Do you believe in marijuana miracles? Jim Hagedorn, CEO of Scotts Miracle-Gro, certainly does. The multi-national plant-food company, which is based in Ohio, is eying a product line targeted to the medical pot business. It could be a sign that mainstream industry is finally ready to embrace the blossoming MMJ culture -- or it might just be that Hagedorn had one too many whiffs of his weed killer.
Hagedorn detailed his plans in the Wall Street Journal last week. The problem, he explained, is that big-box stores aren't growing like they used to, and that's been a drain on Scotts' revenue. So now, the company is looking for niche markets where it can expand -- and the medical marijuana market, which is expected to hit $1.7 billion in sales this year was an obvious choice. "I want to target the pot market," said Hagedorn, who noted that he'd been mulling the idea since 1995. "There's no good reason we haven't."
If Hagedorn's plans see fruition, it might be just the sign that major investors have been waiting for before they, too, get into MMJ industry, and other brands could soon follow Scotts' lead. Maybe the day will come when we see a whole aisle in Home Depot devoted to growing amazing weed.
Then again, Hagedorn, the son of Miracle-Gro's co-founder, is not your typical CEO. He's a former F-16 fighter pilot with a mouth like a sailor who likes to commute to board meetings via his personal Cessna. He has a tendency to alienate garden-store owners with no-BS speeches, and he considers reports that pot raids have turned up bags of his company's goods as encouraging market research.
But this privileged son could prove to be a prodigal: The Journal asked its characteristically conservative readers what they thought of Miracle-Gro for marijuana -- and more than 82 percent said they thought it was a good idea.
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