BioHarvest Sciences Inc. (CSE:BHSC, OTC:CNVCF) announced it has received a Canadian product license for VINIA from Health Canada's Natural and Non-Prescription Health Products Directorate.
The company said the product license authorizes it to sell its flagship nutraceutical product derived from red grape cells in Canada. Following the Canadian launch, BioHarvest said it plans to target more countries, including the US$40 billion Chinese health supplement market.
Expanding the reach of VINIA into additional geographies beyond Israel and the US is one of the most important factors in the company’s sales growth strategy, it added.
"Canada is an integral step in our global expansion strategy, and our Canadian product license will accelerate our growth in this health-conscious market by enabling us to directly target Canadian consumers locally with a strong online and local retail presence,” commented BioHarvest CEO Ilan Sobel.
BioHarvest noted that the license includes the approval of health claims that support VINIA's clinically proven health benefits, including maintaining and/or supporting cardiovascular health; supporting endothelial function; and maintaining endothelium-dependent vasodilation, which contributes to normal blood flow.
Additionally, it said VINIA has antioxidant properties that protect against free radicals.
After launching VINIA in the US in 2021, the company said it is building a rapidly-growing customer base via a direct-to-consumer and direct-to-doctor model, selling through its own website, as well as amazon.com and many top integrative medicine centers.
It plans to follow the same route in Canada, with the potential for a retail vertical, to capitalize on the country’s well-established Health Product distribution networks.
In China, it expects to initially build a strong presence via cross-border e-commerce marketplace platforms.
Contact the author at stephen.gunnion@proactiveinvestors.com