Scotts Miracle-Gro relies on Home Depot, Lowe’s and Walmart for nearly two-thirds of its revenue. But because consumers are still cautious about spending and, consequently, because the three box stores are not building stores at the rate they were several years ago, Scotts is exploring new markets to generate sales.
Markets like medical marijuana.
In a Wall Street Journal (WSJ) article published June 14, Scotts CEO Jim Hagedorn says he wants “to target the pot market,” and other niche markets to boost his company’s sales.
To target marijuana growers, WSJ indicates Scotts would buy niche dirt companies that already exist rather than create its own line of branded products.
Learn more about Scotts online at Scotts.com.