The Scotts Miracle-Gro Co. is broadening its move into cannabis by launching a new subsidiary that will allow the Ohio-based lawn and garden giant to invest in emerging areas of the marijuana industry.
The new subsidiary, called The Hawthorne Collective, isn’t wasting any time. The company on Tuesday announced a strategic investment in Toronto-based RIV Capital, which until earlier this year was a subsidiary of cannabis giant Canopy Growth.
The deal makes RIV Capital the Collective’s “preferred vehicle” for cannabis-related investments that are not currently in the purview of the Hawthorne Gardening Co. Hawthorne Gardening is a Scotts Miracle-Gro subsidiary that supplies hydroponics and grow supplies for the cannabis sector.
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