As growth slows, the Scotts Miracle-Gro Company is looking to the expanding medical marijuana industry as a new source of revenue.

Scotts' Chief Executive Jim Hagedorn told the Wall Street Journal that he is exploring medical marijuana and other niche markets to help boost sales. The company currently relies on major retailers like Home Depot, Lowe's and Wal-Mart for nearly two-thirds of its revenue, but they as the growth of these key retailers has slowed, so has Scotts' sales.

"I want to target the pot market," Hagedorn said. "There's no good reason we haven't."

A report released in March by the independent financial analysis firm See Change Strategy LLC, found that medical marijuana now has a $1.7 billion market and predicted that it will double in the next five years.

The growth of the market is being driven by increased patient access and the adoption of regulations that facilitate the sale of medical marijuana. The sale of medical marijuana has been legalized in Alaska, Arizona, California, Colorado, Michigan, Montana, Oregon, Washington, New Jersey, New Mexico, Maine, Rhode Island and the District of Columbia.

Hagedorn said that Scotts would probably buy small companies that have already created a line of products for marijuana cultivation, rather than develop its own products.