Baron23
Well-Known Member
Scotts Miracle-Gro homing in on ‘big vision’ for hydroponics as state-legal cannabis grows
In latest earnings call, the gardening giant touts initial successes, looks to expand its foothold in marijuana industry through its Hawthorne Gardening Co. subsidiary
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.
“We intend to succeed in that space,” Hagedorn said. “I would say to anyone who wants to rumble with us, come on, let’s do this.”
The Marysville, Ohio-based Scotts has emerged as one of the biggest players in traditional business to publicly establish a foothold in the ancillary wings of the cannabis industry. The company has acquired several sector-leading firms across hydroponics areas such as lighting, soil and nutrients, and wrapped those into its Hawthorne Gardening Co. subsidiary.
Scotts has a few more acquisitions waiting in the pipeline, but some are taking longer than expected, Hagedorn said, attributing any delays to the logistics of these firms being smaller, family-owned businesses.
So, does this mean we will see grow tents in Home Depot soon? LOL
In latest earnings call, the gardening giant touts initial successes, looks to expand its foothold in marijuana industry through its Hawthorne Gardening Co. subsidiary
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.
“We intend to succeed in that space,” Hagedorn said. “I would say to anyone who wants to rumble with us, come on, let’s do this.”
The Marysville, Ohio-based Scotts has emerged as one of the biggest players in traditional business to publicly establish a foothold in the ancillary wings of the cannabis industry. The company has acquired several sector-leading firms across hydroponics areas such as lighting, soil and nutrients, and wrapped those into its Hawthorne Gardening Co. subsidiary.
Scotts has a few more acquisitions waiting in the pipeline, but some are taking longer than expected, Hagedorn said, attributing any delays to the logistics of these firms being smaller, family-owned businesses.
So, does this mean we will see grow tents in Home Depot soon? LOL