The Scotts Miracle-Gro Company (SMG) announced that it is in advanced discussions for the sale of its Hawthorne subsidiary to Vireo Growth, Inc., with an anticipated closing in the second quarter. Under the proposed terms, Vireo Growth will acquire Hawthorne in exchange for an investment in Vireo and will integrate the cultivation supply business into its broader consumer cannabis operations.
In conjunction with the pending divestiture, effective in its first quarter of fiscal 2026, the company classified its results of operations for all periods presented to reflect the Hawthorne business as a discontinued operation. The company also reaffirmed its fiscal 2026 guidance. The Board approved a share repurchase program authorizing the repurchase of up to $500 million of ScottsMiracle-Gro common stock.
First quarter net loss from continuing operations was $47.8 million compared to a loss of $66.1 million, prior year. Loss per share from continuing operations was $0.83 compared to a loss of $1.15. Adjusted net loss per common share from continuing operations was $0.77 compared to a loss of $0.88, a year ago. Net sales were $354.4 million, down 3%.
In pre-market trading on NYSE, Scotts Miracle-Gro shares are down 0.4 percent to $63.00.
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