Botany giant Scotts Miracle-Gro has sold off its interests in Europe and Australia with the apparent intent of focusing on the North American market, including marijuana.
The company on Thursday finalized a $250 million deal in which it sold off gardening business interests in seven different countries, meaning that nearly all its revenue will now come from North America, The Cannabist reported.
The company intends to focus on its core business: hydroponics.
Scotts Miracle Grow will do that through its subsidiary, Hawthorne Gardening Co., which has been on an acquisition spree that includes buying up ancillary cannabis companies such as Gavita, which produces grow lights, and Botanicare, a marijuana-centric nutrient business.
“The integration of acquisitions under the Hawthorne umbrella is proceeding as planned, and we are in the closing stages of completing the acquisition of a marquee brand in another category of hydroponics,” Scotts CEO Jim Hagedorn told The Cannabist in a statement. “Our goal remains the same: To create the world’s most successful hydroponic gardening business.”