Grow Solutions Holdings Inc (OTCMKTS:GRSO) shares dipped 6.55% on Tuesday to $0.206. The company has a market cap of $9.60 million at 46.72 million shares outstanding. Share prices have been trading in a 52-week range of $0.10 to $4.00.
In a press release this week, Grow Solutions Holdings Inc announced that it has acquired Keys Organic and Hydroponic Supply in Florida. This company will handle all shipping needs to supply our customers throughout the East Coast and support on-line sales efforts as the Florida marketplace grows into a key market. This follows the addition of medical cannabis legalization to the States constitution last November 2016.
“This acquisition allows us to service the rapidly growing client list of our product division: Future Tech. The addition of the Keys location in Florida creates an opportunity for cross marketing our diverse products across industry segments,” said Grow Solutions Holdings Inc Vice President Josh Wexler.
“For 2017, Keys will add an estimated $1 million dollars in revenue to the company. And it will be profitable,” Jeff Beverly, President of Grow Solutions, added. “Keys Organic purchase by One Love adds an important strategic location to the One Love Brand. We are currently evaluating a variety of acquisition targets to further our foothold in the Sunshine State.”
Last month, Grow Solutions Holdings Inc also acquired West Coast Organic and Hydroponic Supply in Oregon. This company has achieved over $2M in revenues last year and is projected to more than double this amount in 2017.
“This is the first of many acquisitions planned for 2017. West Coast Organic and Hydroponic is located in an important strategic location for our company. Oregon is a thriving market for the legal cannabis industry and WCO is located in the heart of the growing community with over 50 licensed cannabis growers within a ten mile radius of the store. Oregon has over a 1,000 licensed recreational cannabis producers and over 100,000 medical cannabis growers in the state,” remarked Beverly. “In keeping with our aggressive expansion plans, we are completing our due diligence on additional acquisition targets nationwide and will announce those as developments occur.”
Grow Solutions Holdings Inc is a company that provides indoor and outdoor gardening supplies to the garden industry, as well as products and services to the regulated legal cannabis industry. It is focused on providing services within the legal cannabis industry to those growing, processing and dispensing legal cannabis and legal cannabis-related products.
Aside from that, the company also delivers consulting services that include design and construction to approved and licensed legal cannabis operators, as well as assistance with licensure and related applications for potential legal cannabis operators. One Love Garden Supply LLC is a subsidiary of the Company. One Love provides indoor and outdoor gardening supplies for all gardening needs. One Love has a selection of plant nutrients in the Boulder, Colorado area. One Love also carries in store grow room building supplies and indoor gardening equipment. One Love provides grow room design consultants.