June 15, 2011 by staff
Miracle-Gro Marijuana?, Scotts Miracle-Gro is reportedly exploring how to enter the market of medical marijuana. Scotts CEO Jim Hagedorn told The Wall Street Journal that the company is considering the move to help boost sales in the landscaping company perhaps best known for herbicide.
“I want to get the pot market”, the newspaper said Hagedorn. “There is no good reason we have not.” Scotts sales rose 5 percent last year and 2.9 billion, but the company in Marysville, Ohio, is based on sales to three major retailers – Home Depot Inc., Lowe’s and Wal-Mart Stores Inc. – for almost two thirds of its revenue, the newspaper reports.
And with consumers still cautious about spending, retailers are opening new stores as quickly as usual, so that growth for suppliers and difficult to Scotts. As a result, Hagedorn has asked its regional sales in search of small pockets of growth as the market for marijuana sales cushion. To refer to marijuana growers, Scotts niche companies probably buy land that already exist instead of creating its own line of branded products, the journal reports.
A total of 16 states have legalized medical marijuana. The market and reach 1.7 billion in sales this year, according to a report from the View Change Strategy LLC, information services company data.
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