PENTICTON, BC / ACCESSWIRE / May 19, 2020 / EastWest Bioscience's (the "Company" or "EastWest") (TSXV:EAST) subsidiary, Orchard Vale Naturals ("Orchard Vale"), has received Health Canada approval for hand sanitizer liquid spray.
Manufacturing and shipping of finished products are scheduled to be completed by the end of May at our Penticton, BC facility. Initially, Orchard Vale intends to sell its hand sanitizer spray through the Sangsters retail locations and through its various distribution networks in Canada.
Prior to the COVID-19 pandemic, The global hand sanitizer market is projected to grow from USD 1.2 billion in 2019 to USD 2.14 billion by 2027, at a CAGR of 7.5% during the forecast period 2019-2027 (Fiormarkets, 2020). It is estimated that on account of the present scenario, the hand sanitizer market is likely to generate USD 1.87 billion this year. In addition to this, it would rise tremendously from an annual growth rate of 5.06% to 45.71% in 2020 (Fortune Business Insight, 2020)
"We expect strong demand for our hand sanitizer," says Rodney Gelineau, EastWest Chief Executive Officer. "This is part of our effort in growing sales in all channels while continuing to cut cost and working towards positive EBITDA".