Scotts Miracle-Gro's (NYSE: SMG) fiscal first-quarter results, released on Wednesday, showed that growth in the cannabis industry is continuing to pay off for the gardening company. Its hydroponics business, Hawthorne, generated the large majority of its significant sales growth. Quarterly revenue of $365.8 million was up 23% from the prior-year period, which beat analysts' consensus expectation of $342 million. In hydroponics, Hawthorne's revenue of $198.8 million was up 41% from $140.8 million. As cannabis companies ramp up their production of marijuana, demand for hydroponics equipment, which is used to grow plants indoors, year-round, and without soil, goes up. Image source: Getty Images. Scott's U.S. consumer segment, which is dominated by its lawn and gardening business, grew at a more modest rate of 8%. The company is optimistic that during its peak summer months, the results from both businesses will remain strong. CFO Randy Coleman said in the earnings release: "The momentum in Hawthorne and the strong listing support with our retail partners give us confidence in both major reporting segments as we prepare for the most critical months of the fiscal year." Bottom line also did well, despite seasonality The company recorded a net loss during fiscal Q1, a typical result for it at this time of year. But that loss was $1.12 per share, which was still better than the $1.27 per share loss analysts were expecting. It was the second time in the past four quarters that Scotts posted a loss. However, investors were pleased with the results; the stock was up as much as 9% on Wednesday, and closed the day around 6% higher. Here's The Marijuana Stock You've Been Waiting ForA little-known Canadian company just unlocked what some experts think could be the key to profiting off the coming marijuana boom. And make no mistake – it is coming. Cannabis legalization is sweeping over North America – 11 states plus Washington, D.C., have all legalized recreational marijuana over the last few years, and full legalization came to Canada in October 2018. And one under-the-radar Canadian company is poised to explode from this coming marijuana revolution. Because a game-changing deal just went down between the Ontario government and this powerhouse company...and you need to hear this story today if you have even considered investing in pot stocks. Simply click here to get the full story now. Learn moreDavid Jagielski owns shares of Scotts Miracle-Gro. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source