Scotts Miracle-Gro’s Cannabis Play Boosts Stock Price

Marijuana appears to be lifting Scotts Miracle-Gro’s stocks to new highs.

On Thursday, a day after the Ohio-based lawn care giant announced that it had shelled out $40 million to buy Botanicare, an Arizona-based provider of marijuana nutrient and hydroponics products, JP Morgan stock analyst Jeffrey Zekauskas upgraded his outlook for the company’s stock by raising its target price by more than 20%, to $85 from $70, according to Barron’s. He also upgraded the stock to “overweight” from “neutral.”

“The hydroponics market taps…