Source: Greengro Technologies, Press Release July 31 2014
NAHEIM, CA–(Marketwired – Jul 31, 2014) – Greengro Technologies (PINKSHEETS: GRNH) announced today that it has entered a contract to acquire a well-established hydroponics retailer in the Denver, Colorado area. Terms of the agreement remain undisclosed at this time, however the acquisition adds more than $500,000 in annual revenue and approximately 400 commercial and retail accounts to the company.
The deal is expected to close within 30 days, making it the third store to operate under the Vertical Hydrogarden brand name owned by Greengro, and will become a stocking distribution center for Greengro’s proprietary Modular rooms and Flux lighting products to be sold throughout Colorado by inside and outside sales teams.
According James Haas, “We are tremendously excited about this acquisition. 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.”
Haas added, “Feedback from Colorado based cultivators lead us to make this bold move to firmly establish ourselves in Colorado. 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.
Greengro’s well timed move into Colorado will coincide with the launch of the company’s new line of advanced greenhouses which are tailored for the special factors that growers must consider when cultivating in Colorado because the terrain is over 5000ft above sea level, and winter weather conditions make it economically challenging. Greengro is completing testing of its design now, and plans to have it available for the fall growing season.
“We are excited to be at this stage of growth for the retail arms of our company. We recognize the importance of obtaining and aligning our resources for further growth and we are as prepared as we could be as we head into this next phase. The revenue growth already realized is an early indication of what we expect in the future,” states James Haas, CEO, Greengro Technologies.
About Greengro Technologies
Greengro Technologies (PINKSHEETS: GRNH) is a world class provider of eco-friendly green technologies with specific domain expertise in indoor and outdoor agricultural science systems serving both the consumer and commercial farming markets. It brings together community and commerce through the growth and distribution of healthy, nutritious foods and vital medicines backed by science and technology. Customers include restaurants, community gardens, small and large scale commercial clients. Greengro Technologies also provides design, construction and maintenance services to large grow and cultivation operations and collectives in the medical and recreational marijuana sectors.
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Greengro Technologies, Inc.