Nigel has been in the regulated financial services industry for nearly a decade, has previously owned a financial brokerage and has written many times for sites relating to personal finance and trading.
The hemp specialist Grove Inc (NASDAQ: GRVI) announced today its latest growth initiative; sending the stock price flying in Thursday premarket trading. With gains of 60% and growing, investors have vigorously latched on to Grove’s latest plan – the launch of Upexi – a wholly-owned division pivoted towards Amazon and eCommerce business.
Starting as an innovator in the hemp, CBD and wellness industry, Grove has started to spread its wings, exploring further opportunities in identifying markets to the acquisition and immediate scaling of companies with growth potential, particularly in the various niches of the health industry.
Upexi will act as Grove’s eCommerce subsidiary, with the single goal of scaling online business. Leveraging a powerful marketing team, ad technology and a direct line to Amazon PPC buyers – Grove’s Upexi is well-positioned for its online debut.
Allan Marshall, CEO of Grove Inc, laid out clearly the companies ambitious growth strategy:
“We’ve seen exponential growth in our hemp business over the past 2 years and continue to grow. It’s now afforded us the ability to expand into other verticals. Amazon aggregation has been a goal for us since the beginning. We’re hoping to add 10+ Amazon and Ecommerce businesses to the portfolio over the next year, and another 10 the following.”
Given Grove’s attractive track record in terms of expansion, Upexi seems like the right move at the right time. With Amazon and eCommerce slowly incapacitating other avenues of retail, the digital marketplace is becoming more and more of a honeypot for growth-ambitious investors.
The Grove stock price is sitting at $7.95 premarket, showing a 58% gain from Wednesday’s close of $5.01.
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