HENDERSON, NV, Aug. 05, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Grove Inc. (the “Company” or “Grove”) (NASDAQ: GRVI), the Nevada based company redefining the way hemp is bought, produced, and sold, is pleased to announce a strong entrance into the nutraceutical space with the completed purchase of VitaMedica, a leading online seller of supplements for Surgery + Recovery, Skin + Beauty, and Health + Wellness. The closing of the acquisition will be immediately accretive to Grove, being both top line and net income positive for the company.

The acquisition combines Grove’s innovation in production with the extensive product line of VitaMedica, which has been recommended by thousands of doctors and served over 1 million patients. With this acquisition, the Company has taken direct aim at the vitamin + nutraceutical market in order to address the health + wellness needs of all consumers.

VitaMedica stood out, not only because of its reputation and testimonials from consumers, but because of 25 years of clinical use and physician-formulated products.

Allan Marshall, Chief Executive Officer of Grove, stated, “Our team at Grove gained a great company with an amazing product line that has generated more than $10 million in sales over the past several years and we believe has the potential for exponential growth from here. We at Grove are most excited about the team members we gained with the addition of Dr. Rahm, Yvette La-Garde and their entire team. I believe the people you get when acquiring a company are of critical importance to the combined company’s success. This is a great start to our Fiscal 2022 and I look forward to working with everyone to maximize the opportunity.”

Strategic Highlights

• VitaMedica’s $10,000,000 in product sales over the past several years adds to Grove’s rapidly expanding revenue and YoY profits

• The addition of Dr. Rahm provides Grove with a close connection to thousands of doctors and over 1 million consumers, laying the groundwork for future partnerships in the medical and therapeutic space for the use of Grove’s expansive hemp-based products

• The transaction adds a diversified health and wellness portfolio and entrance into nutraceuticals for Grove

• Opportunity to cross sell Grove and VitaMedica products to both companies' existing customers and databases

• Combining VitaMedica’s scientific approach to product creation with Grove’s nationwide distribution channels should further drive growth and new opportunities

About Grove
Grove, Inc. is in the business of developing, producing, marketing and selling raw materials, white label products and end consumer products containing the industrial hemp plant extract, Cannabidiol (“CBD”). The Company sells to numerous consumer markets including the botanical, beauty care, pet care and functional food sectors. It seeks to take advantage of an emerging worldwide trend to re-energize the production of industrial hemp as well as vitamins and to foster its many health and wellness uses for consumers.