GrowGeneration To Purchase Hydroponic Chain, The GrowBiz

GrowGeneration Corp. GRWG, A large hydroponics retail chain that serves U.S. cannabis companies, agreed to acquire The GrowBiz for an undisclosed price.

The deal is projected to be completed before the end of fiscal 2020.

With GrowBiz, GrowGeneration will own a total of 10 hydroponic garden centers in California and two in Oregon. As far as newly added places, there's Santa Cruz, Rocklin, Cotati, and San Luis Obispo in California, as wells as Portland in Oregon.

The company noted that this addition to its portfolio should help boost annual revenues reaching $50 million.

"We are excited to add The GrowBiz to our portfolio before year end, with its impressive leadership and commercial teams," GrowGen CEO Darren Lampert said in a statement. "We look forward to building on their combined experience and expanding our commercial footprint. The GrowBiz acquisition represents our continued investment in purchasing the 'best of breed' hydroponic operations in the U.S. and strengthening our management team with seasoned veterans from our industry."

GrowBiz is said to be the third biggest chain of hydroponic garden centers in the US.

Ross Haley, GrowBiz CEO, noted that the company’s business moves help break the stigma surrounding cannabis.

“I look forward to moving to an advisory position with GrowGeneration as I continue to build out Lbs. Distribution – a licensed cannabis distribution company in California," he said.

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