Heavy 16 plant nutrients.
Paramount-based Field 16, a maker of plant nutrients used in the cannabis industry, was acquired by hydroponics equipment and supplies giant Hydrofarm Holdings Group Inc. for $78.1 million in cash and debt.
It’s the first acquisition by Fairless Hills, Pa.-based Hydrofarm, which has a $2.1 billion market capitalization, since going public in December.
The transaction is expected to close in May.
Field 16 manufactures and distributes Heavy 16, a line of plant nutrients designed to boost the yield and quality of crops. The nutrients are a staple in most commercial cannabis growing operations, and the company’s products are sold in more than 300 retail stores.
Published: April 27, 2021