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Tuesday, Mar 5, 2024

GrowLife Buys Three Colorado Companies

GrowLife Inc., a supplier of lights and other marijuana-growing supplies, has signed a letter of intent to acquire three Colorado businesses. The Woodland Hills company said the transaction, which will include a combination of common stock, debt securities and cash, will be completed no later than June 7. GrowLife will acquire Rocky Mountain Hydroponics LLC of Golden, Evergreen Garden Center LLC of Kittredge, and 58Hydro.com of Edwards. The price of the acquisitions was not disclosed. GrowLife Chief Executive Sterling Scott said the deal will help the company improve its online sales for its website Greners.com, including next-day pickup at Evergreen retail stores in the Northeastern states and Colorado. “We believe this is a strong strategic play for GrowLife and its perpetual growth in the legal marijuana industry with long-term benefits to our valued shareholders,” Scott said in a statement. GrowLife operates one retail location in Woodland Hills, but has previously stated that it has interest in expanding with new stores. As part of the commitment between the companies, Robert E. Hunt, chief executive at Evergreen, is expected to be named president of GrowLife Hydroponics Inc. Share of GrowLife went up a fraction of a cent, or 5.4 percent, to 6 cents in over-the-counter trading.

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