Demand for plant-based products has created a multi-billion-dollar revolution. Aside from plant-based food, we’re just now seeing a groundswell of interest for plant-based cosmetics, too. In fact, the global plant-based cosmetics market could be worth up to $20.8 billion over the next five years, according to Grand View Research. All on the belief that plant-based products are far better for their health, consumers are pushing for natural alternatives. At the moment nearly a third of Millennials are already buying skin care products with organic, sustainable, or plant-based attributes, says Linkage Research.
“Consumers are shifting their preference from chemical-based beauty products, owing to safety reasons, and are drawn towards ‘natural’ and ‘safe’ products. This, in turn, is likely to drive the adoption of vegan beauty products in the coming years. Furthermore, a growing number of social media channels and beauty bloggers are promoting makeup hacks using vegan beauty products. This, in turn, is boosting manufacturers of vegan beauty products,” added Prophecy Market Insights. That’s creating opportunity for companies such as The Yield Growth Corp. (CSE:BOSS) (OTC:BOSQF), Else Nutrition Holdings Inc. (TSXV:BABY)(OTC:BABYF), The Very Good Food Company Inc. (CSE:VERY), Burcon Nutrascience Corporation (TSX:BU)(OTC:BUROF), and Ulta Beauty Inc. (NASDAQ:ULTA).
The Yield Growth Corp. (CSE:BOSS)(OTCQB:BOSQF) BREAKING NEWS: The Yield Growth Corp. announces that it will be changing its corporate name to Better Plant Sciences Inc.to reflect its strategic focus on the high-growth market for plant-based consumer products. The Company’s new stock symbol will be “PLNT”, and the name change will be effective next Tuesday, August 18, 2020.
Since inception, all of the Company’s consumer product activities have been in the development and commercialization of all-natural, plant-based formulas. This began with the 2017 acquisition of a large plant-based formula library that includes skin care, personal care products, therapeutic products, beverages, edibles, topical wellness products, cleaning products, and a hand sanitizer - all developed with traditional Ayurvedic principles. The Company has launched cannabis products through the Wright & Well brand in Oregon and has been working to develop the Jack & Jane line of cannabis products for Canada as well as medicinal mushroom products via its subsidiary, NeonMind Biosciences Inc. Continuing this momentum, the Company is committed to expanding its plant-based product portfolio across existing and new product categories and will continue to commercialize its extensive plant-based library of products.
“Herbal formulations based on traditional systems like Ayurveda have seen rapid growth in the past few years. We are committed to using the highest-quality, natural, plant-based ingredients in all of our products,” said CEO Penny White. “The name Better Plant Sciences is highly aligned with our mission, and positions us to capitalize on the growth in consumer demand for plant-based alternatives across all categories. We want to make it easy for consumers to make better choices for their health by making better products and holding ourselves to the highest standard to be a better company.”
The Company has put significant resources into fostering the growth of its direct-to-consumer business to drive sales, including the recent transfer of its Urban Juve e-commerce site onto Shopify as well as ensuring that products are also available on Amazon.ca. Creating product listings for US-based consumers on Amazon.com is the next step in the Company’s direct-to-consumer sales focus.
“We have made the decision to focus solely on driving sales within North America for the foreseeable future, as the COVID-19 pandemic has made those distribution channels a more reliable option. COVID-19 has also changed the outlook for retail channels worldwide and our strategy reflects this,” added White.
The Company has also been highly focused on developing the scalability of its operations while ensuring they remain true to its natural wellness and sustainability values. The company has stability tested more than 50 product formulations to ensure a 2-year shelf life for its products using plant-based preservatives. Cost-effective and environmentally friendly packaging solutions have also been sourced by the company.
“We strive to ensure our corporate practices are good to our people, customers, shareholders, employees, and our planet. Plant-based products made with high-quality natural and sustainable components, formulated to help our customers achieve optimal wellness is a crucial aspect of our business,” said White. “For our shareholders, we have ensured that we remain dedicated to staying on top of emerging trends and societal changes in order to stay relevant and set up our products for success. For employees, we offer a flexible, creative workplace, enabling remote work options that enable a healthy work-life balance.”
The new name and new symbol are intended to capture everything the Company has been developing thus far and what it plans to achieve moving forward: to make plant-based products and support wellness for a better life.
Other related developments from around the markets include:
Else Nutrition Holdings Inc. (TSXV:BABY)(OTC:BABYF), a developer of plant-based alternatives to dairy-based baby nutrition, is pleased to provide the following corporate update. "Our team has been working relentlessly, during an unprecedently difficult time, to bring our product to market. As we get set to launch, we are beyond thrilled to have crossed major hurdles over the past months and weeks - including full scale manufacturing with a U.S. based partner and mobilization of our U.S. supply chain which has culminated in our ability to ship samples of our plant-based formula for toddlers to eager parents across North America," said Ms. Hamutal Yitzhak, CEO and Co-Founder of Else.
The Very Good Food Company Inc. (CSE:VERY) announced that it has signed an agreement with three third party logistics providers to increase shipping speed and reduce associated costs for its ecommerce store orders. The Company has also made improvements to its Victoria facility to increase throughput and position the facility for a near-term ramp up in production. The Company has signed agreements with three strategically located third party logistics providers in North America. The new distribution hubs are expected to substantially reduce shipping costs, while also significantly improving speed of delivery to customers. The 3PL facilities are located in Ontario and on both U.S. coasts, with capabilities of reaching anywhere in North America in 2-3 days via ground transportation. CEO Mitchell Scott stated: "The 3PL hubs were the next critical step in building our ecommerce business to be truly scalable. Previously, all shipping was centralized out of our Victoria facility, which delayed shipping times for customers and required cost-intensive air mail."
Burcon Nutrascience Corporation (TSX:BU)(OTC:BUROF), a global technology leader in the development of plant-based proteins, announced that Burcon and ADM have agreed to terminate the license and production agreement dated March 4, 2011 made among Burcon, Burcon NutraScience (MB) Corp. and ADM for CLARISOY™ soy protein effective August 7th, 2020. As part of the agreement to terminate the exclusive license, the CLARISOY trademark will revert back to Burcon. Additionally, Burcon and ADM are discussing opportunities for Burcon to acquire certain processing equipment from ADM’s CLARISOY™ processing facility. Burcon will provide additional updates on its plans for CLARISOY™ in the future. Unique to any other soy proteins on the market, CLARISOY™ soy proteins offer exceptionally high solubility, clean flavor and complete protein nutrition for low pH and neutral pH beverage systems.
Ulta Beauty Inc. (NASDAQ:ULTA) shared further updates to its operations as it continues to navigate the impact of COVID-19. “In navigating the fluid dynamics of COVID-19, we are keeping the safety of our guests and associates at the heart of every decision we make,” said Mary Dillon, chief executive officer. “In parallel, we are making decisions to ensure continued strength as an industry leader with an eye towards long-term growth.” As of today, Ulta Beauty has completed its phased reopening process. To meet individual comfort levels, guests can shop via Curbside Pickup, Buy Online Pickup in Store, on Ulta.com, via the Ulta Beauty app and in Ulta Beauty stores. In addition to our Shop Safe Standards, starting today Ulta Beauty will require all guests and associates to wear facial coverings when in stores. As different parts of the country manage rising COVID-19 cases, the Company will maintain its close monitoring of government and health guidance as well as local case prevalence to inform nimble actions where necessary.
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