Scotts Betting on Big Growth in Marijuana, Putting Money in Hydroponics
Scotts Miracle-Gro has a budding hydroponics business and what it hopes is a friend in the new president.
But what it doesn’t know is how the Trump administration feels about legalization of marijuana use — a factor that’s driving sales of some of Scotts’ products.
“I was a supporter of Donald Trump. I voted for him,” said Scotts CEO Jim Hagedorn, during an earnings call with analysts Tuesday morning. He said he did so because he expected Trump would be good for Scotts’ business plans, including its interest in the marijuana industry.
The Marysville-based company makes most of its money selling weed killers, mouse traps, lawn fertilizers, soil and mulch, but its future growth is pinned on a once-nefarious concept — helping people grow marijuana…
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