NEW YORK, NY / ACCESSWIRE / January 31, 2020 / 1847 Holdings LLC (OTCPINK:EFSH), a unique publicly traded holding company platform that combines the attractive attributes of private, lower-middle market businesses with the liquidity and transparency of a publicly traded company, signed a non-binding Letter of Intent (LOI) to acquire a multi-state retail hydroponic supply operation and has formed a new wholly-owned subsidiary, 1847 Hydroponic, Inc., in preparation of completing the transaction.
"This acquisition will give 1847 the ability to participate in the high-growth hemp and cannabis market without touching the plant or incurring the burdensome regulatory requirements and challenges of traditional cannabis operations focused on cultivation and end-product sales," stated Ellery W. Roberts, founder and chief executive officer of 1847. "With our team's extensive experience in high-growth retail operations, we're confident we can rapidly scale this business moving forward."
The technical and practical know-how required to successfully support indoor / outdoor and hydroponic growing as well as the equipment needed requires highly knowledgeable, experienced, and personable staff. Growing at scale also requires large bulky items and liquids that are not typically purchased online because shipping and delivery is complex for such items. Examples include customized greenhouses, irrigation systems, water holding tanks, and large quantities of liquid nutrients and fertilizers. Additionally, big box stores generally carry only a small amount of basic hydroponic equipment which does not meet the needs of most growers, particularly large-scale growers. This fact has allowed the Companies to build a large and loyal customer base comprised primarily of professional growers.
The hydroponics systems market is projected to grow at CAGR of 12.1% over the next six years, from $8.1 billion in 2019 to $16 billion in 2025, according to analysts at MarketsandMarkets Research.
About 1847 Holdings LLC
1847 Holdings LLC (OTCPINK:EFSH) is a publicly traded partnership that combines the most attractive attributes of owning private, lower-middle market businesses with the liquidity and transparency of a publicly traded company. 1847 Holdings seeks to generate returns for shareholders in the future through consistent, annual distributions of operating subsidiary income and capital appreciation resulting from the timely sale of operating subsidiaries.
Forward-Looking Statements
This press release may contain information about 1847 Holding's view of its future expectations, plans and prospects that constitute forward-looking statements. All forward-looking statements are based on our management's beliefs, assumptions and expectations of our future economic performance, taking into account the information currently available to it. These statements are not statements of historical fact. Forward-looking statements are subject to a number of factors, risks and uncertainties, some of which are not currently known to us, that may cause our actual results, performance or financial condition to be materially different from the expectations of future results, performance or financial position. Our actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include but are not limited to the risks set forth in "Risk Factors" included in our SEC filings.
Contact:
Ellery W. Roberts, Founder & CEO
1847 Holdings LLC
Office: 212.417.9800
[email protected]
Dave Gentry, CEO
RedChip Companies
Office: 1.800.RED.CHIP (733.2447)
Cell: 407.491.4498
[email protected]
SOURCE: 1847 Holdings LLC