[Press release] LOS ANGELES & FORT COLLINS, Colo.--(BUSINESS WIRE)--Pure Agrobusiness Inc. (PureAgro) has created the largest U.S. supplier of urban agriculture and hydroponics technologies and equipment through the consolidation of its retail and wholesale divisions. Headquartered in Los Angeles and with operations in Colorado and California, PureAgro is now comprised of the following retail and wholesale divisions:
Way to Grow – Founded in 2002, Way to Grow is PureAgro’s Colorado-based retail presence, operating seven stores throughout the state, catering to commercial and individual growers. Way to Grow stores generate sales productivity in excess of $1,000 per square foot, with stores averaging 20,000 square feet and offering more than 2,500 unique stock keeping units (SKUs).
Crop Supply – Spun out of Way to Grow’s operations, Crop Supply is PureAgro’s wholesale operating division, selling directly and exclusively to large commercial growers seeking a supplier that can deliver significant order volumes and strategic consultation. Crop Supply operates a 38,000 square foot warehouse in Denver and 32,000 square foot warehouse in Los Angeles, providing reliable delivery coverage to commercial growers in Colorado and California.
“PureAgro is committed to a simple business ideology: advancing agriculture through technology,” said Rick Byrd, Chairman and CEO of PureAgro. “We have been pioneers of the hydroponics and indoor agriculture industry for the past 20 years. Our vision has evolved into the largest supply platform in the urban agriculture industry today and we are at the forefront of the farming revolution. Our current focus and primary growth initiatives are aligned with serving the fast growing legal cannabis industry. We have a long-term vision and growth strategy to create new markets and opportunities for applying sustainable hydroponics and AgTech to the food system.”
With the merger of Way to Grow completed in January of 2016, PureAgro is now the leading one-stop solution for indoor plant, produce and cannabis growers in Colorado and California. Through a network of nine locations, PureAgro sells a wide variety of products and technologies to retail customers and commercial growers.
James Blaha, President & Chief Operating Officer of PureAgro said, “The urban agriculture supply market is large and fragmented, comprised primarily of hundreds of single retail locations in the adolescent stage of maturity. We will drive organic growth through our existing wholesale and retail operations, and through the acquisition, consolidation and integration of best-of-breed hydroponics retail stores throughout the country. We are modernizing a cottage industry and have created a highly profitable, capital-efficient and scalable business model that will enable PureAgro to rapidly capture market share.”
With nine U.S. states voting in November to legalize cannabis for recreational or medical purposes, PureAgro is uniquely positioned to capitalize on a number of favorable market trends:
-The legal cannabis industry is expected to grow into a $50 billion market by 2026 from $6 billion today, driven by the opening of new U.S. markets as state-level cannabis legislation continues to be ratified.
-Since 1996, the number of states legalizing marijuana consumption has grown steadily, reaching 29 states to date.
-Cannabis growers supplying the medical and recreational markets have significantly increased the scale and complexity of their operations in order to meet the volume and quality demand, with a focus on production efficiencies and margin growth.
-Growers are embracing advanced agricultural practices and novel technologies to ensure the greatest yield and quality of their product.
-Recent investments by institutional investors and corporations such Microsoft and Scotts
-Miracle-Gro have helped establish legitimacy for the industry and signal a growing shift in attitudes.
-With the world's population expected to continue increasing, the United Nation’s Food and Agriculture Organization estimates that food production will need to increase by 70 percent by 2050. Hydroponics enable the sustainable growing of food with minimal environmental footprint and will be critical to meeting this demand.
About Pure Agrobusiness
PureAgro is the largest U.S. customer facing supplier of urban agriculture and hydroponics technologies and equipment. With a network of nine locations throughout Colorado and California, PureAgro is the leading, one-stop supplier of lighting products, fertilizer and nutrient products, controllers and technology, environment control equipment, and grow mediums to the U.S. medical and recreational cannabis industry and the indoor horticulture/specialty crop market. PureAgro is committed to a simple business ideology: advancing agriculture through technology. For more information, please visit www.pureagro.net