Thursday, May 04, 2017 4:01:04 PM
Wall Street loves Scotts Miracle-Gro (NYSE:SMG) because it's a Jeff Sessions-proof stock to still get a little play on the booming cannabis industry. The company doesn't touch the plant, but has invested heavily in the space. The company's Hawthorne Gardening Co. subsidiary purchased General Hydroponics Inc. for $130 million in 2015, and went deeper into the hydroponics market with a major stake in the at-home hydroponic systems company AeroGrow International (OTC:AERO).
The company's cannabis-focused Hawthorne subsidiary now has a handful of brands in its portfolio, all targeted at cultivation, and Wall Street has loved it. As of recent 13F filings, institutional ownership of Scotts is up over 71%. This may be subject to change soon, since Scotts reported Q2 financials on Tuesday, and the company missed on earnings and revenue.
Read the whole article (https://www.dailymarijuanaobserver.com/single-post/2017/05/04/SMG-Wall-Streets-Weed-Stock-Darling-Missed-Earnings---What-You-Need-to-Know)
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