UPEXI, INC. (UPXI)

Upexi, Inc. is a Nevada corporation and a multi-faceted brand owner that acquires, builds and grows digital-first, omnichannel consumer brands in health, wellness, pet, beauty and other high-growth, high-margin sectors. It changed its name from Grove, Inc. in August 2022 to reflect its shift from a single focus to broader distribution of its own and other select brands. The company operates through fifteen active subsidiaries and focuses on direct-to-consumer and Amazon brands. It grows by acquiring profitable Amazon and eCommerce businesses, using its consumer database and in-house SaaS programmatic advertising technology to lower customer acquisition costs and cross-sell across its brands.

Its portfolio includes VitaMedica (supplements and cosmeceuticals for surgery, recovery, skin, beauty and wellness, sold through surgeons, med spas, eCommerce and marketplaces), LuckyTail (pet nail grinders and all-natural pet supplements), Cure Mushrooms (functional mushroom extracts), Moonwlkr Health (gummy supplements) and Tytan Tiles (a children's STEM toy brand sold in Walmart, Sam's Club, BJ's, Target and other retailers, with a Disney license). Upexi Enterprise LLC operates Cygnet, which sells primarily on Amazon with a wellness focus, and E-Core, which distributes non-owned branded products to national retail distributors and has historically focused on liquidation of consumer electronics and luxury goods. Steam Wholesale (HAVZ, LLC) supports health and wellness products, including hemp-based items. The company sold Infusionz LLC and its private label manufacturing in October 2022 and sold Interactive Offers, its advertising technology business, in August 2023. Both were classified as discontinued operations, and the company now describes itself as predominantly product-distribution focused. It bought the remaining 45% of Cygnet in September 2023.

Its target customers are primarily end consumers buying online, with growth opportunities in direct-to-consumer retail stores, cooperatives, affiliate sales and master distributors. It sells through Amazon, Walmart, eBay and Etsy and works with big box retailers such as Costco, BJ's and Sam's Club. Resellers on and off Amazon are a significant part of the business. The focus has been the U.S. market, though management expects nearly all products to be offered internationally over the next few years.

Steam Wholesale operates manufacturing and distribution centers in Las Vegas, Nevada. The company is subject to regulation by the FDA, FTC, USDA and state agencies, including the 2018 Farm Bill limit of 0.3% THC for hemp products. It competes with other aggregators, mostly large, well-funded private companies, many with substantially greater resources. Its leadership has logistics, M&A, consumer packaged goods and retail experience, and CEO Allan Marshall founded XPO Logistics (formerly Segmentz). Upexi is an emerging growth company and smaller reporting company.