GrowGeneration Corp. (OTCQX: GRWG), a Denver, CO-based specialty retail hydroponic and organic gardening store, received $10m from strategic investors.
This includes a $7.5m investment from Gotham Green Partners, a New York-based private equity firm focused on deploying capital into the emerging global cannabis industry. Cannabis investors Merida Capital Partners and Navy Capital also invested $1.5 million and $1.0 million, respectively.
The company intends to use the funds to execute on multiple acquisitions, with several planned to close in the 2nd and 3rd quarters of 2018.
Led by Darren Lampert, Co-Founder and Chief Executive Officer, GrowGeneration owns and operates specialty retail hydroponic and organic gardening stores. Currently, the company has 17 stores, which includes 7 locations in Colorado, 3 locations in California, 3 locations in Michigan, 2 locations in Nevada, 1 location in Rhode Island and 1 location in Washington.
GrowGen carries and sells thousands of products, including organic nutrients and soils, advanced lighting technology and state of the art hydroponic equipment to be used indoors and outdoors by commercial and home growers.