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Marrone Bio Innovations (NASDAQ: MBII) has signed an exclusive distribution agreement with UPL to market REGALIA® MAXX Fungicide in South Africa, a key growth market valued at $300 million. This strategic partnership aims to expand MBI's global reach and respond to the increasing demand for sustainable agricultural solutions. REGALIA MAXX, a proven product for disease management in grape crops, enhances yield and quality. Additionally, MBI is seeking regulatory approval for its bioinsecticide GRANDEVO® in South Africa.
Marrone Bio Innovations (NASDAQ: MBII) will present at the June 2020 Virtual Investor Summit from June 9-12, 2020. Management will host virtual one-on-one investor meetings and deliver a presentation on June 9 at 3:55 p.m. Eastern Time. Participants must register for the invite-only conference. Marrone Bio Innovations is dedicated to sustainable bioprotection and plant health solutions, with a portfolio that includes over 400 patents and numerous products aimed at improving agricultural sustainability. For more details, visit www.marronebio.com.
Marrone Bio Innovations (NASDAQ: MBII) announced that its biofungicide REGALIA® MAXX has received the first approval for indoor and outdoor use on cannabis and hemp in Canada. This approval is significant for Canadian growers, providing them with an effective tool against diseases like Botrytis and powdery mildew, which can greatly affect yields. In 2018, approximately 77,800 acres of hemp were cultivated in Canada, valued at $50 million USD, with a 51% increase in licenses issued for 2019. The product is currently available for use on various crops and indicates growth potential in the cannabis sector.
Marrone Bio Innovations (NASDAQ: MBII) reported record revenues of $9.7 million for Q1 2020, an 11% increase year-over-year. The company achieved a gross margin of 57.7%, marking its sixth consecutive quarter of 50+% gross margins. However, the net loss widened to $7 million, up 79% from the previous year, primarily due to operational costs associated with the Pro Farm acquisition and increased expenses. The company expects continued revenue growth despite challenges from the COVID-19 pandemic and has secured $1.7 million in PPP funding to strengthen its balance sheet.
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