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The Hydroponics Company to work with Biofloral rather than acquire

Last updated: 13:11 30 Jul 2018 AEST, First published: 11:51 30 Jul 2018 AEST

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THC is positioning itself to be able to capitalise on its Canadian business

The Hydroponics Company Ltd (ASX:THC) has elected to work together with Biofloral Inc rather than acquire the company as proposed in January this year.

Crystal Mountain Products (CMP) manufactures and distributes hydroponic equipment and supplies.

THC will continue to provide the resources required by CMP in Canada to build the business organically.

Biofloral Inc and Crystal Mountain to cross-promote across Canada

CMP and Biofloral will look to cross-promote and distribute their respective products across Canada.

CMP has a strong west coast presence and Biofloral has a strong east coast presence.

READ: The Hydroponics Company secures lease for cannabis growing site and off-take

THC’s chairman Steven Xu said: “There are obvious synergies between Crystal Mountain Products and BioFloral.

“THC is positioning itself to be able to capitalise on its Canadian business.

“We look forward to the synergies that we will achieve in working with Biofloral across Canada.”

Xu added: “THC is determined to maintain focus and implement its strategies, but not disrupt or distract the company and its management team from reaching those objectives.

“Our priorities are to establish medicinal cannabis growing, cultivation and production in Australia, for both local and international markets and to develop and increase cash flow from our hydroponics manufacture and supply division.”

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