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MustGrow Biologics and Sumitomo Corporation Announce Extension of Exclusive Agreement and Program Advancement
Sumitomo Corporation has extended the option for exclusive testing with MustGrow's technology...
About this update from Mustgrow Biologics Corp.
[{"type":"text","content":"MustGrow Biologics and Sumitomo Corporation Announce Extension of Exclusive Agreement and Program AdvancementSumitomo Corporation has extended the option for exclusive testing with MustGrow's technology for preplant soil fumigation, bioherbicide, postharvest and food preservation for potatoes, and bananas in North, Central, and South America. Sumitomo Corporation continues to demonstrate positive levels of efficacy utilizing MustGrow's technology in comparison to synthetic chemical standards.Sumitomo Corporation to continue driving all field development, including regulatory and market assessment work necessary for commercialization.Tokyo, Japan and Saskatoon, Saskatchewan--(Newsfile Corp. - August 17, 2022) - Sumitomo Corporation (TYO: 8053) (OTC: SSUMY) and MustGrow Biologics Corp. (CSE: MGRO) (OTCQB: MGROF) (FSE: 0C0) (\"MustGrow\") have signed an extension to their Exclusive Evaluation and Option Agreement (the \"Extension Agreement\") to continue developing MustGrow's mustard-based technology across the Americas.Pursuant to the Extension Agreement, MustGrow has granted Sumitomo Corporation the exclusive right to continue developing MustGrow's mustard-based technologies for preplant soil fumigation, bioherbicide, and postharvest and food preservation for potatoes and bananas in North, Central, and South America for an additional option period (the \"Extension Period\"). Over the span of the initial option period, Sumitomo Corporation's evaluation efforts demonstrated positive levels of efficacy utilizing MustGrow's technology in comparison to certain synthetic chemical standards. These positive tests, conducted across the Americas, resulted in the parties' desire to extend the term of the Exclusive Evaluation and Option Agreement. During the Extension Period, Sumitomo Corporation plans to continue to drive all field development, regulatory and market assessment work necessary for commercialization.The global crop protection chemicals market size was valued at USD 63.7 billion in 2020, and is projected to reach a value of USD 74.1 billion by 2025.(1) The growth of this market is attributed to the increasing need for food security of the growing global population. A large growth market is biopesticides, which are pesticides produced naturally, with minimum usage of chemicals. Due to rising environmental concerns and awareness ...