Scotts Soars to Record as Marijuana Sales Spur Improved Outlook
- Changing state laws boost forecast for cannabis-oriented unit
- CEO sees ‘validation’ as company reverses last year’s slump
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Scotts Miracle-Gro Co. 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.