Hydrofarm Holdings Group is on an acquisition tear in the cannabis cultivation infrastructure space.
In its fourth purchase of the year, the Pennsylvania-based company bought Canadian plant nutrients firm Greenstar Plant Products in an $83 million cash-and-credit deal.
According to a news release, Greenstar – which owns the Grotek and Gaia brands of plant nutrients – will become a wholly owned subsidiary of Hydrofarm.
The acquisition of Greenstar was a “natural next step in our efforts to broaden our company’s footprint and strengthen our product portfolio,” Hydrofarm CEO Bill Toler said in the release.
Hydrofarm projects that Greenstar will generate about $26 million in sales this year, a 50% increase over 2020.
Hydrofarm trades on the Nasdaq under the ticker symbol HYFM.