In an interview on Friday with CNBC Jim Cramer,, Miracle-Gro scotts CEO Jim Hagedorn addressed the company’s recent efforts to unload its cannabis activity, saying that it was “mainly out of the table”.
“We have burned $ 2 billion there,” said Hagedorn. “So … we will put the business in another entity, and we will have equity. And we hope the best.”
Earlier in April, the fertilizer manufacturer announcement He would transfer his Investments in the growth and distribution of cannabis to “an independent strategic partner”. Management said in the press release that cannabis activities have been generally hampered by a slow legalization process at the federal level. However, Scotts Miracle-Gro indicated that it “retains an option to react” the company or its assets if changes in legislation help to advance industry.
HAGEDORN has thought about the main gardening activities of his business, saying that consumers wanted promotions and that retailers use Scotts Miracle-Gro products to increase pedestrian traffic. The advertising also works well, he continued, and he argued that the company gains in sharing. Customers “want a good deal, but they like gardening”.
Scotts Miracle-Gro in March named Mark Stewart as “chief of gardening” ,,,,, And HAGEDORN boasted that the hotel entrepreneur was a boon for the company.
“It’s really fun to work with her, and she’s totally with that,” he said. “It has reinvented itself so many times … One of the greatest women of all time.”
