Scotts Miracle Gro purchases General Hydroponics Inc. and Bio-Organic Solutions Inc. Scotts CEO, Jim Hagedorn, stated this is a move to increase revenue and capture younger customers. With increasing popularity and acceptance of marijuana, Scotts Co. feel this will be a perfect match. General Hydroponics is a Santa Rosa, California based company who is widely popular with cannabis growers and is considered a standard among hydroponic farmers.
Scotts’ CEO, Jim Hagedorn, has expressed interest in the burgeoning marijuana “DIY” market as far back as 2011 in a Wall Street Journal (WSJ) interview, “High Hopes at Miracle-Gro in Medical Marijuana Field“. In the article, he is quoted as saying:
“I want to target the pot market, there’s no good reason we haven’t.”
The 2011 WSJ goes on to note that “to target marijuana growers, Scotts would likely buy niche dirt companies that already exist rather than create its own line of branded products.”
The purchase of General Hydroponics by Scotts Miracle Gro seems like the latest move in the implementation of Hagedorn’s stated strategy.
Terms of the deal were not disclosed.