Scotts Miracle-Gro has been helping people grow grass for decades. Now it wants to start growing grass -- marijuana, that is.
Company CEO Jim Hagedorn told The Wall Street Journal that he wants to get into the medical marijuana growing business.
“I want to target the pot market,” Hagedorn said. “There’s no good reason we haven’t.”
Miracle Gro is kind of already in the pot business -- its products have often turned up in raids on marijuana operations in recent years. But it wants to really get involved, acquiring "niche dirt companies" that growers currently use in the 16 states in which medical marijuana is legal.
The reason for this is, of course, money. The Journal reports that the medical marijuana business is expected to rake in $1.7 billion this year. That's the same amount Scotts was pulling in a decade ago.
It is now up to $3.1 billion per year, but apparently it wants more.