The plant-based meat market is expected to grow at an impressive CAGR of 25.14 percent as consumers seek more plant-based options. The segment has the potential to grow by US$7.21 billion from 2015 to 2021. In 2019 alone, the plant-based meat market was valued at a significant US$3.77 billion. The high growth rate of this segment of the plant-based market presents an exciting opportunity for investors seeking to grow their capital.
A key geographic market in the plant-based category is North America, and Canada is a global leader in plant protein. The Government of Canada recently invested C$153 million into the Protein Industries SuperCluster, which seeks to increase the value of key Canadian crops such as canola, wheat and pulses. A significant opportunity for these crops revolves around the growing plant-based meat alternatives markets in North America, with further export opportunities in Asia and Europe. The Canadian government expects the investment to generate more than C$4.5 billion in GDP over the next 10 years.
EXCLUSIVE AGREEMENT WITH AUSTRALIA’S LARGEST PLANT-BASED MANUFACTURER
Naturally Splendid Enterprises (TSXV:NSP, OTCQB:NSPDF, FSE:50N) is a Canadian-based company focused on manufacturing delicious plant-based products. Their feature plant-based line is marketed under the PlanteinTM trademark. This line is manufactured under a 10-year exclusive manufacturing and distribution agreement with Flexitarian Foods Pty. Ltd., a division of Australia’s largest plant-based manufacturer.
As a result of this agreement, Naturally Splendid offers the most extensive plant-based meat alternative choices than any other plant protein company in North America, including Beyond Meat (NASDAQ: BYND), Gardein (owned by Conagra NASDAQ: CAG) and Impossible Meat.
Over the years, Naturally Splendid has developed a number of retail brands covering various consumer channels that have been sold in thousands of retail locations across Canada and online. The Company’s feature plant-based line boasts a number of appetizers and entrees prepared for those looking to add more plant-based nutrition into their diets, whether they be vegans, vegetarians or the rapidly growing ‘flexitarian consumer.’
MANUFACTURING PLANT-BASED FOOD IN THEIR OWN CERTIFIED FACILITY
ProSnack Natural Foods, a 100% owned division of Naturally Splendid, manufactures plant-based appetizers and entrees in their 17,000 square foot Safe Quality Food (SQF) Certified food manufacturing facility located in Pitt Meadows, British Columbia in, Canada. The facility is capable of manufacturing a wide range of plant-based appetizers and entrees. While upgrading the Prosnack facility, the SQF Certification is temporarily on hold at the request of Company. SQF pre-certification inspection is expected in October 2022 with full certification expected Q2 2023. Previously the Company scored an 89/100 during their SQF certification process, indicating a high aptitude for manufacturing processes.
The facility is currently undergoing renovations to replicate the established, successful manufacturing processes that have made Plantein among Australia’s most popular plant-based entrees. Once completed in the latter part of 2022, the facility will have the capacity to produce 30 tons of plant-based products daily, or in dollar values, will have a manufacturing capacity of $45,000,000 CDN annually.
In addition to Naturally Splendid’s house brand, ‘Plantein,’ ProSnack will manufacture under Private Label agreements and manufacture for strategically selected companies, producing their proprietor formulations for plant-based products.
FORMULATION AND MANUFACTURING IP – A COMPETITIVE ADVANTAGE
Flexitarian Foods has developed industry-disrupting IP in both product R&D as well as manufacturing. Rather than develop a ‘recipe’ for a single product, as most every other plant-based manufacturer does, Flexitarian Foods has perfected a system based on their IP for rapid product development. Flexitarian Food’s IP extends to manufacturing, and its success lies in using standardized equipment rather than custom manufactured equipment to process their plant-based foods.
The IP regarding product formulation creates the landscape to develop new plant-based SKUs in industry-leading time frames…typically 6-10 weeks for initial concept samples to be developed.
IP related to manufacturing provides a competitive pricing advantage due to the efficiency of the Company’s manufacturing processes. Flexitarian Food’s methodology based on their IP allows for rapid expansion to manufacturing capacity as capacity can be increased simply by adding additional equipment. This strategy lends itself to the opportunity to build multiple manufacturing facilities close to input sources and consumer bases, creating competitive advantages.
FROM NATERA TO PLANTEIN – EXLUSIVE RIGHTS TO PLANTEIN TRADEMARK
Initially, Naturally Splendid marketed its plant-based products under its Natera brand.
The Company has since negotiated a 10-year licensing agreement to use the Plantein name in Canada. The licensing agreement has a 10-year extension, making this a 20-year agreement.
ICONIC RESTAURANT CHAIN FEATURES PLANTEIN ENTREES
In August 2021, the company announced an exciting milestone in which NATERA’s plant-based chicken tenders and plant-based chicken nuggets will soon be available at 71 Denny’s Corporation (NASDAQ:DENN) restaurant locations across Canada. These items are currently being served in all Canadian Denny’s locations.
ESTABLISHED DISTRIBUTION NETWORK
The Company has established relationships with Canada’s two largest food distributors, who in combination hold an estimated 85% market share.
Sysco Canada – National Program
Gordon Food Service (GFS) – Services Denny’s Canada account as well as others
A COMPANY WITH A RICH PLANT-BASED HISTORY
Naturally Splendid’s initial foray into plant-based nutrition began over a decade ago and focused on hemp and the incredible nutritional profile the plant provided. The Company’s journey has included significant technological advances in hemp protein and the omegas contained in hemp, resulting in unique ingredients that may be incorporated into plant-based product formulations.
Naturally Splendid is the owner of Chii Pure Hemp, an online store selling hemp seed and protein and manufactures nutritional bars and bites in their certified food manufacturing facility.
This facility is now being retrofitted to manufacture a diverse range of plant-based appetizers and entrees.
The Company’s previous technological advances in the area of micro-encapsulation of omegas and concentrating of plant proteins, has provided an opportunity to use these value-added ingredients in their own plant-based products. Additionally, these value-added ingredients have the potential to be marketed to other plant-based manufacturers creating new revenue stream. The opportunity within the plant-based market space has created new opportunities for these Company owned technologies and ingredients.
DIVERSIFIED PLANT-BASED PRODUCTS
In addition to the Company’s plant-based appetizer and entree business, Naturally Splendid’s other plant-based brands include CHII, ElevateMe, NATERA Sport, and Pawsitive FX. CHII is one of Canada’s oldest hemp companies, established in 2019. The brand offers hemp seeds, oils, and proteins sold primarily online. Elevate Me, and Woods Wild Bars are the company’s bars offerings. These products are currently going through re-formulation to offer 100% plant-based nutrition. Pawsitive FX is the company’s foray into topical pet products, which feature 100% plant-based formulations.
- Naturally Splendid entered the plant-based market and launched multiple hemp food brands over a decade ago.
- The Company has developed technologies and techniques that create value-added hemp oil and hemp protein ingredients. These ingredients are of interest to plant-based product formulation and production.
- Naturally Splendid’s 100% owned division, ProSnack Natural Foods, operates a 17,000 square foot Safe Quality Food (SQF) Certified Food Manufacturing facility located in Pitt Meadows, British Columbia, Canada.
- The facility was originally designed to produce nutrient-dense, plant-based, and non-perishable bars and bites, which it has done so since 2017.
- This facility is currently being retrofitted to produce plant-based appetizers and entrees.
- Naturally Splendid signs a 10-year exclusive manufacturing and distribution agreement with a division of Australia’s largest plant-based manufacturer
- The Company brands this plant-based line of appetizers and entrees “NATERA.”
- NATERA plant-based nuggets and tenders available at 71 Denny’s restaurant locations across Canada
- NATERA plant-based nuggets and tenders are available at all 13 Bar One restaurants in Western Canada (a division of Denny’s Restaurants)
- Naturally Splendid secures exclusive rights to the Plantein trademark in Canada.
- The Company rebrands NATERA Plant-Based Foods as Plantein and launches retail lines
- Sysco Canada becomes a distributor of Plantein
- Gordon Food Service becomes a distributor of Plantein
- Through the exclusive agreement with Australian strategic partners, Naturally Splendid offers more plant-based, meat alternative choices than any other company in North America.
- An experienced management team leads the company with decades of experience in the business.
Prosnack Natural Foods Manufacturing Facilty
ProSnack Natural Foods operates a 17,000 square foot Safe Quality Food (SQF) Certified Food Manufacturing facility in Pitt Meadows, British Columbia, Canada.
ProSnack Natural Foods facility is undergoing retrofitting and will manufacture the Plantein line of plant-based products upon commissioning. Upon retrofit completion, the facility will be capable of producing 30 tons of plant-based products per day, resulting in a manufacturing capacity in dollars of an estimated $40M CDN annually.
Additionally, and as importantly, Prosnack Natural Foods offers contract manufacturing for various clients, including private label programs.
Prior to retrofitting to manufacture plant-based entrees, Prosnack manufactured nutritional bars and bites for themselves under multiple ‘house brands’ and several well-known brands.
Naturally Splendid has secured the rights to use the Plantein name in Canada exclusively for an initial 10-year term with a 10-year renewal option.
Plantein originated in Australia and is manufactured by a division of the largest plant-based manufacturer in Australia.
The PlanteinTM line of plant-based foods includes alternatives for beef, chicken, pork, fish and seafood. The Company has over 40 commercially ready plant-based entrees and has launched eight (8) SKUs initially in foodservice and retail in Canada.
The eight (8) products available today are 100% vegan and include a plant-based Burger, Crispy Burger, Crumbed Tenders, Sweet Chili Tenders, Nuggets, Schnitzel, Garlic Kiev and Phishy Fillet.
Additional Company Brands
Naturally Splendid has developed and owns several brands covering multiple categories, including CHII Pure Hemp, Elevate Me, Woods Wild Bar, NATERA Sport and Pawsitive FX focusing on plant-based ingredients.
CHII Pure Hemp
CHII is one of Canada’s pioneering hemp companies, established in 1998. The brand offers hemp hearts, hemp oil and hemp seed protein through an online e-commerce platform. Chii hemp foods include hemp seed hearts, hemp protein powder and hemp seed oil.
Nutritional Bars and Bites
The Company has developed, manufactured and distributed several nutritional bars and bites, including Elevate Me, Woods Wild Bar and KEY-TO-LIFE.
NATERA Sport also recently launched Procurc 30, an advanced curcumin-based supplement that Health Canada approved for phase two clinical trial as a potential treatment for Covid-19.
Pawsitive FX consists of three (3) all-natural balms for snout and paw health; Happy Paws, Strong Paws, Happy Snouts.Pawsitive FX as well as offers raw hemp oil for canine nutrition!
J. Craig Goodwin - CEO, President, Director and Co-Founder
J. Craig Goodwin is a co-founder of Naturally Splendid. As CEO, Goodwin has been instrumental in the transition from a private company to a public company raising over CA$20,000,000 in the process. In addition to his role as CEO, Goodwin’s responsibilities included international business development where he oversaw the development of a South Korean project generating over C$7,000,000 in 2016.
Currently, Goodwin is developing business in South Korea, Japan, China, Germany and Australia to name a few. Previous to his appointment as CEO of Naturally Splendid, Goodwin accumulated over 30 years of sales and marketing experience including senior account executive for one of the largest outdoor advertising companies in the world, The Jim Pattison Sign Group. While with The Jim Pattison Sign Group, Craig was one of the most successful sales executives in Western Canada and received numerous awards for outstanding sales achievements.
In addition to sales and marketing, Goodwin has consulted for numerous public companies providing services including investor relations, raising venture capital and business development.
Bryan Carson - VP Operations and Co-Founder
Bryan Carson’s vision of a company distributing healthy food choices is a driving force behind Naturally Splendid® and the foundations from which this company originated. For the past four years, Carson has overseen the operations of Naturally Splendid® including establishing supply channels, packaging and product development. Carson’s insight and vision have proved invaluable as part of the management team.
Carson created, operated and sold a successful retail store in Vancouver, B.C. His hands-on retail expertise from the conceptual planning stages through construction and launch is of great value in developing our relationship with major food distribution channels.
George Ragogna - CFO, Director, Chairman of the Board
George Ragogna has over 30 years of experience in the Canadian financial services industry. Ragogna also has over 20 years of experience in a progressive leadership role specializing in strategic planning, corporate sales, workforce optimization and regulatory compliance. Ragogna successfully manages and supports a call center of over 550 employees, ensuring new and existing staff are trained and knowledgeable in the financial services industry and compliance processes.
Ragogna brings unique business acumen and strong technical skills that will strengthen the board at Naturally Splendid.
Larry Gilmour - Director
Larry Gilmour's professional career began in sales and marketing with internationally recognized brands such as Libby's (Libby, McNeil and Libby), Playtex Corp. and Black and Decker. Gilmour has also owned and operated chain grocery outlets including owner and operator of a Super Valu grocery store in Vancouver, B.C., for over five years. He has a successful track record of growing businesses with existing consumer bases.
Gilmour joined Independent Pharmacist Inc. where he leveraged his sales, marketing and management skills to drive membership up significantly –– increasing sales tenfold from $2 million to $22 million over four years. When the business was sold, Gilmour built another business called Vancouver Wholesale Drugs. Gilmour was a partner and general manager of Vancouver Wholesale Drugs and oversaw a sales increase from $5 million to $70 million in just six years. Gilmour then returned to the grocery world purchasing an IGA grocery store in Vancouver, B.C., that he operated for over eight years. More recently, Gilmour has been advising business owners of small- to medium-sized businesses in infrastructure, financing, sales and marketing.
Kris Tarr - VP of E-Commerce
Kris Tarr's professional career has spanned almost three decades as an information technology and internet marketing consultant. Tarr has held several senior marketing management and IT executive positions, applying his decades of experience in technology, management and leadership to deliver business results for organizations in the high-tech, pharmaceutical, tourism, entertainment, online gaming and real estate sectors.
Tarr has worked for globally recognized organizations such as Coca-Cola, Disney and Nickelodeon. As a consultant, he has guided over a hundred small and medium-sized businesses, developing and implementing online and e-commerce strategies.
In Vancouver, Canada, Tarr focused on internet marketing with an emphasis on search engine optimization and social media automation for the online gaming industry. Tarr held a position as senior SEO strategist for Bodog which is a major online gaming brand. Tarr has also held the positions of ITSM (IT service management) head, chief technology officer and IT solutions provider at Oriental Game which is Asia's leading online gaming solutions provider.
Tarr has started numerous lucrative business ventures and has built and operated many successful search engines including a property management franchise. He co-founded Waveless Websystems Inc., where he developed e-commerce solutions for the home building industry, which led him to Southeast Asia to expand the company's software development team.
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