MustGrow Biologics Corp. (TSX-V:MGRO, OTCQB:MGROF) announced the signing of a Contract Services Agreement with Oregon-based Bio Ag Product Strategies to develop and commercialize MustGrow's soil amendment and biofertility technologies, including TerraSante.
The agriculture biotech company said the agreement is a non-exclusive contract, leaving MustGrow the ability to seek commercial collaborations and funding partnerships.
MustGrow noted that its Soil Amendment and Biofertility development programs will focus on soil and soil microbiome health, nutrient and water use efficiencies, and plant yields.
The company added that initially, the development work is anticipated to progress in Washington, Oregon, California, and Arizona, before expanding nationwide across the US.
As well, MustGrow said it believes the Soil Amendment and Biofertility initiative will concurrently be developed alongside its other programs in biocontrol, which include preplant soil fumigation, postharvest food preservation, and bioherbicide, which are currently under development with four global partners: Janssen PMP, Bayer, Sumitomo Corporation, and NexusBioAg.
TerraSante, a soil conditioner that contains nutritious plant proteins and carbohydrates that feed soil microbes, has the potential to improve crop nutrient uptake and, hence, overall crop performance, according to the company.
MustGrow also stated that with TerraSante it intends to target the Soil Amendment market, with an estimated market size of US$3.5 billion in 2022, in addition to the Biofertility market, with an estimated size of US$2.7 billion in 2021, which has the potential to add over US$15 billion of target market opportunity globally for the company by 2030, almost double from the initially targeted Biocontrol market.
MustGrow Biologics is an agriculture biotech company developing organic biocontrol, soil amendment and biofertility products by harnessing the natural defense mechanism and organic materials of the mustard plant to sustainably protect the global food supply and help farmers feed the world.
Contact Sean at sean@proactiveinvestors.com