Better Plant Sciences Inc. (VEGGF) changed its name from Yield Growth Corp. on August 18th to reflect its strategic focus on developing and acquiring plant-based food and beverage formulas, health supplements, therapeutic formulas, and skincare formulas to take full advantage of the dramatic growth in such products.
Written by Lorimer Wilson, Managing Editor of munKNEE.com – Your KEY To Making Money!
- according to BIS Research, the plant-based food and beverage alternatives market is expected to reach $80.43 billion by 2024, with a CAGR of 13.82% from 2019 to 2024.
- according to Meticulous Research, the plant-based food market is expected to reach $74 billion by 2027 and the plant-based beverage market to $20 billion by 2023 with both growing at a CAGR of 12% from this year.
- according to Statista, the skincare segment is estimated to increase to $189 billion by 2025 and,
- according to eResearch, the global vegan cosmetics market is projected to reach $20.8 billion by 2025, progressing at a CAGR of 6.3%.
To take full advantage of that growth, and to address concerns about the potential negative side effects of chemicals and animal-based ingredients in cosmetics and other products on individuals and the environment, Better Plant Sciences has:
- 200+ proprietary wellness formulas at various stages of commercialization,
- 50 products registered with Health Canada and
- 20+ products available for sale through e-commerce or brick and mortar retail stores.
Says company CEO Penny White:
- “Leveraging the expertise we have gained developing our extensive catalogue of proprietary plant-based product formulations, we believe we are well-positioned to capitalize on this opportunity in the marketplace.”
- On June 25th, the company received Health Canada cosmetic notification numbers for 23 of its proprietary plant-based products, including its plant-based eye creams, face & eye cleansers, face & body mists, nail cuticle oils, deodorants, shaving creams, beard oils, and roll-ons.
- On July 22nd, the company’s subsidiary, Urban Juve, announced the launch of an e-commerce website to improve online sales and announced that eight of its products were available for sale on Amazon.ca and advised that it would soon be launching on Amazon.com. These actions are seen as key components of the Company’s strategic plan to invest in, and grow, direct-to-consumer sales.
- On August 18th, the company acquired 300 JUSU branded plant-based assets from JUSU Bar Inc., JUSU Life Inc. and JUSU Cbd Inc. for C$2.25 million which included all related inventory, packaging, raw ingredients, and intellectual property as well as the e-commerce sites where the products are sold, the customer lists and all intangible assets relating to the chain of juice bars operated in British Columbia and Alberta under the name JUSU.
- On October 6th, the company announced that Amazon.com had approved the listing for its Hand Sanitizer Gel which is manufactured by its subsidiary, Urban Juve and the product will be available later this month. will be live on Amazon.com later this month.
Q2/2020 Financial Highlights
The company reported that:
- it had revenue of C$0.16M vs. C$1.1 million in the prior year’s comparable quarter as a result of a one-time licensing transaction of C$1 million.
- it had a net loss of C$2.5 million versus C$4.2 million in the prior year’s comparable quarter.
In spite of the impressive potential for companies such as Better Plant Sciences, its stock is currently trading at $0.058 per share, a 60% decrease this year, and a 70% decrease in the past twelve months.
The above article is the second (read the first here) in a series of 7 articles on the plant-based food category. Later articles will report on the latest news of Beyond Meat Inc. (BYND); Else Nutrition Holdings Inc. (BABYF); Modern Meat Holdings Inc. (CSE: MEAT); Burcon NutraScience Corp. (BUROF) and The Very Good Food Company Inc. (CSE: VERY)(VRYYF).
Editor’s Note: Some of the information used in the above article was sourced from an article by Jay Yi. The views, conclusions and any recommendations offered in this article are not to be construed as an endorsement of such by the editor. Also note that this complete paragraph must be included in any re-posting to avoid copyright infringement.
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