Grove Inc (NASDAQ:GRVI) has launched its newest product line of mushroom extracts, Cure Mushrooms, set to take advantage of the growing demand in the medicinal mushroom space.
What Happened: With cultivation in the Pacific Northwest and extraction/formulation in California, the USDA Certified Organic brand offers a full line of liquid extracts (tinctures) and gummies.
The company says that the Cure Mushrooms products are vegan and completely free of preservatives, chemicals, corn syrup, allergens, soy, dairy, wheat, salicylates, artificial ingredients, artificial sweeteners, flavors, or colors.
The product site is already active, while the Amazon storefront will go live in June.
Also Read: EXCLUSIVE: Grove Acquires Controlling Stake In Amazon Seller Cygnet.
Why It Is Important: As per Research and Markets, “The medicinal mushroom market is expected to grow by $4.55 bn during 2021-2025, equivalent to a CAGR of 9.15%.”
CEO Allan Marshall stated, “Our DTC and Amazon brand sales have been a major driver of our growth. Management believes this new launch and our recent acquisition of Cygnet put us on pace for increased growth in 2023 and beyond.”
Price Action: GRVI shares traded higher by 2.30% at $5.79 on the last check Thursday.
