The Scotts Miracle-Gro Company

I discovered a great quote from Scotts Miracle-Gro's FQ3 2022 earnings call:

_"There were some challenges that emerged this year, several of them actually that we could not have anticipated. In other cases, especially with Hawthorne, we misread the market which drove investment decisions that I'd reverse if I could but I can't. **What I can do and will do is focus on the proactive steps we can take to get this business back to an acceptable level of profitability.**"_

While $SMG has certainly experienced its fair share of struggles recently (down 70%+ from highs), Jim Hagedorn, the CEO and largest shareholder, has adopted the right mindset. The past is the past. The future is where his focus should lie, and he clearly accepts that.

This is the type of management I look for: aligned, transparent, accountable, and forward-looking.

Looks like Hawthorne sales were down 63%--affected by industry-wide pressures. Do you still/did you ever consider $SMG a cannabis play?

Joshua Simka

$SMG Management

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