GrowLife Expected to Up Annual GuidanceMonday, April 22, 2013
GrowLife Inc., a supplier of lights and other marijuana-growing supplies, announced Monday that it will raise its revenue guidance for the year.
The adjustment comes after the Woodland Hills company completed the purchase of three Colorado businesses: Rocky Mountain Hydroponics LLC of Golden, Evergreen Garden Center LLC of Kittredge, and 58Hydro.com of Edwards.
The price of the acquisitions was not disclosed. GrowLife expects the deals to close next month.
The acquired companies produced $4 million in revenue last year, according to GrowLife, which should raise the Woodland Hills’ guidance of $3.9 million to $4.3 million in sales for this year.
GrowLife expects to provide the adjustment after completing a review of projected revenue of the acquired companies.
Shares of GrowLife gained a fraction of a cent to close at 4 cents in over-the-counter trading.