{"id":8021,"date":"2018-01-25T03:22:50","date_gmt":"2018-01-25T03:22:50","guid":{"rendered":"https:\/\/www.denverpost.com?p=2930584&amp;preview_id=2930584"},"modified":"2018-01-25T03:22:50","modified_gmt":"2018-01-25T03:22:50","slug":"denver-hydroponics-retail-chain-expands-to-new-england-improves-positioning-in-legal-cannabis-states","status":"publish","type":"post","link":"https:\/\/cannitrol.com\/blog\/denver-hydroponics-retail-chain-expands-to-new-england-improves-positioning-in-legal-cannabis-states\/","title":{"rendered":"Denver hydroponics retail chain expands to New England, improves positioning in legal cannabis states"},"content":{"rendered":"<div id=\"wp_fb_like_button\" style=\"margin:5px 0 5px 5px;float:right;height:100px;\"><script src=\"http:\/\/connect.facebook.net\/en_US\/all.js#xfbml=1\"><\/script><fb:like href=\"https:\/\/cannitrol.com\/blog\/denver-hydroponics-retail-chain-expands-to-new-england-improves-positioning-in-legal-cannabis-states\/\" send=\"true\" layout=\"standard\" width=\"450\" show_faces=\"false\" font=\"arial\" action=\"like\" colorscheme=\"light\"><\/fb:like><\/div><div class=\"media_block\"><\/div>\n<div class=\"row\">\n<div class=\"large-10 large-centered small-12 columns\">\n<div class=\"entry-meta-date\">Published: Jan 24, 2018, 5:08 pm \u2022 Updated: Jan 24, 2018, 5:09 pm <span class=\"single-comments-link\" \/><\/div>\n<p class=\"byline\">By <span class=\"author\"><a class=\"url fn n\" href=\"https:\/\/www.thecannabist.co\/author\/awallace\/\" rel=\"author\">Alicia Wallace<\/a><\/span><em>, The Cannabist Staff<\/em><\/p>\n<p>GrowGeneration Corp., a Denver-based chain of hydroponic retail stores, planted some East Coast roots Wednesday by snapping up a hydroponic equipment supplier in Rhode Island.<\/p>\n<p>GrowGeneration bought the assets of East Coast Hydroponics Warehouse, a 10,000-square-foot hydroponic products warehouse and retail store in Warwick, R.I., for $1.8 million in cash and 300,000 shares of stock, according to regulatory filings made Wednesday with the U.S. Securities and Exchange Commission. Shares of GrowGeneration (OTCQX: GRWG) on Wednesday closed at $7.67, down 53 cents, or 6.5 percent.<\/p>\n<p>The acquisition of East Coast Hydroponics is expected to add $5 million in annual revenue and continues GrowGeneration\u2019s strategy of purchasing large hydroponic retail operations in key markets \u2014 positioning the company\u2019s brand in legal cannabis states, officials said. <\/p>\n<p>\u201cThe company believes that, with this acquisition, it can increase sales through market penetration into the adjacent states of Massachusetts, Maine, Vermont, and New Hampshire,\u201d Darren Lampert, GrowGeneration\u2019s co-founder and chief executive officer, said in a statement. \u201cWe have a strong acquisition pipeline and look forward to continuing our rapid expansion plan. The company anticipates expanding its US model into Canada in 2018.\u201d<\/p>\n<p>This acquisition brings GrowGeneration\u2019s operations base to 15 locations: nine in Colorado, two in California, two in Las Vegas, one in Rhode Island, and one in Washington.<\/p>\n<p>GrowGeneration officials could not be immediately reached Wednesday for comment.<\/p>\n<p>In GrowGeneration\u2019s most recent quarter, which ended on Sept. 30, 2017, the company reported nearly $4.03 million in revenue and a net loss of $460,887. Nine months through 2017, GrowGeneration\u2019s revenue totaled $10.72 million and the company recorded a net loss of $1.08 million.<\/p>\n<div class=\"entry-meta-author\">\n<div class=\"authorimage\"><a class=\"url fn n\" href=\"https:\/\/www.thecannabist.co\/author\/awallace\/\" rel=\"author\"><img src=\"https:\/\/cannitrol.com\/blog\/\/wp-content\/uploads\/2018\/01\/denver-hydroponics-retail-chain-expands-to-new-england-improves-positioning-in-legal-cannabis-states.jpg\" class=\"authormug\" \/><\/a><\/div>\n<p class=\"author-desc\">Alicia Wallace joined The Cannabist in July 2016, covering national marijuana policy and business. In her 14 years as a business news reporter, her coverage has spanned topics such as the economy, natural foods, airlines, biotech, retail,&#8230;<\/p>\n<\/div><\/div>\n<\/p><\/div>\n<p><!-- .row --> <\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"media_block\"><\/div>\n<p>The acquisition of East Coast Hydroponics is expected to add $5 million in annual revenue and continues GrowGeneration&#8217;s strategy of positioning the company&#8217;s brand in legal cannabis states, officials said. <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5062,6811,77,9,7275,5019,7060,1,3,61,1736],"tags":[5063,6816,2655,7277,5022,7062],"_links":{"self":[{"href":"https:\/\/cannitrol.com\/blog\/wp-json\/wp\/v2\/posts\/8021"}],"collection":[{"href":"https:\/\/cannitrol.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cannitrol.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cannitrol.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cannitrol.com\/blog\/wp-json\/wp\/v2\/comments?post=8021"}],"version-history":[{"count":0,"href":"https:\/\/cannitrol.com\/blog\/wp-json\/wp\/v2\/posts\/8021\/revisions"}],"wp:attachment":[{"href":"https:\/\/cannitrol.com\/blog\/wp-json\/wp\/v2\/media?parent=8021"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cannitrol.com\/blog\/wp-json\/wp\/v2\/categories?post=8021"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cannitrol.com\/blog\/wp-json\/wp\/v2\/tags?post=8021"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}