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GROWLIFE ACQUIRES URBAN GARDEN, TO EXPAND ITS RETAIL HYDROPONICS PRESENCE
Oct. 29, 2012
Source: GrowLife, Inc. news release
GrowLife, Inc. (formerly known as Phototron Holdings Inc.) (OTCBB:PHOT), an innovative leader in high end horticulture supply, today announced the acquisition of Urban Garden Supplies, a retail hydroponics store with a sizable presence in the Los Angeles market over the past 12 years. The stock transaction that closed on October 22, 2012 furthers the company's goal to build upon its presence in the retail hydroponics industry.
"GrowLife's expansion into the retail hydroponics industry adds a key brick-and-mortar element to our digital strategy," said GrowLife Inc. CEO Sterling Scott. "After our recent acquisition of Greners.com, we've developed a leadership position in retail hydroponics online, while our new SG Sensor line has helped bolster our product line-up.
The acquisition of Urban Garden Supplies marks our next step into the very profitable brick-and-mortar side of the business. Over the next couple of quarters, we will operate Urban Garden Supplies as a model store before exploring a nationwide rollout covering major population centers across the United States."
The consumer gardening market is estimated to be between $34-36 billion or up to $50 billion, according to a 2010 survey by the Garden Writers Association (GWA). Meanwhile, the Progressive Gardening Trade Association estimates that the retail hydroponics industry could be worth over $1 billion, suggesting a significant market opportunity, particularly given the enormous size of the consumer gardening industry.
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