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Growlife Announces It Has Closed On The Acquisition Of Bridgetown Mushrooms

Jan 12, 2023•over 2 years ago

Acquiring Company

GROWLIFE, INC.

Acquired Company

Bridgetown Mushrooms

KirklandFood And BeverageFood And BeverageAgriculture and FarmingManufacturing

Description

via NewMediaWire – GrowLife, Inc. (OTCQB: PHOT) announced today that on January 6, 2023, it has completed its acquisition of certain assets of Bridgetown Mushrooms, one of the leading growers of gourmet and functional mushrooms in the United States. GrowLife previously announced that it had reached a definitive agreement with Bridgetown in June 2022. Today’s announcement marks its official entrance into the booming mushroom sector and is now the core focus of the Company.

Company Information

Company

GROWLIFE, INC.

Location

11335 NE 122ND WAY

Kirkland, Washington, United States

About

GrowLife, Inc. (OTCC:PHOT), a holding company within the health & wellness industry, has announced it’s most recent acquisition of Bridgetown Mushrooms in Portland Oregon. Achieving Growlife’s goal of moving into the emerging and fast growing gourmet and functional mushroom market. Bridgetown Mushrooms Founded in 2018 and located in Portland, Oregon, Bridgetown is fully operational, with vertically integrated operations in growing, harvesting, sterilization, and retail fulfillment of functional mushrooms, gourmet mushrooms, and functional /medicinal mushroom-based products. Current facilities total 10,000 square feet. Since closing on the asset purchase of Bridgetown Mushrooms on Jan 7, 2023, Growlife has expanded the cultivation capacity by 133%, launched a new Mycology division and the development of mushroom based products. The Company will now operate within four channels across the nation including retail, e-commerce, direct sales and distribution.

M&A Insights

Based on deal data
Integration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed

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