Indopedia All Things Marijuana
As Scotts Miracle-Gro settles in on its play in hydroponics, it’s ratcheting down a buying spree and turning attention to integration and cost-saving.
The venerable lawn-and-garden company’s goal is simple:
“To become the best supplier of hydroponic growing products in the world to both the consumer and professional markets,” Scotts CEO Jim Hagedorn told analysts and investors Tuesday.
Scotts’ leap into an ancillary sector of the cannabis industry continues to bolster a top line pressured by a late start to the growing season and struggles among mass-market retailers, the Marysville, Ohio-based company noted Tuesday as part of its third-quarter earnings report.
“As we approach our third year on hydroponics, I think we are in a great place,” Hagedorn said during the company’s earnings call, referencing Hawthorne Gardening Co., the subsidiary that serves as the umbrella for the hydroponics businesses.
For the quarter, Scotts’ core business in the U.S. saw 5…
