MustGrow Biologics and its partnership with Bayer: Why the stock is only just getting started

The mustard formula: How Corey Giasson plans to solve the agricultural crisis

The figures presented by Corey Giasson, President and CEO of MustGrow, are impressive. "If we look at the US market for our biofertility product TerraSante™, there are 5.6 million acres of high-quality specialty crops – fruit, vegetables, nuts, potatoes," he explains. "With a market penetration of only 3.3% and one application per acre per year, we are talking about USD 100 million in revenue." The key point is that many farmers in California harvest not just one, but up to four crops per year on the same acreage. The demand is correspondingly greater.

MustGrow began commercialization in 2024 and experienced a surprise. "Sales of TerraSante™ began in 2024 on a small area (150 acres) as farmers and retailers began testing the product. Due to the positive results, this was continued in 2025 on an area of approximately 1,000 acres," says Giasson. "In the second half of 2025, we saw an increase in demand as the first field trials proved successful. Due to deliberately conservative inventory planning at the beginning of the year, we were unable to fully meet this demand at the end of the season – a clear sign that market acceptance of TerraSante™ is growing." A sell-out that is a clear signal to any young company that it has struck a chord.

What is behind this momentum? MustGrow has turned the mustard plant into more than just a spice. The company's technology platform is based on isolating the compounds that the plant uses to defend itself against pests in nature. The result is two product lines: TerraSante™, a biofertilizer that nourishes the soil, and TerraMG™, a biocontrol solution against soil-borne diseases.

Hard facts from the field: What field trials really show

The latter in particular is currently causing a stir. In a two-year field trial program covering approximately 100 acres in the Canadian prairie provinces, MustGrow tested TerraMG™ against clubroot, a parasitic disease that poses a massive threat to canola cultivation. "In 2024, clubroot spores were more prevalent due to a wetter growing season, and TerraMG™ performed exceptionally well, reducing clubroot spores by up to 95%," reports Giasson. The yield effects were spectacular with up to 7 bushels more per acre – a 19% increase over the Canadian average. For farmers, this meant an added value of CAD 91 per acre. And that in a market where there is currently not a single registered product against clubroot.

Canola is Canada's most valuable crop, with production reaching around CAD 14 billion in 2025. Farmers have so far been coping with crop rotation, intensive cleaning of machinery, and resistant varieties. But the pathogens are adapting. This is exactly where TerraMG™ comes in as a biological weapon against an enemy that is otherwise almost impossible to stop.

From the lab to the market: The Bayer partnership as a seal of approval

What makes MustGrow's approach so special is its combination of scientific depth and commercial acumen. The company holds around 110 patents. At the same time, it sought out strategic partners at an early stage. The cooperation with Bayer for the Europe, Middle East, and Africa regions is more than just a prestige project. "We estimate that Bayer will spend USD 35 to 40 million in its territories to generate all the local data required for product registrations," explains Giasson. In return, the company receives upfront payments, milestone payments, and later royalties on revenue.

But MustGrow is not only thinking in terms of partnerships. Through the NexusBioAg distribution platform, the company already sells a broad portfolio of third-party products in Canada, from micronutrients to foliar fertilizers. This not only generates revenue, but also builds relationships with the farmers who will later buy its own products. In the third quarter of 2025, MustGrow already achieved CAD 0.8 million in revenue with a gross margin of 22.9%, which are encouraging figures for a company in the process of being established.

Smart strategy: Why MustGrow does not build its own factories

The production strategy follows a clear asset-light approach. Instead of building expensive factories of its own, MustGrow relies on contract manufacturers in Canada and Asia. "In terms of production, MustGrow is currently pursuing a strategy of having products manufactured by contract manufacturers. We have already manufactured products in Canada and Asia. Our manufacturing partners are currently expanding their production capacity (they are investing), which is great because it will allow for increased production without MustGrow having to make capital expenditures," says Giasson. The transition from batch production to continuous manufacturing will also improve margins.

In January 2026, MustGrow raised fresh capital: CAD 2 million from a LIFE financing at CAD 0.70 per unit. The money will go toward TerraSante™ production, NexusBioAg inventory, and working capital. The capital structure remains manageable with approximately 62.9 million shares outstanding. And insiders, management, and advisors hold about 20%, which is a good sign.

There is an interesting interview with the CEO by GBC Research, which can be found here.

What farmers really want: Effectiveness meets sustainability

"Ultimately, farmers need solutions to feed a growing population, but they also want products that are both effective and safe for the soil and the soil microbiome," Giasson summarizes. "That is what MustGrow has to offer: a natural, biological technology with the effectiveness of synthetic chemicals and fertilizers, combined with the safety profile of food."

The path from patent portfolio to product is known to be the graveyard of many promising technologies. MustGrow has already passed some crucial milestones. Initial revenue, a sell-out, a world-class strategic partner, field data that convinces farmers, and a production strategy that allows scaling without capital destruction show that the company is on the right track. And all this with a raw material that everyone knows: mustard.

The stock is currently trading at CAD 0.59, well above the price of the last financing round, which is a good sign.

For growth-oriented investors, MustGrow Biologics offers a rare combination of a structural megatrend, initial commercial successes, validated technology, and a strategic partner such as Bayer. The market opportunities are enormous, with even small market shares promising revenues in the hundreds of millions. Anyone looking to invest in the transformation of agriculture will find an exciting investment opportunity here with real progress. The direction is right - now the implementation must deliver on what the field trials promise.