Naturally Splendid’s (TSXV:NSP) recently acquired packaging system has been successfully installed and has commenced operations. Naturally Splendid is now fulfilling the Eat Real Snack Food Canada Ltd. (ERSF) co-packing contract.
Work has been continuing since the start of the year to finalize preparation of the 3,000-square-foot packaging facility at the company’s Pitt Meadows headquarters. Installation of the machinery acquired from Eat Real Snack Foods, described in the agreement announced on Jan. 25, 2017, started during February and was finished earlier this month. The first order of dried fruit products to be packaged into stand-up zipper bags is under way and is near completion at the time of writing of this update.
Naturally Splendid chief executive officer Dave Eto stated: “Interest from other co-packing clients continues to grow and now we are introducing them to our facility. Sample runs of product and co-packing agreements are being discussed. This is also an opportunity to introduce our co-packing partners to other parts of our business, like HempOmega and food ingredients. Co-packaging facilities like ours are rare in Western Canada. We have tailored our co-packing services to be beneficial to companies ready to transition from hand-fill operations to a more automated process. These businesses may not currently have the volumes or capital to develop their own packaging operations and are looking to grow. By offering our services at this level, we provide processing capability to local processors ready for the next stage of their business.”
Naturally Splendid has also received $445,425 in cash and $120,000 in accounts payable settlement from the exercise of warrants previously granted. The warrants were exercised at prices of 30 cents, 35 cents and 40 cents for a total of 1,464,500 common shares being issued. Following the issuance of these shares, Naturally Splendid will have 76,010,649 common shares outstanding.
About Naturally Splendid Enterprises Ltd.
Naturally Splendid is a multifaceted biotechnology company that is developing, producing, commercializing and licensing an entirely new generation of plant-derived, bioactive ingredients, nutrient-dense foods and related products. Naturally Splendid is building an expanding portfolio of patents (issued and pending) and proprietary intellectual property focused on the commercial uses of industrial hemp and non-psychoactive cannabinoid compounds in a broad spectrum of applications.