inc. is a holding company focused on investing and operating businesses in the burgeoning mushroom industry. Its website is https://growlifeinc.com/.
GrowLife acquired Bridgetown Mushrooms in January 2023 and today serves as its parent company. Founded in 2018 in Portland, Oregon, Bridgetown Mushrooms is currently one of the preeminent producers of gourmet mushrooms, functional mushroom products and mycology supplies in the Pacific Northwest.
For more information, please visit: https://bridgetown-mushrooms.com or on Instagram @BTSHROOMS
This press release may include predictions, estimates or other information that might be considered forward-looking within the meaning of applicable securities laws. While these forward-looking statements represent current judgments, they are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forward-looking statements, which reflect opinions only as of the date of this release. Please keep in mind that neither company has an obligation to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. When used herein, words such as “look forward,” “expect,” “believe,” “continue,” “building,” or variations of such words and similar expressions are intended to identify forward-looking statements. Factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are often discussed in filings made with the United States Securities and Exchange Commission, available at: www.sec.gov, and on the investor relations page of each company’s respective website.
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Source: GrowGeneration Corp.
Released May 16, 2023