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Hydroponics Inc., a national provider of agricultural supplies and logistics specific to the cannabis and hemp industries, is launching a multi-million-dollar special acquisition fund.
The company said it will deploy up to $75 million to acquire tangentially-related service businesses within the North American cannabis industry over the next 24 months.
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The company told Benzinga the goal is to construct a portfolio of established companies characterized by profitable operating histories, high-margins, and low customer concentration - all against the backdrop of a data-driven platform.
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"We’ve taken what was a successful, regional agricultural supply company for the cannabis industry and created a scalable resource for commercial cultivators across the country," said Ken Alston, CEO of Hydroponics Inc. "We recognize the importance of the professional, agricultural supply chain - expanding traditional markets while delivering superior products and services. Cultivators must have reliable data and analytics. We look forward to additional investments so our customers can raise consumer perception of their brands and increase profitability."
Courtesy photo.
Hydroponics, Inc. is a 10-year old company with a rich history in the California cannabis industry. Acquired through a sidecar investment firm funded by notable CEOs, entrepreneurs, and family offices, the investment and operating team identified the opportunity to disrupt and professionalize the supply chain utilizing Hydroponics, Inc. as its platform.
Since the acquisition, the company has expanded its geographic footprint into 15 states, Washington, D.C. and Puerto Rico, expanded its management team with procurement and data experts, and developed agricultural solutions and analytics for large-scale cultivators.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.