Minneapolis-based multistate marijuana operator Vireo Growth plans to acquire The Hawthorne Gardening Co., the cannabis-oriented subsidiary of lawn and garden giant The Scotts Miracle-Gro Co.
As part of the deal announced Wednesday, Scotts Miracle-Gro will transition to what executives described as an “equity participation arrangement” with Vireo rather than maintaining direct ownership of Hawthorne, according to a Vireo Growth news release.
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Exact terms of the deal, described as a memorandum of understanding (MOU), were not announced.
Scotts Executive Vice President Chris Hagedorn will be named to Vireo’s board when the transition is complete.
The deal represents another pivot away from cannabis for Scotts – and yet another audacious acquisition for Vireo.
Scotts Miracle-Gro’s $1.7 billion marijuana industry play
In a statement, Scotts
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