Naturally Splendid (NSP.V) announced today that it has received an initial $75,000 purchase order from a Canadian-based company, for a variety of plant-based meat replacement products. These products will be distributed under their own private label brand.
“We are excited with the opportunity to private label for this Canadian-based company. The private label clients we take on will be selected strategically, with the objective being to identify unique opportunities through product development, packaging, as well as specific distribution channels not in competition with our own NATERA Plant Based Foods. Historically, Naturally Splendid has balanced our contract manufacturing business with the development and distribution of our own Company branded products and this strategy will be executed for producing plant-based entrees as well,” stated Naturally Splendid CEO Mr. Craig Goodwin.
Nothing too exciting here folks, however, Naturally Splendid’s latest initial order is indicative of the Company’s position as a leader in Canada’s plant-based industry. Having recently signed an LOI with Flexitarian Foods, a division of Australia’s largest plant-based manufacturer, Naturally Splendid has never been in a better position to intercept new clients via its massive distribution network. In addition to its constantly growing distribution network, Naturally Splendid will also be upgrading its manufacturing facilities. In doing so, the Company will be able to produce 8 to 10 tons of plant-based products in a single day, including a multitude of plant-based products such as fish, chicken, and beef, just to name a few.
Circling back to Naturally Splendid’s latest announcement, the Company will be working with its new client to provide plant-based products in unique packaging, designated for specific distribution channels. Manufacturing of the client’s plant-based meat alternatives will take place at Naturally Splendid’s 20,000 square foot manufacturing facility in Pitt Meadows, British Columbia, one of the Company’s many facilities to be retrofitted with new manufacturing lines. In the future, the Company plans to produce for select strategic private label clients, for targeted distribution channels.
Keep in mind, Naturally Splendid has a variety of new products and line extensions under development, which are quickly approaching launch. Moreover, through its joint venture Plasm Pharmaceuticals, the Company has been approved to conduct a phase 2 clinical trial approved by Health Canada for the treatment of COVID-19. With this in mind, Naturally Splendid appears to be in a pretty solid spot, having established multiple agreements with industry titans like CANEX Foods and Flexitarian Foods.
However, Naturally Splendid’s Q1 2021 financial results weren’t the most impressive, experiencing losses in both revenue and gross profits. In spite of this, Mr. Goodwin attributes these losses to the ongoing pandemic and the Company’s decision to focus on NATERA Plant Based Foods. With that being said, Mr. Goodwin is confident that the Company’s own brands will serve as the foundation for growing shareholder value.
Naturally Splendid’s share price opened at $0.05 and is currently trading at $0.05 as of 10:05AM ET. This indicates that there has not been any change following the news.