As the medicinal marijuana industry extends its grasp in 16 states now, Ohio-based Scotts Miracle-Gro is partnering up with the budding industry to increase their sales. Miracle-Gro announced Tuesday it plans to promote its products to medical marijuana growers across the country.
According to Yahoo, CEO Jim Hagedron told the Wall Street Journal that from a financial standpoint there is “no good reason” not to promote their potting soil and growing enhancement products to the medical marijuana industry.
In the past Miracle-Gro has brought in approximately $3 billion in sales a year by providing their products to Lowe’s, Wal-Mart, and the Home Depot. However, the recent sluggish economy has led to a cut-back on what each store carries from Miracle-Gro, leading the company to pursue new and growing markets.
Medicinal marijuana is currently permitted in 16 states, and the move to legalize medical marijuana in Ohio and other states is gaining support. The Ohio Coalition for Medical Compassion is a political action committee that promotes a ballot that will allow the use of marijuana for medical purposes.
According to a report by See Change Strategy, a data services company, medical marijuana businesses earn $1.7 billion annually, so it is no wonder that Miracle-Gro wants to get in on the action. Projection reports anticipate the medical marijuana industry will soon catapult to a $3.4 billion a year industry.
Many people speculate that taxes placed on the sale of marijuana and products related would both increase revenue opportunity and jobs as well. Taxes could be applied just as they are to tobacco, alcohol, and prescription drugs. Others argue it could curb the drug cartel and allow law enforcement to focus on far more serious matters. Medical marijuana is widely used for the treatment of pain and many argue that the use of an organic substance instead of synthetically manufactured pills and injections has far less impact on the human body.