The cannabis industry-serving company continues to find new ground
Stores selling hydroponic setups and supplies have been around for a while now, existing as small independent businesses all over the US. Their products were primitive and often shoddy, the lighting options were too expensive and complicated, but somehow most of the shops survived. As further proof that the cannabis industry is not only here to stay but actually thriving, GrowGeneration Corp. is constantly adding new acquisitions to its chain of hydroponic stores which cater to cannabis growers and users. Their latest coup was the purchase of The GrowBiz, the third largest chain of such stores in the US.
GrowGeneration did not disclose the purchase price, but did indicate that the company has expectations of around $50 million in annual sales. The GrowBiz was started by Ross and Ryan Haley, who have extensive experience in the hydroponics industry, going back to being the CEO of the Hawthorne Gardening Co., part of the Miracle-Gro company. Ross will move over and work for GrowGeneration now as part of the deal.
Darren Lampert, the CEO of GrowGen said, “We are excited to add The GrowBiz to our portfolio, with its impressive leadership and commercial teams. We look forward to building on their combined experience and expanding our commercial footprint.”
GrowGen also recently acquired Arizona-based Hydroponics Depot which will be the eleventh state in which they are now operating which their COO, Tony Sullivan says is “a key market in GrowGen’s growth plan.”