In its latest marijuana-related deal, Scotts Miracle-Gro Co. said it has secured an 80% stake in AeroGrow International, which sells home-growing kits for indoor gardeners.
Scotts Miracle-Gro acquired some 21.6 million shares of Colorado-based AeroGrow for $47.8 million, and the deal has further extended the Ohio company’s reach into the marijuana trade.
Scotts has purchased a range of marijuana-related companies, from hydroponic and nutrient firms to lighting, hardware and fertilizer companies.
Scotts first developed the partnership with AeroGrow in 2013 as a foray into the cannabis industry, acquiring a 31% stake in the firm. It had the option to boost that stake.
Scotts CEO Jim Hagedorn has been vocal about his company’s entry into the marijuana industry, and the company’s recent acquisitions have sent its stock higher on Wall Street.