Can a company best known for lawn care become a leading player in the legal pot business? Yes, according to growth stock expert Brit Ryle, editor of The Wealth Advisory.
The Scotts Miracle-Gro Company (SMG)
And it now supplies nutrients to a large share of the legal marijuana growers in the country. U.S. legal marijuana market to hit $14.5 billion in sales in 2018.
Scotts still hasn’t quite recovered from that post-earnings dip that it took last quarter. But we’re getting into the big money months for the company, and I’m expecting to see momentum shifting back in our favor after earnings come out early next month.
Scotts makes the bulk of its revenues from lawn and garden products. And people just don’t buy those during the winter.
But now, it’s starting to warm up and SMG products are starting to dot the backyards and deck gardens of America.
Plus, every day, we’re getting closer to legalization of cannabis in the U.S. With its solid investments in the cannabis growing market, Scotts stands to be one of the biggest pot companies in the U.S. once all is said and done.
Use dips as opportunities to add shares. This one is coming back up soon. The Scotts Miracle-Gro Company is still a Buy now anywhere under $90. The 12-month price target is now $105.
Brit Ryle is editor of The Wealth Advisory.
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