GrowGeneration Purchases Assets of Groco Supply
Company Projects to Add $1.0M in New Commercial Business in WashingtonDenver,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.
GrowGen CEO Comments
Commenting on GrowGen’s asset purchase of Groco Supply, Darren Lampert, Co-Founder and CEO, said, " 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.”
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%.
Forward Looking Statements:
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 our 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 our opinions only as of the date of this release. Please keep in mind that we are not obligating ourselves 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," "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 we make with the United States Securities and Exchange Commission, available at: www.sec.gov, and on our website, at: www.growgeneration.com.
Michael Salaman GrowGeneration 610-216-0057 firstname.lastname@example.org
Released February 14, 2018