A little over a decade ago, Scotts Miracle-Gro (SMG) CEO Jim Hagedorn made a bet on the cannabis industry, creating Hawthorne Gardening Company, a venture that would grow cannabis, Dean Seal of The Wall Street Journal reports. Hagedorn continued to believe in Hawthorne despite the roadblocks in the industry, spending about $2B to make Hawthorne the dominant supplier to cannabis cultivators. While originally the company performed well, sales fell in 2022 and many of its customers went bankrupt. Now, Hagedorn believes it is time to separate the Scotts from marijuana, with plans to sell Hawthorne Gardening by the end of the year.
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