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Original-Research: MustGrow Biologics Corp. - from GBC AG
19.02.2026 / 10:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.
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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 TerraSanteTM 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 TerraSanteTM.
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 TerraSanteTM 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 TerraSanteTM
biofertility product. Outside of Canada and the US, MustGrow has partnered
with Bayer on TerraMGTM 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 TerraMGTM.
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 TerraSanteTM, 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 TerraSanteTM in the existing US market. In addition, we want
to expand TerraSanteTM 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 TerraMGTM 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:
https://eqs-cockpit.com/c/fncls.ssp?u=10da3b7631ec89a50abf39e3ca061a51
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)
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