Scotts Miracle-Gro eyes marijuana industry
6/21/2011MARYSVILLE, Ohio — Scotts Miracle-Gro could be looking to market potting soil — and other products — to help grow pot as a way to boost sales.
Jim Hagedorn, Scotts chief executive officer, said in a recent interview with the Wall Street Journal that he is exploring the medical-marijuana industry as well as other niche markets to help increase sales at his lawn-and-garden company. He said he wants to “target the pot market. There’s no good reason we haven’t.”
Scotts, based in Marysville, Ohio, near Columbus, gains much of its nearly $3 billion in annual sales from Home Depot Inc., Lowe’s Cos. Inc., and Wal-Mart Stores Inc. It’s seeking new revenue opportunities as those retailers scale back on plans for new stores, and medical marijuana is a prospect market, the newspaper said.