Columbus Based Business Gearing up for Potential Marijuana Boom
Scotts Miracle-Gro has made a name for itself in the hotly competitive weed killer, mouse trap, lawn fertilizer, soil and mulch industries by being “the cool dirt company” — I guess.
Well anyway, Scotts is betting on the growing marijuana industry as the next big thing, investing in nearly $200 million in hydroponics equipment.
The Marysville-Based company ironically makes most of its money killing unwanted weeds, and now is thinking that maybe growing weed is the way to go. Specifically, the supply of hydroponics equipment.
Despite all this investment, there is an uncertainty in how Donald Trump’s administration will work with the budding weed industry.
Scotts Miracle Gro CEO, Jim Hagedorn
“I was a supporter of Donald Trump. I voted for him,” said Scotts CEO Jim Hagedorn on Tuesday during an earnings call.
According to a July 2016 article by Forbes, Hagedorn launched out of the gate like a rocket into the marijuana industry, “If you don’t like it, leave. We’re doing it. It’s beyond stopping. And we’re not getting into pot growing. We’re talking dirt, fertilizer, pesticides, growing systems, lights. You know it’s a multibillion-dollar business, and we’ve got no growth in our core. Are you guys stupid?”
Ultimately, marijuana is illegal under federal law and despite many state’s deciding to pass legislation to make it legal, the federal government could technically crackdown at any time.
There is an optimism across the board at Scotts, with sales growing higher and potential business ventures in marijuana to be a slow but reliable burn (if everything goes right.)
To read more about Scott’s support of the marijuana growth industry, click here.
What do you think? Is weed Ohio’s next big industry, following in the footsteps of West Coast states?
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