April 26, 2025 - 03:20
In a Friday interview with CNBC's Jim Cramer, Scotts Miracle-Gro CEO Jim Hagedorn discussed the company's recent initiatives to divest its cannabis business. Hagedorn emphasized that the move reflects a strategic shift for the company, which has faced challenges in the evolving cannabis market. He stated that the decision to step back from the cannabis sector is primarily driven by a desire to focus on more profitable and stable areas of the business.
The CEO acknowledged that while the cannabis industry holds potential, Scotts Miracle-Gro has encountered significant hurdles, including regulatory uncertainties and market volatility. As the company looks to streamline its operations, Hagedorn confirmed that cannabis-related ventures are now considered "mostly off the table." This pivot aims to enhance the company's core gardening and lawn care products, which have historically been its strength.
Investors and analysts are closely watching how this strategic realignment will impact the company's overall performance in the coming quarters.
