• Grove Inc (NASDAQ: GRVI) Chief Executive Officer Allan Marshall has released a letter to shareholders outlining future plans for the company.

• Marshall said despite facing challenges from COVID-19, transportation and logistics delays, inflationary pressures, and labor shortage, Grove's sales increased by an estimated 100% over 2021 with a compounded two-year sales growth rate of over 500%.

• Further, he noted that the company's 2022 acquisition strategy was slowed by extremely high valuations in the private sector.

• The organization plans to implement quality control procedures to improve all aspects of service to its customers.

• The CEO noted that Grove's future growth would come from its Upexi Brand aggregation business and acquisitions, expanding its technology and liquidation business segments.

• The company has invested in distribution, logistics, and technology to fuel growth.

• Marshall noted that growth into the fiscal year 2023 could be accomplished with debt and cash flow without the need for equity capital.

• Price Action: GRVI shares closed lower by 3.85% at $4.25 on Tuesday.

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