Grove, Inc. (NASDAQ: GRVI) Shares Trade Higher After Company Announced It’s A Amazon.com, Inc. (NASDAQ: AMZN) aggregation division.
With the launch of Upexi, Grove wants to focus directly on the Amazon Aggregation market. Grove plans to enter the market as a desirable suitor to whom potential entrepreneurs can sell, the company’s press release said.
With Upexi, prospective sellers have access to Grove’s programmatic advertising technology, in-house digital marketing experts and direct collaboration with a team of expert Amazon PPC buyers who refine lists or start from scratch, the press release also said.
Grove expects revenue of between $48 million and $55 million for fiscal year 2022.
Grove, Inc. through its subsidiaries, is engaged in the development, production, marketing and sales of raw materials, white label products and end-user products containing the industrial hemp plant extract cannabidiol.
Grove’s stock was trading about 66% higher Thursday at $8.32 a share at time of publication. The stock has a 52-week high of $9.37 and a 52-week low of $3.86.
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