Sales at Hawthorne Gardening Co., the marijuana grow subsidiary of Scotts Miracle-Gro, were further diminished for the quarter ending July 1.
Sales dropped by 6% to $1.12 billion at Ohio-based Scotts overall, driven by a 40% sales decline at Hawthorne, according to a news release.
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Proceeds from Hawthorne’s sales of cannabis hydroponics, horticulture and lighting supplies have steadily declined through the period over the past two years.
Hawthorne sales totaled $93.4 million for the most recent quarter compared with $154.5 million during the same period last year.
That’s compared with $421.9 million for the same period two years ago.
For the first nine months of fiscal year 2023, Hawthorne’s sales have plummeted by 42% to $317.6 million.
“We are carrying significant debt load without the earnings we expected from our investments in Hawthorne, the cannabis space and expansion of our operational capacity to capture pandemic level
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