Scotts Miracle-Gro moves further into marijuana with $450 million deal
Scotts Miracle-Gro is paying a total of $450 million for Sunlight Supply, $425 million in cash and the remainder in equity. When the deal closes, Sunlight Supply will be folded into its new owner's Hawthorne Gardening unit -- the division that holds its hydroponic assets, as well as other goods associated with marijuana cultivation.
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Although Scotts Miracle-Gro is a traditional gardening-supply company in many respects, over the past few years, it's been associated with the limited number of marijuana stocks available on the market. With this latest buy in mind, that association is only likely to deepen.
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