$40 Million Cannabis Acquisition for Scotts Miracle-Gro

Scotts Miracle-Gro CEO Jim Hagedorn has made good on an earlier promise to invest big money in ancillary cannabis companies.

Hagedorn announced in a conference call with investors that the lawn-care company signed a $40 million deal this week to acquire Botanicare, a marijuana nutrient and hydroponics products provider in Arizona.

The outspoken CEO previously said he wants to “invest, like, half a billion dollars” in the marijuana industry.

Earlier this year, Scotts bought Gavita, a European company that specializes in grow lighting and…