MustGrow Builds Toward the New Food Security Economy

• TerraSante™, MustGrow’s lead mustard seed-derived biofertility product, is moving the company beyond the lab and into commercialization, with early U.S. demand already outpacing available supply.
• TerraMG™, MustGrow’s second mustard seed-derived biocontrol (pre-registration), is showing promising early results against clubroot in canola, a disease threatening one of Canada’s key multi-billion-dollar crops.
• The Bayer commercial agreement gives MustGrow outside validation from one of the world’s biggest names in crop science.

“We saw about a two-tonne increase per acre in yields and higher quality tubers last year on potatoes utilizing TerraSante™ in Washington State.” 
— Corey Giasson, President & CEO of MustGrow Biologics

Food security has become one of the defining economic and strategic challenges of our time, as countries around the world place greater value on domestic production, stronger supply chains, and more resilient farming systems.

For investors, that means agriculture is no longer just about acreage, commodities, or seasonal cycles. It is increasingly about the technologies and inputs that can help farmers protect yields and keep producing more in an increasingly demanding environment.

MustGrow Biologics Corp. (TSXV: MGRO)(OTCQB:MGROF) stands out as a clear example of this emerging opportunity, with field-tested products, growing commercial traction, and backing from Bayer, a global agriculture and life sciences powerhouse.

MustGrow’s President and CEO Corey Giasson frames his company in plain terms, “We’re an agriculture biotech company with a patented technology that basically extracts natural compounds from mustard, which are the natural defence mechanism and fertility components of the mustard plant that we can utilize as a biofertility product or a biopesticide to help farmers grow crops in a sustainable way.” 

That mustard seed-based platform is now anchored by two main approaches. 

TerraSante™ is MustGrow’s registered biofertility product in the U.S. It is aimed at high-value crops, with an estimated US$100 million peak revenue opportunity based on company assumptions.

TerraMG™ is the company’s pre-registered biocontrol technology, with ongoing registration work in Canada and the U.S., while Bayer is advancing the technology development across Europe, the Middle East, and Africa.

The strongest part of the MustGrow story today is not just the science. It is the commercial traction growth of TerraSante™ in the U.S. 

Giasson says TerraSante™ was used on about 150 acres in 2024, then in 2025, witnessed U.S. customer demand growing faster than the company could supply product.

“We weren’t able to fully fill those late season purchase orders that we received in 2025, because of conservative inventory planning,” he said. “I estimate we left about a million dollars on the table … that is a clear sign that TerraSante™’s market acceptance is accelerating.”

Giasson said demand for TerraSante™, a biofertility product that provides plant proteins and carbohydrates to stimulate the soil microbiome activity, has grown because of strong early field trial results. 

“We saw about a two-tonne increase in yields and larger tuber size last year on potatoes utilizing TerraSante™ in Washington State,” he said.

Results like that help build interest but turning that interest into a bigger business depends on getting the product from field trials into farmers’ hands in commercial quantities. 

TerraMG™, a pre-registration biocontrol technology, is the other major pillar of MustGrow’s investment case. In Canada, the product is being advanced against ‘clubroot’ in canola, a soil-borne disease that that threatens one of the country’s most valuable export crops. In Europe, Africa, and the Middle East, MustGrow’s commercial partner, Bayer, is completing the development work to register TerraMG™ for commercial sales launch. Work in this area, as well as other parts of the globe, is focused on controlling key global issues such as nematodes, soil-borne disease and specific insect pests. 

According to Canadian federal data, canola is seeded on nearly 9 million hectares, mainly in the Prairies, generating more than C$12 billion dollars in exports a year with a total value chain impact at about C$44 billion dollars.

As of now, provincial agronomy guides and the Canola Council say there are effectively no practical chemical control options for clubroot in canola, forcing growers to lean on resistant varieties and field management to control the disease.

Giasson said early work shows TerraMG™ having a positive effect to curb the disease and that it “could be a very good solution for canola farmers,” pointing to a recently completed two-year field trial program that began in 2024.

Conducted on approximately 100 acres of canola production in the Canadian Prairies, the field trials showed that with wetter conditions and heavier disease pressure, TerraMG™ reduced clubroot spores by up to 95% and lifted yields by as much as seven bushels per acre. Based on the company’s assumptions, that translated into roughly C$91 per acre in added value based on canola prices at that time.

That gives MustGrow a story that is starting to connect on more than one level. 

TerraSante™ is showing accelerating commercial traction in the U.S., while TerraMG™ is targeting a real agronomic problem in one of Canada’s most important crops. 

And together, they begin to frame MustGrow not just as a niche biologicals company, but as a business building practical tools for a more resilient global food system.

Charting MustGrow Biologics

TSXV: MGRO | OTCQB: MGROF

1. As of market open on March 31, 2026.
2. As of market open on Monday, February 9, 2026 after being selected as a Top Pick at the CEM Whistler Capital Event.

After receiving another nod from the Investor Breakout Exchange at the 16th Annual Whistler Capital Event, MustGrow President and CEO Corey Giasson provides a closer look at the company’s strategy, traction, and next steps in this Q&A.

What does the Bayer relationship really mean for MustGrow, beyond the headline value of having a major global partner?

“Bayer would not commit time, capital, and internal resources to TerraMG™ if it did not see real potential in the product. They have done the technical work, they understand the market need, and they know what it takes to push a product through registration and commercialization in major markets.

It expands our reach well beyond what a company our size could do on its own. Through Bayer, TerraMG™ is being advanced across Europe, the Middle East and Africa (EMEA), which gives us exposure to much larger international markets without having to build that infrastructure ourselves.

It also helps de-risk our story financially and strategically. We estimate that Bayer will invest US$35 million to US$40 million toward commercialization of TerraMG™ in EMEA. That matters because it lets us stay focused on building out North America while still keeping meaningful upside tied to milestone payments and eventual royalties. Bayer is a real validation partner, helping us open markets we could not efficiently tackle alone.”

How should investors think about MustGrow financially as the company moves from development into commercialization?

“I think investors should start with the fact that we are no longer just an R&D story. We have revenue in the business today, and we have built a structure that is meant to support growth without requiring massive capital outlays.

Our capital structure is also still relatively tight for a company with multiple commercial shots on goal. Our market cap is roughly C$35 million with about 20% owned by management and advisors. 

What I think is important is that we have chosen an asset-light model. We are using contract manufacturing and existing commercial infrastructure where it makes sense, rather than spending heavily on fixed assets too early. We are a company that is trying to bridge technology and commercialization in a capital-conscious way.”

Why should investors pay attention now, and what do you think matters most over the next 12 months?

“We have already shown that TerraSante™ is gaining traction in the U.S. market. We saw demand run ahead of supply, which told us the product is resonating and that growers are seeing value in it. That is an important inflection point for any ag-tech company.

Over the next 12 months, the biggest thing I would watch is continued TerraSante™ sales growth in the U.S. and our ability to scale production to meet that demand. The product worked well, and now the job is to support that with more supply and stronger execution.

At the same time, investors should be watching for progress on TerraMG™ registration in Canada and the U.S. and milestone developments tied to Bayer. For me, the broader why-now case is pretty simple. We have moved into the commercialization phase. We have products, demand signals, a route to market, and a major partner.”

Our View

• The market need is real.
  Food security, soil and soil microbiome health, and sustainable crop production are becoming more important investment themes, and MustGrow is trying to meet that demand with products aimed at helping farmers protect yields while reducing reliance on traditional pesticides and fertilizers.
• More than a science story.
  TerraSante™ is already showing commercial traction in the U.S., while TerraMG™ gives the company exposure to a major crop-protection gap in canola. 
• Now it comes down to execution.
  The next step is scaling TerraSante™ supply to meet demand, advancing TerraMG™ through registration in U.S. and Canada, as well as with Bayer in EMEA. If management executes, MustGrow could move from a promising biologicals company to a more meaningful food security story.

2026 CEM Capital Event Schedule

Scottsdale Capital Event — April 10–12, 2026

Bermuda Capital Event — June 12–14, 2026

TSX Venture Growth Capital Event — July 17–19, 2026

Muskoka Capital Event — September 25–27, 2026

Warm Regards and Happy Investing,
Fabian Dawson

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