Trade

Miracle-Gro CEO: "I Want To Target The Pot Market"

Marijuana
Ed Andrieski/AP

From the WSJ:

Scotts Miracle-Gro Co. has long sold weed killer. Now, it's hoping to help people grow killer weed.

In an unlikely move for the head of a major company, Scotts Chief Executive Jim Hagedorn said he is exploring targeting medical marijuana as well as other niches to help boost sales at his lawn and garden company.

"I want to target the pot market," Mr. Hagedorn said in an interview. "There's no good reason we haven't."

The medical marijauana market will reach $1.7 billion in sales this year, the story says. Scotts-Miracle Gro's annual sales are $2.9 billion.

So on the face of it, marijuana growers can't add much to the company's revenues. Of course, there's clearly a very large non-medical-marijuana industry in this country that the company could also sell into.

What's more, Hagedorn tells the WSJ that he's looking for growth in smaller and smaller niches.

In the past, Scotts wouldn't have considered pursuing businesses or product lines that generated less than $10 million a year in revenue. But, Mr. Hagedorn said, "We can't operate our business like that anymore."

Comments

 

Please keep your community civil. All comments must follow the NPR.org Community rules and terms of use, and will be moderated prior to posting. NPR reserves the right to use the comments we receive, in whole or in part, and to use the commenter's name and location, in any medium. See also the Terms of Use, Privacy Policy and Community FAQ.