GrowGeneration Partners with Bridgetown Mushrooms to Begin Selling Mycology Supplies
16 5월 2023 - 9:00PM
Business Wire
Breaking into Burgeoning Mushroom Farming
Industry in the United States
GrowGeneration Corp. (NASDAQ: GRWG) (“GrowGen” or the “Company”)
and GrowLife, Inc. (OTCQB: PHOT), today announced a multi-year
partnership focused on the development and sale of mycology
supplies, placing both companies among the early movers in the
rapidly expanding mushroom farming industry.
The partnership will initially focus in the Pacific Northwest
and other Western states, with the goal of quickly increasing
capacity and expanding nationwide, leveraging GrowGeneration’s
seasoned commercial sales team, as well as its more than 60 retail
stores across the United States. With demand for mycology supplies
on the rise, the partnership with Bridgetown is an excellent
opportunity to drive significant revenue growth and market share
for both companies.
The global mushroom market is expected to surpass $115 billion
by 2030, according to GrandView Research. This demand has now come
to the United States, creating a major opportunity for U.S.-based
mushroom companies. In the United States, consumers have become
aware of the health benefits offered by gourmet, functional and
active mushrooms. Bridgetown is currently expanding all three of
its core divisions (fresh gourmet, functional products and mycology
supplies) to meet the demand.
Under the terms of this partnership, GrowGeneration will be the
exclusive distributor of Bridgetown’s suite of industry-leading
mycology products, including Bridgetown’s proprietary mix of
commercial substrates, soils and nutrients, developed over the past
10 years. This partnership is a game-changer for the mushroom
farming industry, providing mushroom farmers with the ideal medium
to optimize mushroom production.
Michael Salaman, Co-Founder and President of GrowGeneration,
stated, “GrowGen has recently seen an increase in demand for
mycology supplies at our stores around the country and we feel this
is the right time to take advantage of this opportunity. With a
strong, seasoned team and industry-leading proprietary products, we
feel Bridgetown is the best choice to serve our loyal customer
base. Our partnership with Bridgetown enables us to provide a
complete line of mycology products to our customers who want to
grow mushrooms for both commercial and personal use. We see
mycology as a growth category that GrowGen is uniquely positioned
to take advantage of on a national scale, and we are excited to
partner with Bridgetown to make this vision a reality.”
Dave Dohrmann, Chief Executive Officer of GrowLife, commented,
“We have had the pleasure of working with the GrowGeneration team
over the past year, and we are excited to announce this
partnership. With their support, we can accelerate the growth of
our mycology supply division and better serve mushroom growers
across the United States. Our current customers have been delighted
with the results of our products, and we are thrilled to expand our
footprint and enhance our ability to serve farms seeking
high-quality mycology supplies.”
About GrowGeneration Corp:
GrowGen owns and operates specialty retail hydroponic and
organic gardening centers. Currently, GrowGen has 61 stores across
17 states. GrowGen also operates an online superstore for
cultivators at growgeneration.com. 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.
About GrowLife, Inc:
Founded in 2012, GrowLife, Inc. is a holding company focused on
investing and operating businesses in the burgeoning mushroom
industry. Its website is https://growlifeinc.com/.
GrowLife acquired Bridgetown Mushrooms in January 2023 and today
serves as its parent company. Founded in 2018 in Portland, Oregon,
Bridgetown Mushrooms is currently one of the preeminent producers
of gourmet mushrooms, functional mushroom products and mycology
supplies in the Pacific Northwest.
For more information, please visit:
https://bridgetown-mushrooms.com or on Instagram @BTSHROOMS
Forward-Looking Statements:
This press release may include predictions, estimates or other
information that might be considered forward-looking within the
meaning of applicable securities laws. While these forward-looking
statements represent current judgments, they are subject to risks
and uncertainties that could cause actual results to differ
materially. You are cautioned not to place undue reliance on these
forward-looking statements, which reflect opinions only as of the
date of this release. Please keep in mind that neither company has
an obligation to revise or publicly release the results of any
revision to these forward-looking statements in light of new
information or future events. When used herein, words such as “look
forward,” “expect,” “believe,” “continue,” “building,” or
variations of such words and similar expressions are intended to
identify forward-looking statements. Factors that could cause
actual results to differ materially from those contemplated in any
forward-looking statements made by us herein are often discussed in
filings made with the United States Securities and Exchange
Commission, available at: www.sec.gov, and on the investor
relations page of each company’s respective website.
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version on businesswire.com: https://www.businesswire.com/news/home/20230516005509/en/
GrowGeneration Corp Investor Contact: ICR, Inc.
GrowGenIR@icrinc.com
GrowLife, Inc. Investor Contact:
investors@growlifeinc.com
Growgeneration (NASDAQ:GRWG)
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