Scotts Miracle Grow Co. now owns 80 percent of AeroGrow International Inc.

Boulder-based AeroGrow (OTC bulletin board: AERO) said Ohio-based Scotts Miracle Grow exercised current outstanding warrants that will generate $47.8 million for AeroGrow.

Scotts Miracle Grow now owns nearly 40 million shares of AeroGrow, or about 80 percent, which is up from the 31 percent it owned previously.

As part of the warrant exercise, AeroGrow CEO J. Michael Wolfe has left the company's board, the company said in a statement, and the board declared a $41 million distribution, or $1.21 per share, to shareholders.

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