Scotts Miracle-Gro (SMG) Gains as Pot Business Highlighted

October 12, 2016 1:05 PM EDT

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Scotts Miracle-Gro (NYSE: SMG) is gaining Wednesday after Bloomberg highlighted the stock as a play on legalized marijuana.

The article notes the company has been on a buying spree of companies that provide specialty fertilizers, lighting and other supplies for hydroponics.

Scotts' hydroponics business now generates about $250 million of revenue a year. While less than 10% of the company's $2.9 billion in revenue generated in the last 12 months, margins are higher analysts note.

Shares of SMG are up 2.3% to $85.50.

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