Company to Expand Distribution and Service Capabilities in Desert Hot Springs, Cannabis Hub
DESERT HOT SPRINGS, Calif., Oct. 01, 2019 (GLOBE NEWSWIRE) -- Hydroponics, Inc., a technology-enabled provider of global agricultural supplies, data and analytics, and procurement for large scale, commercial cannabis farms, today announced the acquisition of Grow Shop Hydroponics. Grow Shop Hydroponics, a cannabis equipment retailer, is based in Desert Hot Springs, a rapidly growing hub for California cultivators. This follows the launch of the Company’s initiative to deploy up to $75 million for strategic acquisitions.
“After retrofitting the Grow Shop retail facility into a distribution center, this acquisition will allow us to better serve our desert-based commercial accounts through rapid delivery times, increased customer service, and materially shorter procurement cycles,” said Ken Alston, CEO of Hydroponics, Inc.
Hydroponics, Inc. has numerous partner-farms in the desert, and Grow Shop Hydroponics is located next door to over one million square feet of canopy.
Alston continued, “This acquisition further demonstrates our commitment to world-class cannabis supply chain best practices. Not only is this transaction immediately accretive for our existing platform and shareholders but it also affords us the opportunity to better serve existing and future cultivators who place a premium on a seamless and economical procurement cycle.”
Hydroponics, Inc. is a 10-year old company with a rich history in the California cannabis industry. Acquired through a sidecar investment firm funded by notable CEOs, entrepreneurs, and family offices, the investment and operating team identified the opportunity to disrupt and professionalize the supply chain utilizing Hydroponics, Inc. as its platform. Since the acquisition, the Company has expanded its geographic footprint into 15 states, Washington, D.C., and Puerto Rico, augmented the management team with procurement and data experts, and developed best-in-class agricultural solutions and analytics for large-scale cultivators.
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About Hydroponics Inc.
Hydroponics, Inc.(www.hydroponicsinc.com) is a leading supplier of agriculture supplies and services specific to the cannabis and hemp industry. The Company helps farmers grow smarter, faster, and more efficiently by providing data and analytics, best-in-class marketplace consulting, and financial solutions. Hydroponics, Inc. decreases supply, logistics, and procurement expenses by 30% or more allowing cultivators to focus on revenue and their brand, saving time, and resources.
KCSA Strategic Communications