Naturally Splendid (NSP.V) has announced a Letter of Intent (LOI) with Flexitarian Foods, a division of Australia’s largest plant-based manufacturer, to become the exclusive manufacturer for an extensive line of plant-based, meat alternative products for the Canadian market.
“Manufacturing these products in Canada opens up additional opportunities for the Company and we look forward to providing timely updates. Our expertise in manufacturing plant-based bars and bites in our SQF certified manufacturing facility will be of significant value as we add these additional lines to our manufacturing. Naturally Splendid began over a decade ago with the idea that plant-based diets are good for people and the planet. It’s fantastic to see that consumers have embraced this concept as well,” states Naturally Splendid Chief Executive Officer Mr. J. Craig Goodwin.
On September 30, 2020, Naturally Splendid announced that it had signed an exclusive sales and distribution agreement for an extensive line of plant-based products with BettaLife Global Food Solutions. In addition to receiving exclusive rights, the Company was also granted permission to sell and distribute these products in the US market. In North America, these products have been branded as NATERA Plant Based Foods, one of the Company’s most successful line of products. With regards to Naturally Splendid’s latest agreement with Flexitarian Foods, which is expected to be completed within 30 days, exclusive manufacturing rights will be granted to the Company for a 10-year term with a 10-year renewable term.
With this in mind, new manufacturing lines will be installed in Naturally Splendid’s existing facilities throughout Canada, significantly decreasing capital costs of construction while simultaneously reducing the time needed before manufacturing can commence. One of these facilities includes Naturally Splendid’s SQF certified Pitt Meadows location in British Columbia. Once installations are complete, this facility will be capable of producing 8 to 10 tons of product per shift, per day. That’s pretty beefy if you ask me. Moreover, this facility will be able to produce a variety of plant-based products including beef, chicken, fish, pork, and shellfish.
Overall, Naturally Splendid has established itself as the go-to manufacturer and distributer for plant-based foods in Canada. Having developed a distribution network that covers Canada coast to coast, Naturally Splendid has access to thousands of clients. The Company is currently in discussion with several of these clients regarding a transition strategy. This strategy will see purchase orders fulfilled through Naturally Splendid’s ongoing agreement with BettaLife Global Food Solutions while the Company’s facilities are constructed in Canada.
Naturally Splendid’s share price opened at $0.06, up from a previous close of $0.045. The Company’s shares are up 33.33% and are currently trading at $0.06, indicating that there has been significant change following the new.