Scotts Miracle-Gro is a marijuana play, says JPMorgan

A file photo of marijuana plants
Gina Ferazzi | Los Angeles Times | Getty Images

Investors should buy Scotts Miracle-Gro because recent hydroponics business acquisitions will pay off as legal marijuana use increases, according to JPMorgan.

The firm raised its rating on the seed and fertilizer company to overweight from neutral.

Hydroponics is the process of growing plants in liquids without the use of soil and is a popular method for cultivating marijuana.

"We view Scotts as a reasonably valued investment over a longer time frame as weather impacts have understated Scotts' sales growth a