A Denver-based cannabis improve-offer agency has completed its seventh acquisition in 2021, this time acquiring a hydroponics retailer in New England.
GrowGeneration claimed Wednesday that it is getting Aquarius Hydroponics, a substantial-scale hydroponics retailer in Agawam, Massachusetts.
Aquarius Hydroponics operates a 14,600-square-foot operation promoting indoor and outdoor backyard garden materials, with almost $5 million in once-a-year revenues.
Terms of the offer ended up not disclosed, but the acquisition represents the company’s entry into the Massachusetts cannabis market, projected to become a $1 billion field in 2021, said Grow Generation CEO Darren Lampert.
This acquire, hot on the heels of Improve Generation’s acquisition of Char Coir, a business that would make coconut-fiber growing substrate, broadens the company’s access to 52 hydroponic backyard garden centers throughout 12 states. Improve Technology is aiming for 55 locations by the close of the 12 months.
Aquarius Hydroponics’ workforce of personnel will continue to be on beneath the new possession, which include former proprietor Mark Hynes.
GrowGeneration trades on the Nasdaq as GRWG.