Naturally Splendid Announces Contract Manufacturing Client to Launch Nationally in Major Convenience Store Chain
Naturally Splendid Enterprises Ltd. (“Naturally Splendid”, “NSE” or “the Company”) (TSXV:NSP, FRANKFURT:50N, OTC:NSPDF) a healthy food, hemp product developer and large scale producer for in-house brands as well as global contract manufacturer of nutritional plant-based products, is pleased to announce that a contract manufacturing client of Prosnack, a 100% owned division of the Company, will be distributing two (2) flavours of gluten free, plant-based protein bites to a major convenience store chain across Canada.
Prosnack developed two (2) formulations for this contract manufacturing client that will be sold under their brand in over 6oo locations across Canada. These products are formulated with plant-based ingredients, are vegan and gluten-free.
Naturally Splendid Vice President Bryan Carson states, “This relationship is indicative of the contract manufacturing business we are developing within the Prosnack Division. We continue to attract new business for the healthy snack category. Additionally, the certifications within our facility are often required by retail chains which continues to drive multiple business opportunities in this category and in fact, helps our contract manufacturing clients secure distribution in many instances. We are pleased to report that sales as of the third quarter for this division, have surpassed gross sales for all of 2018. This was accomplished even through the Safe Quality Food Level 2 certification process as well as several facility upgrades in 2019 limited production to less than 50%”.
Naturally Splendid continues to grow the Prosnack Division for a market where consumers are demanding clean ingredient decks and retailers are demanding these products be manufactured in credible facilities.
According to a recent report Vegan Food Market, published by Grand View Research, the global vegan food market size was valued at USD 12.69 billion in 2018 and is projected to expand at a CAGR of 9.6% from 2019 to 2025 Increasing awareness about the benefits of following vegan diet is the key factor responsible for the growth of this market. North America, Europe, and Asia Pacific, in particular, have a large percentage of vegan population.
Growing awareness about animal health and animal cruelty in the food industry has been encouraging people to shift from animal-based to plant-based food products. According to The Vegan Society, from 2012 to 2017, the meat-free food demand grew by 987%. The product is Googled three times more than gluten-free and vegetarian products.
According to a new report Global Healthy Snacks Market, published by KBV research, the Global Healthy Snacks Market size is expected to reach $32.3 billion by 2025, rising at a market growth of 5.07% CAGR during the forecast period.
Global Healthy Snack Market Size
Naturally Splendid CEO Mr. Craig Goodwin states, “It is trends such as this that continue to drive business to our Prosnack Division. The decision to invest further in our facility and to focus on plant-based ingredient based formulations is creating a sustainable business model for the Company in the healthy snack market. This in turn is creating a viable, growing revenue stream to drive shareholder value and continue our growth in the healthy snack and plant-based food sectors”.
About Naturally Splendid Enterprises Ltd.
NSE has established numerous healthy, functional foods under recognized brands such as Natera Sport(TM), Natera Hemp Foods, CHII (TM), Elevate Me(TM) and Woods Wild Bar. The Company has a myriad of new products and line extensions under development that are approaching launch. NSE has also developed proprietary technologies for the extraction of high demand, healthy omega 3 and 6 oils from hemp. (NSE sales revenues for the first half of 2019 exceeded FY2018).NSE is the current “go-to” manufacturer for healthy, functional food products and ingredients focusing on plant-based ingredients. The Company provides contract manufacturing services for many global healthy food companies, private labelling a wide variety of nutritional food products destined for global healthy food markets. NSE plans to utilize current and new technologies to meet the expected exponential demand developing in the cannabis market. Pending appropriate NSE licensing and regulations in permitting jurisdictions, NSE’s current production facilities will be one of very few facilities that is capable of meeting the demand for infused edibles and oils for both in-house and contract manufacturers’ brands.
For more information e-mail email@example.com or call Investor Relations at 604-673-9573
On Behalf of the Board of Directors
Mr. J. Craig Goodwin
CEO, President, Director
Naturally Splendid Enterprises Ltd.
(NSP – TSX Venture; NSPDF – OTCQB; 50N Frankfurt)
#108-19100 Airport Way
Pitt Meadows, BC, V3Y 0E2
Office: (604) 465-0548
Fax: (604) 465-1128
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Naturally Splendid cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Naturally Splendid’s control including, Naturally Splendid’s ability to compete with large food and beverage companies; sales of any potential products developed will be profitable; sales of shelled hemp seed will continue at existing rates or increase; customers will complete on sales contracts; and the risk that any of the potential applications may not receive all required regulatory or legal approval. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Naturally Splendid undertakes no obligation to publicly update or revise forward-looking information.