Company Announcements

Classification of GBC AG to MustGrow Biologics Corp.

Company Name:	MustGrow Biologics Corp.
ISIN:	CA62822A1030
Reason for the research:	Management interview
Recommendation:	Management interview
Last rating change:
Analyst:	Matthias Greiffenberger, Cosmin Filker

Commercializing Regenerative Agriculture: MustGrow’s Market Opportunity and Strategic Advantage

Agriculture is undergoing a structural transformation. Regulatory pressure, sustainability requirements, and the need to increase productivity on finite arable land are accelerating the shift toward biological and regenerative solutions.

Against this backdrop, MustGrow Biologics Corp. is positioning itself at the intersection of innovation, sustainability, and commercial agriculture. The company is developing and commercializing biological technologies designed to replace or complement synthetic chemical and fertilizer inputs while addressing a global market that is rapidly evolving.

This interview offers investors a first opportunity to gain insight into MustGrow’s business, market positioning, and strategic direction directly from management.

GBC AG: For investors who are new to MustGrow, how would you describe the company’s purpose, core activities, and the role it plays in modern agriculture?

Corey Giasson: MustGrow is an agricultural biotechnology company that provides innovative biological and regenerative agriculture solutions designed to support sustainable farming. The Company’s proprietary technology and product lines offer eco friendly alternatives to restricted or banned synthetic chemicals and fertilizers.

Why are biologics and regenerative agriculture products needed? Farmers around the world will need to grow more food to feed a growing population, but how will they do this as more synthetic chemicals and fertilizers are banned or restricted? Pests and diseases will persist, and crops will still need protection. In addition, regenerative fertility products are required to improve soil health, helping maximize yields to meet increasing demand.

This macro investment thesis is illustrated in slide #4 of our PowerPoint, see Figure 1. 162 countries have banned 460 pesticides. These pesticides and fertilizers can be harmful to users, consumers, and the environment. In some cases, their use can also degrade soil quality. MustGrow’s technology is not only an alternative to synthetics, but an effective one, which is rarely seen in the biological space, see Figure 2.

Many biologics are not as effective as synthetic chemicals. They can be like putting a band aid on a gaping wound. It will not stop the bleeding. MustGrow’s technology, derived from mustard seed and harnessing the natural defense mechanisms of the mustard plant, is designed to be as effective as synthetic chemicals, see Figure 2.

At the end of the day, farmers need solutions to help feed a growing population, but they also want products that are both effective and safe for the soil and soil microbiome. That is what MustGrow brings to the table, a natural, organic technology with the efficacy of synthetic chemicals and fertilizers, combined with the safety profile of food grade materials. This is why we believe Bayer has partnered with us. They need effective alternatives to synthetics, and MustGrow’s products and technologies meet that need.

This technology can be applied across multiple markets, as reflected in our product pipeline, which can be viewed on our Technology page: https://mustgrow.ca/technology/

GBC AG: How large do you see the opportunity for biological and regenerative agriculture solutions, and what macro, regulatory, or sustainability driven trends are accelerating adoption?

Corey Giasson: It can be massive. The Technology page highlights the potential size of market and losses (https://mustgrow.ca/technology/). MustGrow will not be on all the acres, but just a small share of acres and we have a company maker. This is also highlighted on the pipeline page (#6) of the powerpoint (see Figure 3).

If we look at TerraSante^TM biofertility product for the US market alone it could be a company maker. There is 5.6 million acres of high value crops (fruit & vegetable; tree nut & vine; root & tuber; and potatoes) in the US alone, which is what MustGrow is currently targeting for use of TerraSante^TM. At peak market penetration of say 3.3% (based on 1 application/acre/year) would equate to US$100 million of revenues. Note that unlike some synthetic chemicals and fertilizers, MustGrow’s TerraSante^TM can be applied on an acre more than once per year. Given that some strawberry growers in California grow 2-4 crops/acre of strawberries every year (some lettuce growers 8-12 crops/acre/year), MustGrow’s addressable market could actually be much larger than 5.6 million acres of high value crops since the US growing conditions allow for more than one crop/year to be grown on each acre.

GBC AG: Where does MustGrow fit within the broader agriculture and biologics ecosystem, and how should investors think about your positioning relative to traditional chemical solutions and newer biological players?

Corey Giasson: As illustrated above regarding Figure 2, MustGrow doesn’t feel that biological solutions are a competitor to our technologies and products, because they are not as effective. The efficacy of MustGrow’s technologies and products are comparable to synthetic chemicals, but some of these synthetics are being banned or deregistered. As such, MustGrow competition pressures from synthetics is low on conventional acres…farmers need effective alternatives and those are hard to find. In addition, from a pricing perspective, MustGrow’s products are price competitively to synthetics, which many biologics are priced at a premium. 

For organic acres, there are limited effective solutions to treat soil borne disease and pests.

At the end of the day, farmers are going to want to use something that is effective and not change their current systems for application. We’re seeing that now with US commercial farmer adoption of our TerraSante biofertility product – our product is used seamlessly in current equipment systems. In addition to using an effective product, they will be excited to use something that builds up their soil. MustGrow’s products and technology are centered on harnessing the natural defense mechanisms and organic compounds found in mustard and formulating them into organic biofertility and biocontrol products. These solutions are designed to protect soil health and the soil microbiome, support plant health, and contribute to global food security through more sustainable agricultural practices. All this combined is what makes MustGrow’s products and technologies unique…they are natural, organic technologies that are just as effective, build up the soil, and a farmer is not going to have to pay more or change how they apply (see Figure 1). 

GBC AG: At a high level, how does MustGrow create value across its platform, and how do proprietary products and strategic partnerships support this approach?

Corey Giasson: We are a technology company first and foremost, and our technology (approximately 110 patents issued and pending) provides a solution to a problem farmers are facing worldwide…how are they going to grow crops when some of the tools that they have used in the past (synthetic chemicals and fertilizers) are being banned or restricted for use. This problem is going to continue to grow and effective solutions, such as MustGrow’s products and technologies, are not only needed now, but we believe are going to be increasingly needed even more in the future.

This has been validated through our commercial partnership with Bayer in Europe, the Middle East and Africa. They wouldn’t have partnered with us unless the technology was effective and there was a need for the technology in the market.

Secondly, our go to market strategy is currently two-fold: within Canada and the US, MustGrow is doing the work to get product registrations and will own these registrations, and outside Canada and the US, we are partnering with the knowhow and people on the ground to get the product registrations. In the US, MustGrow is generating accelerating sales on TerraSante^TM biofertility product. Outside of Canada and the US, MustGrow has partnered with Bayer on TerraMG^TM biocontrol product in Europe, the Middle East, and Africa. For Bayer in their territories, we estimate that they will be spending US$35-40 million to generate all the local data to get the product registrations. This is not something that MustGrow could do on its own. While Bayer does this work, MustGrow has and will potentially be receiving upfront payments, milestone payments and eventually a royalty on Bayer’s sales of TerraMG^TM.  

In terms of production, MustGrow’s current strategy is to use contract manufactures to produce product. We have already produced product in Canada and Asia. Production capacity of our manufacturing partners is expanding (they are investing), which is great as it will allow for increased production and no capital expenditures from MustGrow.

GBC AG: What are the key priorities for the company over the near to medium term as you continue to build scale, market presence, and commercial traction?

Corey Giasson: Since the end of 2024, MustGrow has begun the transition from R&D staged company to commercialization. Sales of TerraSante^TM, started in 2024 on only a small amount of acres (150 acres) as farmers and retailers began to test the product. With positive results, this continued in 2025 on approximately 1,000 acres. In addition, we witnessed demand increasing enough that we ran out of product during the second half of 2025 as the initial sales ramp-up started. Now, we are looking to ramp-up production to meet increased demand.

Commercialization is a key priority for MustGrow. We want to continue to drive sales of TerraSante^TM in the existing US market. In addition, we want to expand TerraSante^TM into other countries around the world that the product is applicable and can see fast track registration. This will drive sales and eventually positive cash flows for our company.

We continue to internally work on TerraMG^TM biocontrol registrations in Canada and the US. Bayer continues to do its registration work in its territories at their cost (the EU being the first).

We also will continue to generate IP, though R&D work is being a smaller share of our total spend. 

GBC AG: Looking ahead, what is your long term vision for MustGrow, and how do you want investors to think about the company’s role in the future of sustainable and regenerative agriculture?

Corey Giasson: The future of agriculture is that of sustainability. Consumers are demanding a healthy, safe food supply, and farmers they want to protect and build-up their number one asset, which is the soil. The only thing is, farmers need to grow more food, and to do so with restricted use of synthetic chemicals/fertilizers, sustainable and regenerative products are going to be needed. To make sure they can maximize production and get a ROI, they are going to gravitate and use sustainable and regenerative products that work.

That is what MustGrow is technology is all about – it’s an effective solution for sustainable and regenerative agriculture. It helps to provide a healthy and safe food supply so consumers are happy. Farmers will also be happy as it just as effective as synthetics, but is safe for use and is designed to protect soil health and the soil microbiome, support plant health, and contribute to global food security through more sustainable agricultural practices.

The overall macroeconomic investment these is attractive to investors – an investment in MustGrow is an investment in not only agriculture (more food will be needed), but sustainable agriculture (agriculture is moving in that direction). In addition, MustGrow is in the midst of initial commercialization with sales starting to ramp-up and a very tight cap structure that will remain as we don’t need to build a billion plant to get into production – we’re producing product utilizing our manufacturing partners. As such, with increasing sales and eventually positive cash flows, coupled with a tight capital structure, MustGrow’s share price could see significant appreciation in the future.

GBC AG: Mr. Giasson, thank you for the insightful discussion and for sharing your perspective on MustGrow’s strategy and growth plans. We look forward to following the company’s progress.

You can download the research here: 20260218_MustGrow_Interview_EN

Contact for questions:
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: https://www.gbc-ag.de/de/Offenlegung.htm
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Date of Completion: 18.02.2026 (9:00 am)
Date of First Distribution: 19.02.2026 (10:00 am)