Scotts Miracle-Gro establishes 80% ownership of home-grow firm
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.