Cannabis grow-equipment company GrowGeneration raises $9 million

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GrowGeneration, a multistate operator of retail hydroponic and organic gardening stores serving marijuana growers, said it raised $9 million through the offering of convertible notes.

The Denver company said in a news release filed with the Securities and Exchange Commission that it plans to use the proceeds to expands its operations.

CEO Darren Lampert said the company plans to close on several acquisitions during the first half of 2018 and that GrowGeneration’s sales this year are forecast to exceed $30 million following the latest funding deal.

“The company’s acquisition targets include hydroponic and cultivation supply operations in the New England and California markets and proprietary products for commercial growers,” he said in the news release.

GrowGeneration operates stores in Colorado, California, Nevada and Washington state.

Median Capital Partners, based in Albany, New York, led the offering of convertible notes and increased its investment stake in GrowGeneration by $2 million.