Grove, Inc. (NASDAQ:GRVI) shares are trading higher after the company announced it launched an Amazon.com, Inc. (NASDAQ:AMZN) aggregation division.
With the launch of Upexi, Grove intends to take direct aim at the Amazon Aggregation market. Grove plans to enter the market as a desirable suitor to which prospective business owners may sell, said in the company’s press release.
With Upexi, potential sellers will be able to access Grove’s programmatic ad technology, in-house digital marketing experts, and direct partnership with a team of expert Amazon PPC buyers who fine tune listings or start from scratch, also said in the press release.
Grove expects fiscal year 2022 sales in the range of $48 million and $55 million.
Grove, Inc., through its subsidiaries, engages in developing, producing, marketing, and selling raw materials, white label products, and end consumer products containing the industrial hemp plant extract, cannabidiol.
Grove’s stock was trading about 66% higher at $8.32 per share on Thursday at the time of publication. The stock has a 52-week high of $9.37 and a 52-week low of $3.86.
