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Miracle-Gro Ups Bet on Cannabis Legalization

Miracle Gro Bets on Marijuana
Photo by Kurman Communications, Inc.

Cannabis

Miracle-Gro Ups Bet on Cannabis Legalization

In 2016, Miracle-Gro promised it would invest another $150 million into the marijuana sector — and on Monday the company partially made good on that promise.

Miracle-Gro just doesn’t sell like it used to — which is OK with the legacy fertilizer’s parent company, because it’s diversified to cannabis.

And gardening aid giant Scotts Miracle-Gro’s big bet on cannabis legalization just keeps getting bigger.

Last year, the well-known fertilizer company turned heads when CEO Jim Hagedorn followed up on a vow to enter the indoor-growing game and invested $135 million in two California companies that specialize in cannabis cultivation supplies — its biggest investment in 16 years.

In 2016, Hagedorn added, the company would invest another $150 million into the marijuana sector — and on Monday, Miracle-Gro partially made good on that promise.

This week, Scotts Miracle-Gro announced the purchase of Botanicare, an Arizona-based supplier of plant nutrients and hydroponics, the Cannabist reported. That company has done about $40 million in sales, the website reported, which puts it well in line with Hagedorn’s vision — which is, as he put it, taking “advantage of something that’s high margin, high growth.”

Through a company subsidiary called Hawthorn Gardening Co., Miracle-Gro bought out California-based General Hydroponics for $130 million. That company is expected to exceed $250 million in sales, Hagedorn said.

What’s next? As the Cannabist points out, Scotts Miracle-Gro is based in Ohio, which just legalized medical marijuana. Hagedorn told investors and hydroponics companies in a conference call that he plans to slow down on new purchases and focus on “support for sales, research and development and supply chain,” the Cannabist wrote, but don’t be surprised if the company decides to keep growing.

What do you think? Is this good for the marijuana industry?

5 Comments

5 Comments

  1. Jimmy

    November 20, 2016 at 11:02 pm

    We would never put anything like that in it and that should be outlawed…

  2. Rory McArdle

    October 26, 2016 at 3:08 pm

    I read an article earlier this week about this. It claimed miracle gro planned to genetically modify the cannabis plant so that it would only grow properly using their product. I don’t really know how they would do this as there are literally thousands upon thousands of strains, but that’s what the article said. Mind you, I was baked at the time. Baked now too.

  3. elelo

    August 6, 2016 at 6:34 pm

    Major corporation need to be welcomed into the cannabis industry. This will facilitate legalization.

    • Peter Parkinson

      August 13, 2016 at 6:47 am

      Wrong smoking chemicals might as well start smoking petro chemicals. This is a huge misstep for consumers.. The toxins that Scott’s Miracle Grow produces are bad for the enviroment and should never be inhaled. These NPK rich fertilizers are the reason why food has lost its taste. growers may get bigger yields but at the cost of smoking toxic chemicals . need to look at organic fertilizers #Cannabisgem
      Better flavour, excellent yield, non-allergenic, sustainable resource.

      • Randy

        November 20, 2016 at 8:04 am

        Like to learn more if you could send some inf. On it any thing would help

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