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ScottsMiracle-Gro (NYSE: SMG) has announced its support for the merger between RIV Capital and Cansortium, aiming to enhance its stake in the cannabis market in high-growth states like New York and Florida. This move aligns with ScottsMiracle-Gro's 2021 strategy, having invested $175 million in RIV Capital. The merger will see The Hawthorne Collective, a subsidiary of ScottsMiracle-Gro, exchange its RIV notes for non-voting exchangeable shares in Cansortium. This strategic combination is expected to bolster cannabis cultivation and retail operations, providing significant value-creation opportunities. RIV Capital has already made strides in New York's cannabis market, while Cansortium has established a strong presence in Florida, Texas, Pennsylvania, and Alabama.
The Scotts Miracle-Gro Company (NYSE: SMG) invites institutional investors, equity analysts, and financial media to its headquarters in Marysville, Ohio, for an in-person 'Meet the Management' Investor Day on July 16, 2024, from 8 a.m. to 1 p.m. ET. The event includes presentations by executive and senior leadership, showcasing near- and long-term strategic focuses and recent innovations. Attendees will participate in a Q&A session over lunch and have time for informal networking. Video recordings will be available online within the following week, archived for at least 90 days. Registration is required by June 14, 2024, via email to investor@scotts.com.
The Scotts Miracle-Gro Company (NYSE: SMG) will participate in the William Blair 44th Annual Growth Conference in Chicago on June 6, 2024.
Matt Garth, Chief Financial and Administrative Officer, will provide a business update at approximately 8:00 CT. A live webcast of the presentation will be available on the Company’s investor relations website, and an archive will be accessible for at least 90 days.
ScottsMiracle-Gro, with approximately $3.6 billion in sales, leads the market in consumer lawn and garden care products. Its notable brands include Scotts®, Miracle-Gro®, and Ortho®. The Company’s subsidiary, The Hawthorne Gardening Company, specializes in indoor and hydroponic growing products.
The Scotts Miracle-Gro Company (NYSE: SMG) reported strong second-quarter results with U.S. Consumer net sales hitting a record high of $1.38B, GAAP EPS of $2.74, and non-GAAP Adjusted EPS of $3.69. The company exceeded operating plan targets, improved gross margin, and generated strong free cash flow. Despite total sales being flat at $1.53B, the U.S. Consumer segment increased by 2%. Hawthorne segment sales declined by 28% due to strategic changes. The Company's financial position remains strong with net leverage of 6.95x, well below covenant maximum, and aims to achieve fiscal 2024 guidance.
