How Nasdaq-Traded Hemp Co. Grove Inc. Became an Overnight Success and Why It's Positioned to Stay There
Grove Inc. (NASDAQ: GRVI) started as a group of hemp enthusiasts eager to spread the word about the benefits associated with the use of CBD and hemp-based products. Today, the company is on its way to becoming a leading global innovator in the wellness industry.
Swift, Strategic and Successful
Grove went public in June of 2021, offering 2.2 million shares for $5 each. After the capital infusion, the company commenced negotiations for its first acquisition, which could close in the coming months.
Also in June, Grove sent out a non-binding letter of intent to acquire Vitamedica, an online seller of supplements for “Surgery + Recovery, Skin + Beauty and Health + Wellness.” The company hopes this opportunity will provide access to the nutraceuticals market, which boasted more than $160 million in global sales in 2020.
Shortly thereafter, Grove pre-announced financial results for the fourth quarter and full year of fiscal 2021, exceeding even their own internal projections, with fourth-quarter revenues expected to advance more than 300% over the fourth quarter of 2020, and full-year revenues expected to advance more than 200% over the prior-year period. At the same time, full-year net income is projected at more than $2 million compared to a loss in the previous year.
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Serial Entrepreneurship
Grove’s CEO Allan Marshall is a serial entrepreneur with a focus on development-stage companies in hyper-growth industries. And, he’s spent quite a bit of time specializing in the technology and cannabis industries.
Perhaps most notably, Marshall founded Segmentz in November 2000. There, he served as CEO, successfully acquiring five distinct logistic companies, raising more than $25 million in capital and created the infrastructure and business foundation for what is now XPO Logistics, Inc. (NYSE: XPO), a company boasting revenues in excess of $17 billion.
Commenting on Grove’s recent success, Marshall said, “Our growth is the cumulation of hard work by our entire team and a strategy that built a foundation for continued growth and expansion while maintaining profitability. I am excited heading into 2022 with some momentum and flexibility to invest in new verticals and continue our internal growth.”
With such experienced leadership, Grove is no doubt in good hands and well on its way to becoming a leader in the cannabis sector of the wellness industry.
Available and Upcoming Products
Grove seeks to be an expert in hemp and a leader in the wellness space. The company sources its CBD from hemp farms in Colorado, which is currently one of the most consistent and reliable locations in the world to grow and produce hemp and other cannabis plants.
When production is complete, Grove submits all of its products to a third-party lab for testing. This validates the quality and ensures customer satisfaction.
From there, Grove’s products are distributed worldwide across 46 countries and territories.
Grove’s brands include:
GRN: A CBD shop for wholesalers and consumers that seeks to cut out the intermediary and deliver high quality, competitively priced CBD for all.
CBD Infusionz: A hub for all things hemp — from CBD-infused lotions, tinctures, gummies, coffee and even pet products — a one-stop-shop for wholesalers and private label inquiries.
Qubes: A vitamin gummy line, taking plant-based wellness to the highest level of consumer satisfaction by curating experiences based on customer’s individual goals.
Zest: An upcoming full product line of CBD oil, gummies and tinctures catering to each consumer’s needs and offering the ability to shop by effect.
Grove is a passionate group of hemp and health enthusiasts who believe in a better life for all. Its goal is to transform the landscape of how hemp and vitamins are produced, bought and sold, with each of its brands curated for individual consumer needs.
Find out more at https://groveinc.io/.
Photo by Joel Muniz on Unsplash
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