Grove, Inc. Launches Amazon Aggregation Division
October 14 2021 - 8:00AM
via NewMediaWire – Grove, Inc. (NASDAQ:GRVI) ("Grove" or the
"Company"), a global innovator in hemp, health, and wellness, today
announced the launch of Upexi, its wholly owned division to
acquire promising Amazon and Ecommerce businesses.
Since 2020, funding has poured into Amazon aggregators, raising
nearly $10 billion according to Marketplace Pulse.
Investors are racing to fund these companies whose
goals are to buy promising Amazon brands that buyers believe can be
scaled. According to Marketplace Pulse, “The market had a
breakout year in 2020 because of three factors: the pandemic
accelerating spending on Amazon, Thrasio raising hundreds of
millions of dollars, and Anker, an Amazon-native brand, going
public.” According to Bloomberg, Thrasio, having raised more
than $2 billion, could see its IPO valued at more than $10
billion.
With the launch of Upexi, Grove intends to take direct aim at
the Amazon Aggregation market. Grove plans to enter the market as a
desirable suitor to which prospective business owners may
sell. With Upexi, potential sellers will be able to access
Grove’s programmatic ad technology, in-house digital marketing
experts, and direct partnership with a team of expert Amazon PPC
buyers who fine tune listings or start from scratch.
Grove Inc. has made a name for itself in the CBD/cannabis space
and has already begun expanding into other verticals. The company
recently acquired Vitamedica, an online nutraceutical company, with
a rapidly growing presence in ecommerce and Amazon. Through its
in-house team of digital marketers, Grove is now pursuing more
companies in health/wellness/beauty/pet care that they can take to
the next level.
Grove’s hemp business has fueled its growth up until this point,
reporting 2021 fiscal year revenues, with key financial
highlights:
- $24.1 Million, a 250% Increase
Over 2020
- Net Earnings of $2.9 Million
or $0.25 Per Share
- 4th Quarter revenues of $10.64
million a 361% growth over prior year quarter
- Revenue guidance of $48-$55M
for 2022
Grove CEO, Allan Marshall, weighed in on the expansion into the
brand aggregator space, “We’ve seen exponential growth in our hemp
business over the past 2 years and continue to grow. It’s now
afforded us the ability to expand into other verticals. Amazon
aggregation has been a goal for us since the beginning. We’re
hoping to add 10+ Amazon and Ecommerce businesses to the portfolio
over the next year, and another 10 the following. We want to reward
people for what they’ve done and give them the ability to see their
brand grow under Grove. In many cases, we hope to attract the
Amazon/ecommerce experts behind these brands and continue to add
talent to our team.”
About Grove, Inc.
Grove, Inc. is in the business of developing, producing,
marketing and selling quality products and end consumer products
containing the industrial hemp plant extract Cannabidiol (“CBD”),
as well as diversified products in other verticals. 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 and to foster its many uses for
consumers.
Company Contact
Andrew NorstrudEmail:
investorinfo@cbd.ioPhone: (702) 332-5591
Investor Relations Contact
TraDigital IRJohn McNamaraEmail:
john@tradigitalir.comPhone: (917) 658-2602
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, potential acquisitions, revenue guidance,
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 annual
report on Form 10-K and other periodic reports filed from
time-to-time with the Securities and Exchange Commission.
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