Greengro Technologies Inc. (OTC: GRNH), a world class provider of eco-friendly green technologies with specific domain expertise in indoor and outdoor agricultural science systems, recently announced a contract to acquire a well-established hydroponics retailer in Denver, Colorado. The acquisition would add more than $500,000 in annual revenue and 400 accounts in total.
“We are tremendously excited about this acquisition,” said Greengro Technologies CEO James Haas. “The owners were convinced that Greengro’s people, company vision, operational support, and diverse product line gives them the edge they need to keep their current customers and capitalize on new ones created by the legalization of legal cannabis in Colorado.”
Greengro Technologies expects the deal to close within the next 30 days, making it the third store to operate under its Vertical Hydrogarden brand name. The acquisition will also serve as a stocking distribution center for its proprietary Modular rooms and Flux lighting products to be sold throughout Colorado by a combination of inside and outside sales teams.
The move further into Colorado’s market will also coincide with the launch of the company’s new line of advanced greenhouses, which are tailored for the special form factors that growers must consider when cultivating in Colorado’s elevations and winter weather conditions. Management recently completed testing of its designs and plans to make it available for the fall growing season.
“Feedback from Colorado based cultivators lead [sic] us to make this bold move to firmly establish ourselves in Colorado,” added Mr. Haas. “Greengro’s Vertical Hydrogarden stores will give cultivators of all sizes a reliable and consistent vendor they can count on. We have the knowledge and the capital to stock the variety and amount of inventory needed to meet the demands of this exploding market.”
Shares of Greengro Technologies Inc. are trading up just over 1% since the announcement was made on Thursday, July 31, 2014.
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