Miracle-Gro Sees Pot of Gold in Medical Marijuana

Wednesday, 15 Jun 2011 03:22 PM

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Scotts Miracle-Gro Co., famous for its lawn- and garden-care products, wants to get into the marijuana business, The Wall Street Journal reports. online. Scotts Chief Executive Jim Hagedorn sees medical marijuana cultivation, which is legal in 16 states, as a potential area of sales growth.

marijuana, medical, scotts, miracle-gro“I want to target the pot market,” Hagedorn told the Journal. “There’s no good reason we haven’t.”

Hagedorn, a former Air Force F-16 pilot who took over Ohio-based Scotts from his father, is the first CEO of a major company to embrace the market for medical marijuana, which is projected to reach $1.7 billion in 2011, according to one report.

Some companies that specialize in medical marijuana have sought money from venture capitalists and have talked of launching IPOs.

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