Naturally Splendid Enterprises (
TSX: V.NSP,
Forum) moved forward with the first $1.6 million portion of a definitive agreement with Laguna Blends for the production of Pro369 when the company announced today that it would commence manufacturing of the first $100,000 purchase order submitted by Laguna in the last week of January 2016.
According to the
news release, Pro369 was custom formulated for Laguna Blends by Naturally Splendid using a unique blend of hemp protein, HempOmega™ and other plant-based ingredients developed by Naturally Splendid’s wholly-owned subsidiary BC Ingredients.
Company CEO, Craig Goodwin, commented, “It is anticipated that Laguna will place a second Purchase Order estimated to be $250,000 CDN by the second quarter of 2016. We are working closely with Laguna as they prepare for their launch and ramping up of sales.”
Bryan Carson, VP of Operations, added, “Naturally Splendid is prepared for production with packaging and ingredients ordered and production time slotted for the last week of January 2016. Naturally Splendid has custom formulated Pro369 in four flavours. The Minister of Health has granted Laguna a product license along with a Natural Product Number for all four of the Pro369 Flavours. We are proud that all four (4) custom formulated proteins were approved by Health Canada and are now focused on the move into the production phase with Laguna Blends. These are exciting times for Naturally Splendid as we begin to monetize the products we have developed.”
The second year of the aforementioned agreement, calls for Naturally Splendid to produce $4.5 million worth of Pro369 through a series of purchase orders.
Laguna Blends CEO, Stuart Gray, stated, “We are thrilled with the support we have received from Naturally Splendid. We have great confidence in the formulations that Naturally Splendid created for Laguna and look forward to distributing them through our growing network.”
Naturally Splendid was in the news recently when
the Vancouver-based company announced it would present at the December 22, 2015 Cannabis Investor Webcast.
Currently there are 56.8m outstanding shares with a market cap of $17.0 million.
FULL DISCLOSURE: Naturally Splendid is a Stockhouse Publishing client.