NEW YORK, July 26, 2017 (GLOBE NEWSWIRE) -- Grow Solutions Holdings, Inc. (the “Company”) (OTC:GRSO), a provider of ancillary products and services to the high-yield indoor agriculture market, specializing in, though not limited to, the regulated cannabis industry, yesterday announced financial results for the year 2016. The Company exclusively provides ancillary products and services to the cannabis industry without cultivating, processing or distributing cannabis or cannabis derived products.
For 2016, net sales were $6,780,591, an increase of 152% from sales of $2,693,212 for 2015. The increase in net sales was primarily related to the integration of additional retail stores that were acquired as part of our roll-up strategy in 2015.
Gross profit was $1,250,773 for 2016, an increase of 59% compared to gross profit of $786,892 for 2015.
Selling, general and administrative expenses for 2016 and 2015 were $4,717,255 and $2,021,134, respectively. Selling, general and administrative expenses consisted primarily of public company expenses as well as payroll expenses from the operations of the One Love Garden Supply retail stores which operate in Pueblo, Denver and Boulder, Colorado. Included in selling, general, and administrative for 2016 were expenses related to the development of FutureTech, which develops proprietary products for smoke shops, dispensaries, and distributors. Interest and other expenses related to the issuance of convertible notes totaled $1,207,659 during 2016. The Company had a net loss of $4,674,141 in 2016 compared to $1,461,929 for 2015.
“Grow Solutions made great strides during 2016 with sales increasing 152% over the last year,” said Jeffrey Beverly, President and Director of Grow Solutions Holdings, Inc. “During 2016, the management team continued to execute on our growth strategy by focusing on our core businesses of retail grow supply stores and proprietary consumer products. Grow Solutions has shown significant growth in 2016, and we believe that we are well positioned to continue to execute our roll-up growth strategy to offer a comprehensive service solution for high-yield indoor agriculture growers.”
About Grow Solutions Inc.:
Grow Solutions Holdings, Inc. (GRSO) is a publicly traded company providing ancillary products and services to the high-yield indoor agriculture market, specializing in, though not limited to, the regulated cannabis industry. GRSO exclusively provides ancillary products and services to the cannabis industry without cultivating, processing or distributing cannabis or cannabis derived products. The Company's diversified platform of operations and services for this industry comprises the following three divisions: Growth Technologies, Consumer Technologies and Digital Properties. The vertical integration of GRSO's divisions, the horizontal integration of customers through the Company's divisions, and its sustainable acquisition strategy of profitable companies, earmarks the lucrative growth of GRSO in this ever burgeoning industry.
Forward-Looking Statements:
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," to be uncertain and forward looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's filings with the U.S. Securities and Exchange Commission.