Scotts Miracle-Gro Co. is turning a new leaf, so to speak.
The Ohio-based company is venturing into marijuana growing supplies as part of the company’s new strategy to focus its lawn and garden business in smaller, niche markets, according to the Wall Street Journal.
Companies appear to be gearing up for the major profits from the medical marijuana industry once stigmas and laws surround the industry loosen up. WSJ reporter Dana Mattioli said that “while major public companies haven’t openly targeted the market, in recent months medical-marijuana companies have sought money from venture capitalists and signaled future IPOs.”
Scotts Chief Executive Jim Hagedorn hatched the idea. He’s got an interesting take on marketing:
Raids on pot-growing operations have turned up Scotts products. Mr. Hagedorn takes that as a good sign of brand awareness, but he fears that some growers would be reluctant to use a mainstream product.