EXCLUSIVE: Grove CEO Outlines Future Growth Plans In Letter To Shareholders

7/13/22 8:00:28 AM ET

Biotechnology: Pharmaceutical Preparations

Health Care

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Grove Inc (NASDAQ:GRVI) Chief Executive Officer Allan Marshall has released a letter to shareholders outlining future plans for the company.
Marshall said despite facing challenges from COVID-19, transportation and logistics delays, inflationary pressures, and labor shortage, Grove's sales increased by an estimated 100% over 2021 with a compounded two-year sales growth rate of over 500%.
Further, he noted that the company's 2022 acquisition strategy was slowed by extremely high valuations in the private sector.
The organization plans to implement quality control procedures to improve all aspects of service to its customers.
The CEO noted that Grove's future growth would come from its Upexi Brand aggregation business and acquisitions, expanding its technology and liquidation business segments.
The company has invested in distribution, logistics, and technology to fuel growth.
Marshall noted that growth into the fiscal year 2023 could be accomplished with debt and cash flow without the need for equity capital.
Price Action: GRVI shares closed lower by 3.85% at $4.25 on Tuesday.

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