Scotts Miracle-Gro surged to a record after raising its profit forecast and reporting booming sales from a marijuana business that’s spreading its roots from California into the Midwest and East Coast.
Changing laws have spurred new markets in Ohio, Michigan, Florida and Massachusetts, the gardening-products maker said in a statement Wednesday as it reported earnings. That’s bolstering a robust business in California for the company’s pot-focused Hawthorne Gardening subsidiary.
Hawthorne, which supplies specialty fertilizers and hydroponics equipment used for growing marijuana, posted its third straight quarter of rising sales. That’s reversing a slump from last year, which was stoked by concerns that states weren’t acting as quickly as expected to loosen laws restricting marijuana crops and sales.
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