Scotts CEO Jim Hagedorn told the Wall Street Journal that he wants a piece of the medical marijuana cultivation scene.
We can't blame him. It's legal in 16 states and worth a reported $1.7 billion. Hagedorn said:
I want to target the pot market. There's no good reason we haven't.
Miracle-Gro specializes in fertilizers and pesticides.
Back in the days having cultivation equipment could get you in trouble. Now, not so much. And since Miracle-Gro can be used for all kinds of green -- not just weed -- the company probably won't have to worry about the feds gong after it, Tommy Chong-style.
This is bigger than an endorsement by George Soros.
(This is a company with nearly $3 billion in annual sales).
Hagedorn says he takes it as a good sign that some busted grow operations have been found to have Miracle-Gro products on-site.
We like the way this guy thinks.