Scotts Miracle-Gro honing in on ‘big vision’ for hydroponics as state-legal cannabis grows
The wet weather may be dampening sales for Scotts Miracle-Gro’s core lawn-and-garden business, but the company has its sights on the grow lights at the end of the tunnel.
CEO Jim Hagedorn on Tuesday underscored his firm’s “big vision” for hydroponics and the seriousness with which Scotts is approaching that sector as more states adopt medical and recreational marijuana laws.
“We have no sense of humor about that” potential maturation of the hydroponics business, Hagedorn told analysts during the company’s fiscal second-quarter earnings call. “This is a space we understand really well. We’re growing-people.”
And if other deep-pocketed companies or private equity want to step in, Scotts is ready to step up, he said.