GrowGeneration Corp., a Denver-based marijuana cultivation firm that owns a sequence of specialty hydroponic and natural garden centers, signed an agreement to buy The GrowBiz, a gaggle of hydroponic garden centers with 5 shops in California and Oregon.
Terms weren’t disclosed, however GrowGeneration estimates a $50 million enhance in income from the deal, in accordance to a information launch.
GrowGeneration expects the deal to shut “before fiscal year-end 2020.”
The acquisition will convey the entire variety 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,” mentioned 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 by means of, Haley will turn into a senior strategic adviser for GrowGeneration.