According to a Marijuana Business Daily projection, New Jersey could have a recreational cannabis industry annually selling between $850 million and $950 million worth of cannabis products by 2024.
Someone has to grow those high-quality buds. So it should come as no surprise that one of the largest agricultural companies in the U.S., ScottsMiracle-Gro, is donating substantial funds to legalize in the “Garden State.”
Marijuana Business Daily reported that state records showed ScottsMiracle-Gro had donated $800,000 of the nearly $1.3 million raised as of October 2. This donation is a prime example of how mainstream companies are willing to invest in the future of cannabis and its legalization.
Scotts hopped into the cannabis sector with its hydroponics subsidiary, Hawthorne Gardening, making $1 billion in acquisitions. The company purchased the largest hydroponic distributor, Washington-based Sunlight Supply, in the U.S. for $450 million in 2018, improving Hawthorne’s ability to serve the hydroponics market.
While Scotts has contributed to New Jersey’s recreational cannabis election, large cannabis companies and medical cannabis operators in the state haven’t contributed nearly as much.