Company adds new Canadian distribution to extend reach in growing cannabis market
DAVIS, Calif. – April 10, 2019 – Marrone Bio Innovations Inc. (NASDAQ:MBII) (MBI), a leading developer of biological crop protection and plant health solutions, today announced that Regalia Maxx has received label approval from Canada’s Pest Management Regulatory Agency, clearing the product for use on cannabis (marihuana) crops in Canada.
Further, MBI has appointed Plant Products®, a full-service greenhouse supplier, as the new distributor for Regalia Maxx in Eastern and central Canada to enhance its reach within the burgeoning Cannabis market. MBI is presently in the process of appointing a new distributor for Western Canada with an announcement soon to follow.
“Plant Products is excited to offer Regalia Maxx biofungicide, especially to our cannabis growers. The demand for safe and easy to use biologicals keeps increasing and we look forward to be the go-to source for Eastern Canada,” said Chris Stickles, president, Plant Products.
Regalia Maxx is based on an extract of giant knotweed (Reynoutria sachalinensis). It works from the inside out, by triggering treated plants’ natural defense mechanisms to produce disease-fighting biochemicals (Induced Systemic Resistance and Systemic Acquired Resistance), while simultaneously enhancing plant health, crop yield and crop quality. Regalia Maxx is exempt from residue tolerances (MRLs = maximum residue levels). The new label is approved for suppression of powdery mildew and gray mold (Botrytis) for indoor commercial growers.
According to the most recent Cannabis Intelligence Briefing report created by Arcview Market Research and BDS Analytics in March 2018, Canada’s federal-level legalization of cannabis for medical use has led to rapid growth and will continue to grow even further as Canada’s adult population gains the right to purchase and consume cannabis legally.
Chemical pesticides dominate today’s $60 billion global pesticides market, but the fastest-growing category of crop inputs is biologicals. These effective and environmentally friendly products are growing at 10-20 percent per year, compared to just 2-3 percent for chemicals. When integrated into crop production and pest management programs, biologicals — including, Regalia Maxx — can offer higher-quality crops and better yields than conventional programs.
“We are incredibly excited to have gained approval for Regalia Maxx’s extended label, opening up the Canadian cannabis market to MBI,” said Pam Marrone, Founder and CEO of Marrone Bio Innovations. “We believe our strategic partnerships with leading distributors in Canada will drive our success in penetrating this nascent market. We look forward to further growing our presence in Canada through biologicals education and other localized efforts.”
About Marrone Bio Innovations
Marrone Bio Innovations Inc. (NASDAQ: MBII) leads the movement to more a sustainable world through the discovery, development and sale of innovative biological products for crop protection, plant health and waterway systems treatment that support a better tomorrow for farmers, turf managers and consumers around the globe. MBI has screened over 18,000 microorganisms and 350 plant extracts, leveraging its in-depth knowledge of plant and soil microbiomes enhanced by advanced molecular technologies to rapidly develop seven effective and environmentally responsible pest management products to help customers operate more sustainably while uniquely improving plant health and increasing crop yields. Supported by a robust portfolio of over 400 issued and pending patents around its superior natural product chemistry, MBI’s currently available commercial products are Regalia®, Stargus®, Grandevo®, Venerate®, Majestene®, Haven® and Amplitude®, Zelto® and Zequanox®.
Marrone Bio Innovations Forward-Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding strategy, future operations and plans, including assumptions underlying such statements, are forward-looking statements, including examples regarding the potential of and market for MBI’s Regalia Maxx product and its use and value to growers should not be relied upon as representing MBI’s views as of any subsequent date. Examples of such statements include the potential of the MBI’s products and market projections. Such forward-looking statements are based on information available to the Company as of the date of this release and involve a number of risks and uncertainties, some beyond the Company’s control, that could cause actual results to differ materially from those anticipated by these forward-looking statements, including weather, regulatory and other factors affecting demand for the MBI’s products, any difficulty in marketing MBI’s products in its target markets, competition in the market for pest management products, lack of understanding of bio-based pest management products by customers and growers. Additional information that could lead to material changes in MBI’s performance is contained in its filings with the SEC. MBI is under no obligation to, and expressly disclaims any responsibility to, update or alter forward-looking statements contained in this release, whether as a result of current information, future events or otherwise.