MustGrow Biologics Corp. (TSX-V:MGRO, OTCQB:MGROF) is advancing its transition from research and development to commercialization with key developments across its biofertility and biopesticide products, the company said in a 2024 pipeline update.
The company has begun manufacturing and selling its TerraSante biofertility product in the US, having secured regulatory approvals in important agricultural states such as California, Florida, and Oregon.
Initial sales are underway, and the company anticipates a significant ramp-up in 2025 and 2026, driven by strong demand and multiple potential applications per year over large acreages.
To help it secure direct sales and to support its marketing strategy in the US, the company has engaged two industry veterans Tim Lichatowich and Mike Atkins, who have a combined six decades of experience in the fruit, vegetable and row crop markets.
The company is optimistic about TerraSante’s market potential, with direct contacts representing around 355,000 acres of crops, potentially leading to product applications over up to 1 million acres annually.
To meet this anticipated demand, the company is exploring various production options, including existing and expanded contract manufacturing partnerships.
MustGrow is also advancing the commercialization of its TerraMG soil biopesticide through a partnership with Bayer, covering Europe, the Middle East, and Africa.
Bayer is supporting field trials and regulatory efforts, while TerraMG is undergoing registration processes in the US and Canada.
The company’s intellectual property portfolio continues to grow, now boasting 112 patents, as it advances commercialization efforts globally.
Corey Giasson, MustGrow CEO, noted that this was an exciting time for the company with actual production and sales.
"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 from being strictly an R&D company to now one with product sales,” Giasson said.
“Our goal with TerraSante, and other future registered products such as TerraMG, is to not only produce enough product to meet demand but do so in a cost-effective manner so as to increase margins and return on investment. You can be rest assured, that MustGrow's management focuses on this each and every day."
The CEO concluded: "We are evolving as a company, and sales, margins and return on investment will become key drivers for our growth moving forward. While blue-sky opportunities remain important, our focus will shift towards delivering on our commercial potential.”
The full 2024 pipeline update can be found here.