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Naturally Splendid Enterprises Ltd. (TSXV:NSP) announced that it has entered in to a supply agreement with a leading industrial hemp supplier which secured its industrial-hemp supply until the end of 2016.
As quoted in the press release:
Under the terms of the supply agreement, the industrial hemp supplier will secure industrial hemp seed from Canadian producers and, in consideration of which, the Company will purchase a minimum of 1,365,000 kilograms (3,000,000 pounds) of bulk industrial hemp seed from HPS (the “Purchase Commitment”). The Company will be required to meet twenty five percent (25%) of its Purchase Commitment for each of the four calendar quarters commencing on October 1, 2015. The bulk industrial hemp to be purchased from the supplier will be shelled and/or crushed producing three separate products: (i) shelled hemp seed; (ii) hemp protein; and (iii) hemp oil. The hemp oil, in turn, can then be converted by the Company into HempOmega(TM) utilizing the Company’s licensed water-soluble omega technology.
Craig Goodwin, CEO of Naturally Splendid, commented:
Securing our raw input needs provides the Company with the confidence to approach a much wider range of potential clients, most notably in the multi-billion dollar omega market where we believe our value-added HempOmega(TM) technology has the potential to gain market share through a wide range of sales opportunities ranging from human, pet and feed stock applications. Discussions with significant companies using omegas in their existing formulations, or, wish to create omega-infused products, are on-going.
Bryan Carson, vice president of operations for Naturally Splendid, commented:
It is vitally important for Naturally Splendid to secure enough industrial hemp seed to facilitate expanding our sales rapidly in our existing retail lines, retail lines in development and for our raw hemp-oil input for producing HempOmega(TM). With this supply agreement now in place, the Company is confident we can focus on our sales and marketing strategies.
Click here to read the Naturally Splendid Enterprises Ltd. (TSXV:NSP) press release
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