- The company has 25 million common shares issued and outstanding
- Canadian Securities Exchange trading began on July 10, 2019
- The listing is anticipated to lead to new opportunities for MustGrow and its signature biopesticide and biofertilizer technologies
- The cannabis market is seen as a major opportunity for MustGrow technologies
Agricultural biotech company MustGrow Biologics Corp. (CSE: MGRO) recently received Canadian Securities Exchange (CSE) approval for the listing of its common shares. The shares began trading on the CSE under ticker symbol ‘MGRO’ on July 10, 2019 (http://cnw.fm/Yrro9).
The company has 25 million common shares issued and outstanding and 36.9 million on a fully diluted basis. The CSE listing follows a recent non-brokered private placement of common shares at a price of $0.70 per share, which generated gross proceeds of $1.2 million (http://cnw.fm/B1Glz). The proceeds are being used to accelerate research and development of the company’s formulations, for working capital and for other corporate purposes.
MustGrow is currently focused on the development and commercialization of its natural biopesticide and biofertilizer technologies. These provide an effective, safe and natural solution to fruit, vegetable, turf and ornamental industry farmers interested in growing healthy crops that are free from synthetic pesticide traces.
The company refines its biopesticides and biofertilizers from compounds of the mustard plant. These compounds are effective fungicides, pesticides and nematicides, as well as having fertilizer properties to ensure sustainable plant growth across a wide range of crops. The mustard plant is recognized for its natural defense mechanism. When the organic compounds from the plant are combined with water, they form allyl isothiocyanate (AITC) – the active ingredient in the MustGrow range of products. According to the company, AITC has huge potential to benefit agricultural production. Its full range of effects is yet to be explored and fully commercialized.
MustGrow has concentrated AITC in granular and liquid forms, both of which ensure safety and effectiveness. The granular product is EPA-approved in the U.S. as both a biofertilizer and biopesticide, apart from California where it is approved solely as a fertilizer. In Canada, the product has received Health Canada Pest Management Regulatory Agency (PMRA) approval as a fruit, vegetable, turf and ornamental biofertilizer and biopesticide.
Product testing has demonstrated the high level of effectiveness of the MustGrow biopesticide and biofertilizer. Validated free trial results include 100 percent control of root-knot nematodes in strawberry crops, 95 percent control of Pythium root rot in lettuce fields, a 70 percent reduction in Verticillium root severity in cucumbers and a 55 percent increase in tomato crop yields.
Apart from working on its signature products, MustGrow is compiling a science-based suite of biological products by assessing third party potential product labels. These include natural biopesticides and biofertilizers. MustGrow is striving to achieve in-licensing private labels, as well as the distribution of third-party products to Canadian cannabis growers exclusively through MustGrow.
These developments, paired with the company’s CSE listing, are anticipated to bring new opportunities to MustGrow and help the company cement its position on the fast-growing global biopesticides market. The market is projected to expand at an annual rate of 15.99 percent, reaching $6.4 billion, by 2023 (http://cnw.fm/RuPf9). Advancements in integrated pest management solutions and the increasing adoption of organic farming will both contribute to the market’s rapid growth.
In particular, the cannabis market is seen as a major opportunity for MustGrow technologies. The legal U.S. marijuana industry is expected to grow to $21.8 billion by 2020, and yet it faces significant challenges:
- There are no uniform guidelines for pesticide use in the cannabis industry.
- Cannabis plants are prone to pests and disease, which can spawn a new generation in less than a week and spread rapidly.
- Growers have taken the matter into their own hands, treating their plants with alarmingly high levels of pesticides intended for other uses.
- Many cannabis products contain pesticides at levels higher than what’s typically allowed for edible or combustible products.
- Extracting concentrates, used to produce edibles, tropical products and inhalants, cause pesticide residues to accumulate at levels that are 10-times higher than those of flowers.
- Regulated medical-marijuana companies are facing proposed class-action lawsuits from patients who unknowingly ingested banned pesticides.
MustGrow offers reliable, safe, scientifically studied and approved biodegradable solutions to enhance, protect and adhere to regulations.
For more information, visit the company’s website at www.MustGrow.ca
NOTE TO INVESTORS: The latest news and updates relating to MGRO are available in the company’s newsroom at http://cnw.fm/MGRO
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