Grove Inc. Completes Acquisition of VitaMedica, Making a Strong Entrance Into Nutraceuticals
August 05 2021 - 9:15AM
via NewMediaWire -- Grove Inc. (the “
Company” or
“
Grove”) (NASDAQ: GRVI), the Nevada based company
redefining the way hemp is bought, produced, and sold, is pleased
to announce a strong entrance into the nutraceutical space with the
completed purchase of VitaMedica, a leading online seller of
supplements for Surgery + Recovery, Skin + Beauty, and Health +
Wellness. The closing of the acquisition will be immediately
accretive to Grove, being both top line and net income positive for
the company.
The acquisition combines Grove’s innovation in production with
the extensive product line of VitaMedica, which has been
recommended by thousands of doctors and served over 1 million
patients. With this acquisition, the Company has taken direct aim
at the vitamin + nutraceutical market in order to address the
health + wellness needs of all consumers.
VitaMedica stood out, not only because of its reputation and
testimonials from consumers, but because of 25 years of clinical
use and physician-formulated products.
Allan Marshall, Chief Executive Officer of Grove, stated, “Our
team at Grove gained a great company with an amazing product line
that has generated more than $10 million in sales over the past
several years and we believe has the potential for exponential
growth from here. We at Grove are most excited about the team
members we gained with the addition of Dr. Rahm, Yvette La-Garde
and their entire team. I believe the people you get when acquiring
a company are of critical importance to the combined company’s
success. This is a great start to our Fiscal 2022 and I look
forward to working with everyone to maximize the opportunity.”
Strategic Highlights
- VitaMedica’s $10,000,000 in product sales over
the past several years adds to Grove’s rapidly expanding revenue
and YoY profits
- The addition of Dr. Rahm provides Grove with a close connection
to thousands of doctors and over 1 million
consumers, laying the groundwork for future partnerships
in the medical and therapeutic space for the use of Grove’s
expansive hemp-based products
- The transaction adds a diversified health and wellness
portfolio and entrance into nutraceuticals for Grove
- Opportunity to cross sell Grove and VitaMedica
products to both companies' existing customers and
databases
- Combining VitaMedica’s scientific approach to product
creation with Grove’s nationwide distribution
channels should further drive growth and new
opportunities
About GroveGrove, Inc. is in the business of
developing, producing, marketing and selling raw materials, white
label products and end consumer products containing the industrial
hemp plant extract, Cannabidiol (“CBD”). The Company sells to
numerous consumer markets including the botanical, beauty care, pet
care and functional food sectors. It seeks to take advantage of an
emerging worldwide trend to re-energize the production of
industrial hemp as well as vitamins and to foster its many health
and wellness uses for consumers.
About VitaMedica
For 25 years, VitaMedica nutritional supplements have been
recommended by thousands of doctors to serve over one-million
patients — to support recovery, promote skin health, maintain a
healthy weight and fuel overall wellness. As a respected leader in
the beauty and wellness space, VitaMedica’s premium-quality
products are guided by science and proven through clinical
experience.
Forward-Looking Statements
This news release contains "forward-looking statements" as that
term is defined in Section 27A of the United States Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
Statements in this press release which are not purely historical
are forward-looking statements and include any statements regarding
beliefs, plans, expectations or intentions regarding the future.
Actual results could differ from those projected in any
forward-looking statements due to numerous factors. Such factors
include, among others, the inherent uncertainties associated with
business strategy, product development, integration and synergies
of acquiring companies and personnel. These forward-looking
statements are made as of the date of this news release, and we
assume no obligation to update the forward-looking statements, or
to update the reasons why actual results could differ from those
projected in the forward-looking statements. Although we believe
that the beliefs, plans, expectations and intentions contained in
this press release are reasonable, there can be no assurance that
such beliefs, plans, expectations or intentions will prove to be
accurate. Investors should consult all of the information set forth
herein and should also refer to the risk factors disclosure
outlined in our registration statement on Form S-1 and other
periodic reports filed from time-to-time with the Securities and
Exchange Commission.
Company Contact
Andrew NorstrudEmail: investorinfo@cbd.ioPhone: (702)
332-5591
Investor Relations Contact
TraDigital IRJohn McNamaraEmail: john@tradigitalir.comPhone:
(917) 658-2602
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