GrowGeneration Purchases All the Assets of Chlorophyll, Inc.
Creates Hydroponic Supply Operations in Excess of $10 Million in Denver, Colorado
DENVER, CO, Jan. 22, 2019 /PRNewswire/ - GrowGeneration Corp. (GRWG) ("GrowGen" or the "Company"), one of the largest chains of specialty hydroponic and organic garden centers, with 20 locations serving both commercial and home growers, today announced that it has purchased all the assets of Chlorophyll, Inc. ("Chlorophyll"). Located in Denver, CO, this super store, with over 20,000 sq. ft. of warehouse and retail space, will be the 6th store in the GrowGeneration portfolio of stores in Colorado.
GrowGen CEO Comments:
"This
transaction marks our 1st acquisition in 2019, adding $8
Million in revenue to our Company. Adding Chlorophyll,
located directly in a strategic location with high visibility in
Denver, CO., adds one of the largest and highest
volume hydroponic stores in the country. Chlorophyll has a seasoned
team, and we are excited that the founders, Beau
Speicher and Lee McCall will continue to
support the company in a sales and business development role."
Chlorophyll CEO Comments:
"We are
excited to be part of the GrowGeneration portfolio of companies. As
the largest hydroponic store in Denver, CO, our
customers will benefit with more product offerings, competitive
pricing and expanded professional services. We were attracted to
GrowGeneration's model and track record of building a national
chain of stores, applying a professional management team, with a
strong financial position."
About
GrowGeneration Corp.:
GrowGen owns and operates
specialty retail hydroponic and organic gardening stores.
Currently, GrowGen has 21 stores, which include 6 locations in
Colorado, 6 locations in California, 1
location in Las Vegas, 1 location in
Washington, 3 locations in Michigan, 1
location in Rhode Island, 2 locations in
Oklahoma, and 1 location in Maine.
GrowGen also operates an online superstore for cultivators, located
at HeavyGardens.com. 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 in the U.S. and Canada.
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.
Connect:
- Website: www.GrowGeneration.com
- Facebook: GrowGenerationCorp
- Twitter: @GrowGenOK
- Instagram: growgen
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