Grove slides on plans to buy pet care company

Upexi

07/04/2022 16:29

** Shares of hemp-based wellness products maker  GRVI.O 
down as much as 5.33% at $4.8 
    ** Co says it has signed a letter of intent to acquire a pet
care company, providing grooming and nutrition products
 urn:newsml:reuters.com:*:nGNEbQ8DWz
    ** Says, the pet care company is currently selling to the
United States, Canada, and Australian markets through multiple
sales channels 
    ** Co says deal would be cash flow positive and adds
potential revenue growth through additional sales channels and
pet care products
    ** Says if completed, the deal will allow Grove to cement a
foothold into the international pet care market, estimated to be
a $200 billion market by 2025
    ** Stock up ~19% YTD, as of last close 

 (Reporting by Rithika Krishna in Bengaluru)
 ((Rithika.Krishna@thomsonreuters.com; Twitter: https://twitter.com/rithika_krishna;))