Grove Hemp And CBD Co. Surpasses Growth And Profitability Projections In 2021, Expects 300% Increase In Q4

Hemp and CBD company Grove, Inc. GRVI revealed Wednesday its preliminary and unaudited financial results for the last three months of fiscal 2021.

In its earnings report, the Henderson, Nevada-based company said it expects revenues to range between $10.1 million and $10.4 million in the fourth quarter, representing an increase of more than 300% compared to the corresponding quarter of 2020.

Revenues for the full year of 2021 are expected to span between $23.6 million and $23.9 million. That’s a year-over-year increase of 200%.

Grove also anticipates that net income in the fourth quarter of 2021 would range between $1.5 million and $2 million versus a $700,000 loss in the last three months of last year.

Projections are that the net income for the full fiscal year would span between $2 million and $2.5 million compared to a loss of over $5 million in the fiscal year 2020.

Allan Marshall, Grove's CEO said he is thrilled that the company managed to surpass the internal projections for growth and profitability in 2021.

“The success of our growth is the cumulation of hard work by our entire team and a strategy that built a foundation for continued growth and expansion while maintaining profitability,” Marshall said. “I am excited heading into 2022 with some momentum and flexibility to invest in new verticals and continue our internal growth.”

The company will report full financial results for fiscal 2021 after the market closes on or before September 15.

In the meantime, Grove recently disclosed it’s seeking to acquire Vitamedica, a producer of nutritional supplements, and will enter the nutraceutical space.

The acquisition would allow the combination of Grove’s innovation in production and automated, low-cost manufacturing with the extensive product line of Vitamedica.

“With a solid balance sheet and continued positive cash flow from operations, we will look to invest heavily to drive growth in our Products and Manufacturing,” Marshall concluded.

Photo: Courtesy of Daniel Norin on Unsplash

Posted In: fourth quarter resultsCannabisEarningsNewsMarkets

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