- The biopesticides market is projected to grow at a CAGR of nearly 16 percent from 2018 to 2023
- Increasing adoption of organic farming is a key driver of biopesticide market growth, with the sector expected to reach $6.4 billion by 2023
- A patented natural biopesticide developed by MustGrow targets the fruit, vegetable, turf, ornamental and cannabis industries
- Net proceeds from the recent closing of $1.2 million in non-brokered private placements will help accelerate research and development efforts
Agricultural biotech company MustGrow Biologics Corp. is focused on developing and commercializing its patented technology – a natural biopesticide and biofertilizer. MustGrow’s technologies provide an all-natural, effective, safe and easy-to-use solution for farmers in the fruit, vegetable, turf and ornamental industries looking to raise healthy crops without the use of synthetic pesticides. Cannabis cultivators, working in the rapidly evolving cannabis space, are also potential agricultural partners.
The biopesticides market is projected to grow at a compound annual growth rate of 15.99 percent from 2018 to 2023, according to a new report issued by ResearchAndMarkets (http://ibn.fm/NLeEk). Growth of the biopesticides market is driven by advancements in integrated pest management solutions and increasing adoption of organic farming techniques, the March 2019 report states. Rising concerns about the harmful effects of chemical pesticides on the environment have encouraged the adoption of organic farming methods.
MustGrow’s natural biopesticides and biofertilizers, refined from compounds of the mustard plant, act as a nematicide (chemicals used to kill nematodes, or tiny, parasitic worms), a fungicide, a pesticide and a fertilizer (http://ibn.fm/DoyNi). Its technologies deliver first-rate pest and pathogen control in combination with plant growth and yield benefits available across a wide array of crops. MustGrow’s novel and proprietary solutions provide growers with a sustainable, beneficial technology that is user-friendly and superior to synthetic alternatives.
The company recently announced the closing of a non-brokered private placement that consisted of 1,712,533 MustGrow common shares, each priced at a $0.70 per share, for gross proceeds of $1,198,773 (http://ibn.fm/fpBsD). MustGrow intends to use the net proceeds to accelerate research and development of its biopesticide and biofertilizer formulations, as well as for working capital and general corporate purposes. The company plans to direct research and development proceeds toward its patented mustard-derived signature products and its prospective suite of in-licensed natural biologics.
The global economic impact of soil-borne nematodes is estimated at nearly $100 billion in lost crops per year. The American Phytopathological Society (http://ibn.fm/ro7A6), an international nonprofit scientific organization dedicated to the study and control of plant diseases, estimates that plant-pathogenic nematodes are responsible for 14 percent of crop losses worldwide.
MustGrow’s biopesticide has U.S. EPA (Environmental Protection Agency) and Canadian PMRA (Pest Management Regulatory Agency) labels and is an approved organic solution. To date, the company has completed more than 110 independent third-party field trials. MustGrow is at the forefront of development of unique solutions to help fruit, vegetable, turf, ornamental and cannabis growers control pests and crop diseases.
For more information, visit the company’s website at www.MustGrow.ca