News » Miracle-Gro Looking at Marijuana as a Miracle Grow?
June 15, 2011 by justin
Jim Hagedorn, the CEO of Scotts Miracle-Gro, said in the Wall Street Journal that he wants to expand his company’s market base by selling into niche markets. One of the specific markets that he noted was the growing medical marijuana industry.
Scott should “target the pot market. There’s no good reason we haven’t,” he said.
The economic downturn has caused Home Depot, Lowe’s and Wal-Mart Stores to all but eliminate new store growth – and these three giants provide the bulk, about two thirds, of Scott’s $3 billion in annual sales. Hagedorn has asked his regional managers to seek out smaller pockets of growth, such as providing potting soil and other supplies to growers of medical marijuana.
It is not yet clear if the Ohio based company, where medical marijuana is not yet legal, will actively market to the marijuana industry. CEO’s have been known in the past to make statements not in line with company policy, at times requiring embarrassing retractions.
Scotts declined yesterday to make Hagedorn available for comment, instead issuing a statement that noted that sales related to marijuana cultivation is “one of many different niche markets the company might explore,” spokesman Lance Latham wrote in an email. “We have not actively pursued opportunities in this market.”
[source Wall Street Journal]
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