Bee Vectoring Technologies (BEE) has completed the regulatory approval review process with the California Department of Pesticide Regulation.
The CDPR has approved the company’s biological fungicide, Vectorite with CR-7, for use on commercial crops via bee delivery. The CDPR will issue a commercial license allowing sales to the company in January 2021.
This approval will allow BVT to gain access to the largest, most crop-diverse market opportunity in the United States. California is the US’ largest market for berries including strawberries, blueberries, raspberries, and blackberries, a crop which BVT has already demonstrated its effectiveness at improving.
The company’s single largest crop opportunity in California will be in almond-growing, a process which already often uses honeybee pollination. Almost half of the United States’ crops for pollinated stone fruits, such as cherries, plums, and prunes, are located in California, making it another prime sector for BVT to target.
Bee Vectoring Technologies’ Chairman, Michael Collinson, described the milestone approval as a key step in the company’s strategy to accelerate revenue growth in 2021.
“California is the single largest growing region and our most significant market opportunity in North America,” he said.
“With a variety of crops that span ten months of the year, it represents the opportunity for significantly larger and more diversified annual revenue,” he added.
Michael went on to say that as a completely organic product delivered 100 per cent naturally, BVT’s CR-7 dovetails into the California market perfectly.
With such opportunities in mind, BVT has already begun discussions with California growers about commercial trials for the upcoming growing season. The company is also ramping up sales and marketing efforts, in order to further accelerate its revenue growth in the new year.
Bee Vectoring Technologies’ share price has skyrocketed on this news, with the company up 31.58 per cent and trading for $0.38 per share, as of 1:02pm EST.