GrowGeneration to Acquire West Coast Retailer The GrowBiz
The increasingly acquisitive hydroponics retailer GrowGeneration (NASDAQ: GRWG) is about to add yet another new asset to its portfolio. The company announced Monday that it has signed an agreement to purchase peer The GrowBiz, a chain of hydroponics stores located in California and Oregon. As is its habit, GrowGeneration did not divulge key terms nor the price of the arrangement.
The GrowBiz, which operates what its would-be owner describes as the third-largest hydroponic retail chain, was founded in 2010. One of its founders, Ross Haley, was once CEO of Hawthorne Gardening, now a subsidiary of Scotts Miracle-Gro, and will serve as an advisor to GrowGeneration. The GrowBiz controls five stores located in California and Oregon -- both states that have legalized recreational marijuana.
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Source Fool.com
