Though there are a number of direct players in the industry, some of the most surprising growth can be seen in emerging industry players. One such name is Scotts Miracle-Gro.
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The lawn-and-garden company Scotts Miracle-Gro has spent more than $200 million on all things related to hydroponics in hopes of making money from the growing legal marijuana sector, according to the Columbus Dispatch. Scotts Miracle-Gro plans to hold its next board of directors meeting in Colorado, where marijuana was legalized for adult use in 2014.
Marijuana sales has the potential to greatly add to government’s treasury as well, and it will be immensely helpful in medical fields. Nowadays, it is also easier for banks for provide services for legal marijuana businesses.
Sales in the legal marijuana industry are skyrocketing, which is why Money Morning created a list of the top marijuana stocks to watch in 2017. But because marijuana is still illegal under federal law, and many of the marijuana stocks on the market are so volatile, this isn’t a list of recommendations. Rather, it’s a list of marijuana stocks they are watching closely in 2017.
Investors new to the sector said they are eager for a piece of a market that, by some estimates, will reach $50 billion over the next decade and are looking for ways to claim profits while minimizing legal risks.
Scotts Miracle-Gro built a multi-billion dollar business by being a market leader across several categories of the lawn-and-garden industry. The problem? Those categories weren’t growing all that fast.
After Scotts Miracle-Gro bought a hydroponic company, its stock price rose, and JP Morgan thinks it should be higher, according to an Aug. 4, 2016, article by CNN. The hydroponic company, General Hydroponics, makes liquids that can be used to grow marijuana indoors.