With all the latest technological advances in the medical marijuana industry, one type of growing technology in particular is standing out above the rest- and that’s through the use of hydroponics. This plant cultivation system that uses a nutrient solution instead of good old fashioned soil to grow plants indoors has provided companies, like GrowOp Technology, the opportunity to bring back this centuries-old method and grow plants throughout the entire year. As the nation’s first medical marijuana-friendly distribution company, GrowOp Technology markets products like nutrients, which are specially formulated to grow marijuana, and electronic digital controllers to better manage the indoor facilities in which they’re used. So far, their products have appeared on the shelves of retail stores across the United States, Canada, and parts of Europe.
GrowOp Technology was started by Derek Peterson, a former Wall Street Executive, who has since then raised a total capital of over $1 million for the company. Peterson stated the reason for all their success is due to the gradual reception of medical marijuana. “National acceptance for medical cannabis programs has created significant opportunities for companies that offer ancillary products and services. We have grown faster than we have anticipated and as other states relax their laws we anticipate the best to be ahead of us.”
By providing an alluring mix of well priced products combined with the most innovative hydroponic equipment anywhere, GrowOp has been able to reach almost 50 retailers nationwide in the past month alone. The company is headed for a public offering sometime later this year, and has piqued the interests of both private equity and institutional investors. According to Peterson, “Investors want access to this space and there are limited opportunities, especially in a public vehicle. GrowOp provides an access point as a traditional business serving a not so traditional industry”.
Aside from GrowOp, there are several other hydroponic companies selling their products to “grow stores” in states like California and Colorado, where, with a doctors’ marijuana recommendation, people are allowed to grow small amounts of marijuana for medical purposes, and can use the hydroponic equipment to do so. Just don’t ask the heads of these companies if that’s what they do outright- as far as they’re concerned, all of their products, including everything from grow lights and water pumps to liquid fertilizers, are to be used in a way that the customer wants, with no specific reason in mind. Their mission is only to provide those innovative products that people ask for, whether it’s for medical marijuana purposes or not, but even with the vague description of their target market, one thing is for sure- hydroponic equipment has provided the easiest and most innovative way to grow medical marijuana yet.
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