Scotts Miracle-Gro Forecasts Its Marijuana Support Business Will Grow Sales 30% to 40% in 2021
Scotts Miracle-Gro (NYSE: SMG) saw across-the-board gains in its fiscal second quarter, with revenue hitting a record $1.83 billion as its consumer-based lawn and garden business enjoyed 23% growth from the year-ago period.
Although its Hawthorne unit is still the smaller of its two reporting segments, the division, which serves as a "picks and shovels" provider to the marijuana industry, saw sales surge 66% in the quarter, which ended April 3. The company now forecasts that Hawthorne will grow sales by 30% to 40% for the full year.
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Source Fool.com
