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Miracle-Gro targets medical marijuana market
Business digest: There’s ‘no good reason’ for not selling fertiliser to growers of weed, says CEO
In a move that few commentators could have predicted, the chief executive of Scotts Miracle-Gro has admitted that the company is considering pushing its fertiliser products on the medical marijuana market.
"I want to target the pot market," Jim Hagedorn said in a recent interview. "There's no good reason we haven't."
Scotts enjoyed a five per cent growth in sales last year. But its overreliance on key retailers - Home Depot Inc, Lowe's Cos and Wal-Mart Stores Inc make up almost two thirds of total revenue – means that diversification is important for long term growth.
Medical marijuana certainly has appeal. In the 16 American states it is legalised, total sales will reach $1.7 billion this year, according to Sea Change Strategy LLC.
Read a full report at the Wall Street Journal. ·
