What made Grove Inc shares jump 70% on Thursday morning?

Shares of Grove Inc (NASDAQ: GRVI) climbed by more than 70% on Thursday morning after the hemp specialist announced the launch of Upexi – its latest growth initiative.

Upexi to help scale online business

In a press release this morning, Grove said the newly launched wholly-owned eCommerce subsidiary will target Amazon brands to scale its online business. According to CEO Allan Marshall:

Grove Inc raised roughly $11 million via its IPO in June; proceeds it used to acquire VitaMedica – an online seller of nutritional supplements. The $126 million company now has a price to earnings ratio of 39.09.

Upexi is well-positioned as an Amazon Aggregator

With a powerful marketing team, partnership with Amazon PPC buyers, and programmatic ad technology, Upexi is well-positioned as an Amazon Aggregator.

So far, Grove has benefitted greatly from its hemp business that fuelled a 250% year-over-year revenue growth in fiscal 2021. Its fourth-quarter revenue alone was up 361% compared to the same period last year.

In fiscal 2022, Grove expects to generate up to $55 million in revenue that represents another 100% growth.