Grow Solutions Holdings Inc (OTCMKTS:GRSO) shares dipped 6.55% on Tuesday to $2.06 and were unchanged in after-hours trading. Share prices have been trading in a 52-week range of $0.10 to $4.00. The company has a market cap of $9.60 million at 46.72 million shares outstanding.
Formerly LightTouch Vein & Laser Inc, Grow Solutions Holdings Inc is a company that provides indoor and outdoor gardening supplies to the garden industry. It provides products and services to the regulated legal cannabis industry and is focused on providing services within the legal cannabis industry to those growing, processing and dispensing legal cannabis and legal cannabis-related products.
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. It provides indoor and outdoor gardening supplies for all gardening needs and has a selection of plant nutrients in the Boulder, Colorado area. OneLove also carries in store grow room building supplies and indoor gardening equipment and provides grow room design consultants.
In a press release this week, Grow Solutions Holdings Inc announced today it has acquired Keys Organic and Hydroponic Supply in Florida. This acquisition expands on the company’s existing operations in the southeast through its Future Tech division by providing a great strategic location for the entry of the company’s OneLove Garden Supply subsidiary into East Coast markets.
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.
The Florida location can handle their shipping needs and support online sales efforts in the state, which has emerged as a key potential market following the November 8 vote to legalize the use of medical marijuana. Keys Organic and Hydroponic Supply marks the first of many other additional stores that Grow Solutions Holdings Inc plans to work with in Florida and the East Coast.
For 2017, Keys will add an estimated $1 million dollars in revenue to the company. And it will be profitable,” added Jeff Beverly, President of Grow Solutions Holdings Inc. “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.”
In January, the company acquired West Coast Organic and Hydroponic Supply in Oregon. This company has achieved over $2 million in revenues for 2016 and is profitable. With the Grow Solutions Holdings Inc model, they are projecting revenues to more than double for the year.
The daily time frame of the stock still shows a steady move lower, though, even as volume has been picking up so far this year. Reports on revenues or orders coming in could draw more investor interest in the company, possibly allowing for an upside breakout and a test of the resistance at $0.50.
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