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Be the first with the news that moves the market- Bee Vectoring Technologies (TSXV:BEE) is continuing its US growth strategy with new deals at three blueberry operations in Michigan
- The growers will deploy BVT’s natural precision agriculture system on a portion of their crops during the current growing season
- The deals represent the company’s foray into the US Midwest region following success achieved earlier this year in the Southeast and Pacific Northwest
- BVT now has a presence in 83 per cent of the US blueberry market, which represents approximately one-third of the global market
- Bee Vectoring Technologies (BEE) is currently up 3.61 per cent and is trading at C$0.43 per share
Bee Vectoring Technologies (TSXV:BEE) is continuing its US growth strategy with new deals at three blueberry operations in Michigan.
The new growers are first-time users of the company’s natural precision agriculture system and will pilot the technology on a percentage of their crops during the current growing season.
It’s expected that, based on positive results, the growers will then expand the system to cover their entire crops over the next two to three seasons.
The technology uses commercially managed bees to distribute VECTORITE, a natural plant protection product used in partnership with BVT’s CR-7 compound, directly to the plants.
Increasing crop yield and protecting against disease, the system uses a fraction of the product that would otherwise be used with traditional spray applications. Growers who have already deployed the technology in other parts of the US have also reported a substantially reduced usage of water and fossil fuels.
These latest deals mark BVT’s foray into the US Midwest region and follow the success of other programs established earlier this year in the Southeast and Pacific Northwest.
Including the 20,000 acres in Michigan that falls under the three new deals, BVT has a presence in approximately 83 per cent of the US blueberry market, which accounts for roughly one-third of global supply.
Ashish Malik, CEO of Bee Vectoring Technologies, noted that this significant presence was achieved in the course of just one growing season.
“Since EPA approval in September 2019, we have entered the Georgia, Florida, North Carolina, South Carolina, Michigan, Oregon and Washington blueberry markets as well as the Florida strawberry market.
“We’ve expanded sales according to our business plan and this puts us well on our way to revenue acceleration over the course of the next two to three seasons,” he said.
Bee Vectoring Technologies (BEE) is up 3.61 per cent and is trading at C$0.43 per share at 12:26pm EDT.
