Texas may lag other U.S. states in cannabis reform, but just the same, a thriving industry surrounding weed cultivation is sprouting up around the state.
In the latest sign of that trend, Netherlands-based lighting company Signify NV has struck a $272 million deal to buy Fluence, a Texas company that sells grow lights to legal cannabis cultivation operations and other agricultural interests.
Austin-based Fluence posted revenue of $141 million between October 2020 and September 2021, according to a Monday announcement from Signify. The Dutch company noted that Fluence has more than 140 issued and pending patents.
Due to marijuana legalization in Canada and many U.S. states, lighting for growing cannabis “currently generates the majority of Fluence’s sales,” according to Signifiy’s news release on the acquisition.
The deal is expected to close during the first half of next year.
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This article appears in Dec 15-28, 2021.