Scotts Miracle-Gro CEO Jim Hagedorn has made good on an earlier promise to invest big money in ancillary cannabis companies.
Hagedorn announced in a conference call with investors that the lawn-care company signed a $40 million deal this week to acquire Botanicare, a marijuana nutrient and hydroponics products provider in Arizona.
The outspoken CEO previously said he wants to “invest, like, half a billion dollars” in the marijuana industry.
Earlier this year, Scotts bought Gavita, a European company that specializes in grow lighting and hardware, and has also invested in other cannabis-related companies.
Hagedorn offered something of an olive branch to the cannabis cultivation community, whose members have expressed concerns that the industry is being taken over by big companies with shoddy products.
“So, to our new friends in the hydroponics space, I want you to know that we take seriously our responsibility as the industry leader. And since we are an outsider, I know a lot of people will be watching to see how we behave,” Hagedorn said.
U.S. cannabis companies willing to work at it will find ample opportunities to raise money.
I want to be hired, 40 years of hydroponic formula’s back when we didn’t have computers to calculate the ppm in a formula, I did the calculations myself. So where do I send my resume?
Eric, You’re good with that the sales of these companies will result in additional profits ending up in the pockets of the largest distributor of Round UP/glyphosate/atrizine?
Wolf…always trolling.
” I know a lot of people will be watching to see how we behave,” Hagedorn said.
Here it is folks, What’s next? Large Pharma buying large Chemical companies. Roundup ready pot seeds. They don’t care if we watch them. They are driven by profits and quarterly reports. After those of us that did the hard work under threats of prison time. And those that served prison time because of laws made to protect the same folks that are now investing in OUR industry. Our industry needs to wake up and prepare to do battle. A little gorilla marketing will go a long way. Question: How many millions of spider mites flown via drones to massive corporate farms does it take to give a CEO a headache. Not that I would condone such criminal terrorist behavior. Besides I’m a drug dealer not a terrorist! For now.
GH and Botanicare are low end nutrients -not the sort of stuff you want to use if you want quality product. Might as well use miracle grow. Yeah all the Hydro stores push them because they’re cheap and an easy mark up. Advanced Nutrients is hands down the best with House and Garden and Canna up there as well..
Scott is not an industry leader. its a company with a pocket book. I was a GH grower for 15 years until you bought them. I engineered a less expensive alternative that is superior and 1/20 the cost that I use in my gardens as I produce tons a year. Good luck in this space. Some folks with will never support you. History is prelude. Scott’s history is littered with questionable dealings and products.