SMG - ScottsMiracle-Gro Poised to Advance Cannabis Strategy in New York Florida and other states | Benzinga
MARYSVILLE, Ohio, May 30, 2024 (GLOBE NEWSWIRE) -- The Scotts Miracle-Gro Company (NYSE:SMG) announced its support for the planned combination of RIV Capital and Cansortium, stating the move will enhance its strategic stake in cannabis cultivation and retail operations in important high-growth states.
"The combination of these two companies is a transformative step in the strategy we initiated in 2021 when we first invested in RIV Capital," said Jim Hagedorn, chairman, CEO and president of ScottsMiracle-Gro. "Despite delays with adult-use implementation in New York, RIV Capital has become a legitimate player in the state's medical and recreational cannabis market. Cansortium, meanwhile, is a proven operator with licenses in Florida, Texas, Pennsylvania and Alabama. Together, they will have the financial means and strong operating team to expand in four of the five most populous states, leading to value-creation opportunities for RIV and Cansortium shareholders as ...