Scotts Miracle-Gro (SMG) said Thursday it has transferred its wholly owned subsidiary, The Hawthorne Collective, to an independent partner in exchange for an interest-bearing promissory note.
The company retains the option to reacquire the business or its assets if federal cannabis reform moves forward.
The Hawthorne Collective, launched in 2021, was created to make cannabis-related investments outside the scope of Hawthorne Gardening, Scotts' existing cultivation supply business.
CEO Jim Hagedorn said the move is part of a broader effort to separate the company's cannabis-related holdings and focus on its primary consumer lawn and garden operations. He added that federal inaction has limited growth in the cannabis industry and that further separation specifically of Hawthorne Gardening is expected by the end of fiscal 2025.
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