Deals
Scotts Miracle-Gro Buys Sunlight to Double Cannabis-Grower Sales
- Sunlight Supply to be acquired by Scotts for $450 million
- Deal for hydroponics supplier is company’s largest ever
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Scotts Miracle-Gro Co. agreed to acquire the top U.S. distributor of hydroponics products for $450 million in cash and stock, a transaction that will more than double its sales to cannabis growers.
Chief Executive Officer Jim Hagedorn is making the company’s largest-ever transaction as he continues his three-year transformation of Scotts, the largest maker of lawn and garden products, into a force in the cannabis industry. Nine states and the District of Columbia now allow recreational pot use, and the industry is expected to reach $75 billion in sales by 2030 as more legalize marijuana, according to Cowen & Co.