GrowGen Enters Massachusetts With 7th Acquisition In 2021

GrowGeneration Corp. GRWG confirmed Wednesday its 7^th acquisition for this year – Aquarius Hydroponics, a garden supply center with hydroponics equipment, lighting, and nutrients.

The terms of the deal weren’t disclosed.

Agawam, Massachusetts-based Aquarius Hydroponics was founded eight years ago, oversees a 14,600 square foot retail store and reports annual revenues of close to $5 million.

Under the transaction, the company's employees will become part of GrowGen’s team.

Aquarius Hydroponics owner Mark Hynes will join GrowGen as technical support.  

"The Aquarius Hydroponics acquisition is a testament to our continued investment in best-in-class hydroponic suppliers in emerging adult-use markets across the U.S.," GrowGen CEO Darren Lampert said. "Importantly, it represents our entry into Massachusetts' cannabis market, which is projected to become a $1 billion industry in 2021."

John Eaton, the founder of Aquarius Hydroponics, said they have been honored to supply cultivators in Western Massachusetts for years.

“Joining forces with GrowGeneration, the nation's clear leader in hydroponics retail, allows us to leverage our combined decades of cultivation experience to meet the growing demands of Massachusetts' flourishing legal cannabis industry.”

With the newest acquisition, GrowGen owns and runs 52 stores across 12 states, getting closer to achieving its goal of 55 stores by the end of 2021.

Previous Acquisitions in 2021

In January, GrowGen purchased Indoor Garden & Lighting, and in February, it acquired Grow-Depot, and Grow Warehouse.

Furthermore, the company bought San Diego Hydroponics & Organics, and — last week — signed two leases in Los Angeles for a new Super Hydroponic Garden Centers.

On Monday it has acquired Char Coir, and on Tuesday, it purchased 55 Hydroponics.

In addition, GrowGen pre-announced fourth-quarter record revenue of $61.5 million. It has also advanced its 2021 revenue guidance to $335 million-$350 million and raised its 2021 adjusted EBITDA guidance to $38 million-$40 million.