A Denver-based cannabis grow-supply firm has completed its seventh acquisition in 2021, this time purchasing a hydroponics retailer in New England.
GrowGeneration said Wednesday that it is acquiring Aquarius Hydroponics, a large-scale hydroponics retailer in Agawam, Massachusetts.
Aquarius Hydroponics operates a 14,600-square-foot operation selling indoor and outdoor garden supplies, with nearly $5 million in annual revenues.
Terms of the deal were not disclosed, but the acquisition represents the company’s entry into the Massachusetts cannabis market, projected to become a $1 billion industry in 2021, said Grow Generation CEO Darren Lampert.
This purchase, hot on the heels of Grow Generation’s acquisition of Char Coir, a company that makes coconut-fiber growing substrate, broadens the company’s reach to 52 hydroponic garden centers across 12 states. Grow Generation is aiming for 55 locations by the end of the year.
Aquarius Hydroponics’ team of employees will stay on under the new ownership, including former owner Mark Hynes.
GrowGeneration trades on the Nasdaq as GRWG.