GrowGeneration raises $10 million to bankroll cannabis-related acquisitions

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GrowGeneration, a multistate operator of retail hydroponic and organic gardening stores serving marijuana growers, said it raised $10 million that it will use to purchase more businesses.

The Denver company said in a news release it has more than $17 million in cash on its balance sheet and that it plans to “execute on multiple acquisitions, with several planned to close in the second and third quarters of 2018.”

The funding comes after the company raised $9 million in January through an offering of convertible notes.

In the latest raise, Gotham Green Partners – a New York-based private equity firm focused on the emerging global cannabis industry – kicked in $7.5 million.

Median Capital Partners, a hedge fund manager in Albany, New York, invested $1.5 million. And Navy Capital, a cannabis-focused investment firm in New York City, contributed $1 million.