- Sumitomo Corporation and MustGrow Biologics Corp. (MGRO) have signed an extension to their evaluation and option agreement to continue developing MustGrow’s mustard-based technology across the Americas
- This agreement covers the exclusive right to continue developing MustGrow’s mustard-based technologies for preplant soil fumigation, bioherbicide, etc
- Sumitomo Corporation (SC) is a leading Fortune 500 global trading and business investment company with 131 locations.
- MustGrow is an agriculture biotech company developing organic biopesticides and bioherbicides
- MustGrow Biologics Corp. opened the day’s trading at C$2.86
Sumitomo Corporation and MustGrow Biologics (MGRO) have extended their evaluation and option agreement.
Under the agreement, the companies will continue developing MustGrow’s mustard-based technology across the Americas.
This agreement covers the exclusive right to continue developing MustGrow’s mustard-based technologies for preplant soil fumigation, bioherbicide, and postharvest and food preservation for potatoes and bananas in North, Central, and South America for an additional option period.
Throughout the initial option period, Sumitomo Corporation’s evaluation efforts demonstrated positive levels of efficacy in utilizing MustGrow’s technology compared to specific synthetic chemical standards.
These positive tests, conducted across the Americas, resulted in the parties’ desire to extend the term of the exclusive evaluation and option agreement.
During the extension period, Sumitomo Corporation plans to continue to drive all field development, regulatory and market assessment work necessary for commercialization.
Due to rising environmental concerns and awareness of the pollution potential and health hazards of many synthetic, conventional pesticides, the demand for biopesticides has been growing steadily in all parts of the world.
“After evaluating and verifying the effectiveness of the MustGrow technology in different crops with different application techniques, we are very glad to take a step forward in the collaboration with MustGrow,” stated Marcos Mares, Head of Global Business Development in Sumitomo Corporation AgriScience Department.
“Considering that close to 45 per cent of the global food is produced in North, Central and South America, it is critical to continue to innovate and develop technologies like ours,” noted Corey Giasson, MustGrow’s President & CEO.
Sumitomo Corporation (SC) is a leading Fortune 500 global trading and business investment company with 131 locations.
MustGrow is an agriculture biotech company developing organic biopesticides and bioherbicides by harnessing the natural defence mechanism of the mustard plant to protect the global food supply from diseases, insect pests, and weeds.
MustGrow Biologics Corp. opened the day’s trading at C$2.86.
