Scotts Miracle-Gro said it expects sales of its Hawthorne unit, which includes marijuana cultivation supplies, to decline 40%-45% for the fiscal year ending Sept. 30, a pessimistic turn from comments only weeks ago.
The lawn and garden giant said just last month that Hawthorne Gardening Co. sales had begun to show signs of strengthening.
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“The changes we have seen since our last public comments in early May are clearly not what we would have expected,” Scotts Chair and CEO Jim Hagedorn said in a Wednesday news release.
“The revised guidance we are providing is our best estimate of where things currently stand in a fluid and rapidly evolving market.”
Indeed, Scotts has seen the unit experience volatility for much of the year.
In January, Scotts announced that the first-quarter sales of the Hawthorne hydroponic business was expected to decline by 40% because of a cannabis market slowdown
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