NEWS BRIEF

Marijuana grow firm projects $50M revenue increase through acquisition

GrowGeneration Corp., a Denver-based marijuana cultivation company that owns a chain of specialty hydroponic and organic garden centers, signed an agreement to purchase The GrowBiz, a group of hydroponic garden centers with five stores in California and Oregon.

Terms were not disclosed, but GrowGeneration estimates a $50 million increase in revenue from the deal, according to a news release.

GrowGeneration expects the deal to close “before fiscal year-end 2020.”

The acquisition will bring the total number of GrowGeneration hydroponic garden centers in California to 10 and in Oregon to two.

“We look forward to building on their combined experience and expanding our commercial footprint,” said Darren Lampert, GrowGeneration’s CEO.

“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.”

Before founding The GrowBiz, Ross Haley served as CEO of Hawthorne Gardening Co., a division of Ohio-based Scotts Miracle-Gro, and General Hydroponics.

If the deal goes through, Haley will become a senior strategic adviser for GrowGeneration.

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