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MustGrow Biologics Corp (TSXV:MGRO)., active in the biofertility and biopesticide sector, has announced significant strides in its transition from research and development to commercialization. In a recent 2024 pipeline update, the company highlighted advancements in its product offerings, particularly focusing on the TerraSante biofertility product.
Manufacturing and Sales Initiatives
The company has commenced manufacturing and selling TerraSante in the United States, having successfully obtained regulatory approvals in key agricultural states, including California, Florida, and Oregon. Initial sales are currently underway, with expectations for substantial growth anticipated in 2025 and 2026. This increase is driven by strong demand and the ability to apply the product across large acreages for multiple applications each year.
To bolster direct sales and enhance its marketing strategy in the U.S., MustGrow has enlisted the expertise of industry veterans Tim Lichatowich and Mike Atkins. Together, they bring over six decades of experience in the fruit, vegetable, and row crop markets. Their insights are expected to facilitate stronger market penetration and customer engagement.
Market Potential and Production Strategy
The market potential for TerraSante appears promising, with direct contacts covering approximately 355,000 acres of crops, potentially allowing for applications over up to 1 million acres annually. In anticipation of this demand, MustGrow is exploring various production options. This includes existing and potential contract manufacturing partnerships to ensure a sufficient supply chain.
Additionally, the company is advancing the commercialization of its TerraMG soil biopesticide through a strategic partnership with Bayer, which covers regions across Europe, the Middle East, and Africa. Bayer’s involvement includes supporting field trials and regulatory processes, while TerraMG is also undergoing registration efforts in the U.S. and Canada.
Intellectual Property and Future Growth
MustGrow's intellectual property portfolio has expanded to 112 patents, underpinning the company's commitment to innovation and global commercialization. CEO Corey Giasson expressed enthusiasm about the company's current trajectory, emphasizing the transition from a strictly research-oriented organization to one actively engaged in product sales.
Giasson noted, “A few years ago, I mentioned that MustGrow was going to start the commercialization process. Well, we did, and what you are witnessing is the transformation of the company.” He underscored the commitment to not only produce enough product to meet rising demand but to do so in a cost-effective manner aimed at improving margins.
The company aims to align its operations with sales growth, margin enhancement, and return on investment as key drivers moving forward. While acknowledging the importance of broader market opportunities, the focus is now firmly on delivering commercial outcomes.
The recent developments at MustGrow Biologics highlight a significant shift toward commercialization within the biofertility and biopesticide sector. With strategic partnerships, a growing intellectual property portfolio, and a commitment to operational efficiency, the company is poised to make notable impacts in its field.
