Denver-based cannabis company GrowGeneration is celebrating its 13th acquisition this year alone after the purchase of Bellingham, Washington-based Hoagtech Hydroponics, a hydroponics and indoor gardening store.
While the terms of the deal were not fully disclosed, we do know that this marks GrowGeneration’s 59th store and that they plan on having more than 70 by the end of this year – as MJBiz put it, the company is on a shopping spree of sorts. “We’re thrilled with our acquisition of Hoagtech Hydroponics, which boasts a strong commercial customer base and a talented team of grow professionals,” said Darren Lampert, GrowGeneration’s CEO, in a news release. “This transaction expands our footprint in the Pacific Northwest and puts us in close proximity to some of the state’s largest commercial operators. Further, Bellingham is located near two major Pacific Northwest [cities], Vancouver, British Columbia and Seattle, WA. With the addition of Hoagtech Hydroponics, we expect the Washington market to generate annual revenues approaching $15 million annually.”
GrowGeneration currently operates in 12 states and this acquisition marks their third official location in Washington state. According to their news release, “GrowGen carries and sells thousands of products, including organic nutrients and soils, advanced lighting technology and state of the art hydroponic equipment to be used indoors and outdoors by commercial and home growers.” Purchasing Hoagtech Hydroponics is right in line with what GrowGeneration is all about and we’re excited to continue keeping up with their ever-expanding business ventures.