Since its initial public offering (IPO) in June, Grove Inc. (NASDAQ: GRVI) has embarked on a journey that will establish it as a leading manufacturer of hemp-derived CBD-based products as well as nutritional supplements.
Grove, a Henderson, Nevada-based company, offered 2.2 million shares at $5 per share to raise about $11 million in its IPO. It used the proceeds to acquire VitaMedica, an online seller of nutritional supplements.
The acquisition will give Grove access to the global nutraceuticals market, which is expected to reach $441.7 billion by 2026, according to a market study by Global Industry Analytics.
So how does Grove stack up against other publicly traded CBD companies?
While its revenue figures aren’t as high as market leader Charlotte’s Web (TSX: CWEB) (OTCQX: CWBHF), it’s growing much more rapidly — likely because Charlotte’s Web has been in the market far longer.
Founded in 2011, Charlotte’s Web garnered national attention after Paige Figi contacted the Colorado-based Stanley brothers (Joel, Jesse, Jared, Josh, Jordan, Jon and Austin) looking for a nonintoxicating, natural alternative for her 5-year-old daughter, Charlotte.
Charlotte, who suffered a rare and debilitating form of epilepsy known …