Grove Inc. (NASDAQ:GRVI) expands into the rapidly growing market for medicinal mushrooms and superfoods with their newest product line, Cure Mushrooms.
The brand offers a US-based product line of mushroom extracts. With cultivation in the Pacific Northwest and extraction/formulation in California, the USDA Certified Organic brand offers a full line of liquid extracts (tinctures) and gummies.
Cure Mushrooms products are vegan and completely free of preservatives, chemicals, corn syrup, allergens, soy, dairy, wheat, salicylates, artificial ingredients, artificial sweeteners, flavors or colors.
This newest launch is set to take advantage of the growing demand in the medicinal mushroom space.
Via Research and Markets declared, “The medicinal mushroom market is poised to grow by $4.55 bn during 2021-2025, progressing at a CAGR of 9.15% during the forecast period.”
The site is already active, while the Amazon storefront will go live in June.
The addition of Cure Mushrooms further adds to Grove’s portfolio of consumer product brands in the health and wellness space. The DTC and Amazon brand strategy has been a key driver to growth and profitability. Cure Mushrooms, alongside new brand launches and acquisitions, will drive continued growth and profitability going forward.
CEO Allan Marshall stated, “Our DTC and Amazon brand sales have been a major driver of our growth to date. Management believes this new launch and our recent acquisition of Cygnet put us on pace for increased growth in 2023 and beyond.”
GRVI shares lost seven cents, or 1.2% to $5.60.
