In Michigan, nutraceutical maker AgTonik is expanding into new markets with its biobased fulvic acid and plans to at least double its business in the coming year with biostimulant launches for hydroponic and cannabis industries.
Fulvic acid improves plant’s nutrient delivery. Hydroponics and cannabis are attractive markets because they are controlled environments that enable growers to more easily calculate return on investment.
“The market is almost unfathomable in terms of the potential,” Andrew Bruex, CEO of AgTonik tells MiBiz. “We have a distributor that we’re working with out of Florida that’s marketing the product to the cannabis industry. We literally just filled some of the first orders for that. In the non-cannabis world, we’re getting traction in Europe and Australia.”
The company currently generates less than $1 million in annual revenue and only employs four full-time workers. However, Bruex expects the business to double or quadruple in 2017. “We think this has the potential to drive our business into the multi-millions,” he adds.
AgTonik sources its fulvic acid from a deposit in the United States.