Grove, Inc. Announces Preliminary Fourth Quarter and Fiscal Year 2021 Results

CANNANNEW REPORT

Fourth Quarter Revenue Estimated at $10.1-10.4 Million HENDERSON, NV, July 28, 2021 (GLOBE NEWSWIRE) — via NewMediaWire — Grove, Inc. (NASDAQ:GRVI) (“Grove” or the “Company”), the Nevada based company redefining the way hemp is bought, produced, and sold, today announced preliminary and unaudited financial results for its fourth quarter of fiscal 2021 year ended June 30, 2021. Preliminary Fourth Quarter Fiscal Year 2021 Highlights Revenues of $10.1 million – $10.4 million, an increase of over 300% versus the 4 th quarter of 2020 Net income of $1.5 – $2 million compared to a loss of over $700,000 in 4 th quarter of 2020   Preliminary Full Fiscal Year 2021 Highlights Full year revenues of $23.6 million – $23.9 million, an increase over 200% compared to the $7.4 million in fiscal year 2020 Net income of $2.0 – $2.5 million compared to a loss of over $5 million in fiscal year 2020   Grove also announced it will release full financial results for fiscal 2021 after the market closes on or before September 15 th , 2021.   Allan Marshall, Chief Executive Officer of Grove, stated, “We are excited to have surpassed all our internal projections for growth and profitability in 2021. The success of our growth is the cumulation of hard work by our entire team and a strategy that built a foundation for continued growth and expansion, while maintaining profitability. I am excited heading into 2022 with some momentum and flexibility to invest in new verticals and continue our internal growth.  With a solid balance sheet and continued positive cash flow from operations, we will look to invest heavily to drive growth in our Products and Manufacturing. We plan for future investments in an Extraction & Lab Facility to pioneer the R&D in the Hemp and Wellness industries for therapeutic and medicinal use.”   About Grove, Inc.…

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