Potent Ventures Inc announced that it has placed an initial purchase order with a Canadian gummy manufacturer for the production of plant-based, better-for-you gummy products.
"Within the multi-billion-dollar gummy industry, we have identified a compelling, and early-stage opportunity, focusing on plant-based better-for-you gummy products,” said Potent CEO Charlie Lamb in a statement.
He added: “The gummy and jelly industry is valued at over C$20 billion with significant upside and with the right branded products and our new manufacturing partner, we believe that we can enter and penetrate that market in a matter of months."
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Lamb told the investors that the initial line of products will be made with the most sustainable plant-based ingredients in the world.
“Current consumer trends show that the world is adapting, and people are looking for sustainable and healthy alternatives to high sugar candy without sacrificing taste. The company's long-term vision will be to develop and commercialize new products as new product categories emerge in the gummy and health and wellness industry."
Vancouver-based Potent Ventures is looking to change its business name and stock symbol as part of the change of business, with such changes becoming effective upon the CSE approving the listing statement and approval by shareholders.
The company determined that this strategic shift is an opportunity to serve the emerging and rapidly growing low sugar and plant-based gummy market and to promote holistic health and wellness with North American consumers.
In addition, Potent will focus on the formulation and distribution of low sugar plant-based gummy products with additional product launches expected to incorporate vitamins, adaptogens, other nutraceutical ingredients, and wellness products.
"The name and ticker change will be necessary to reflect what will be our primary business strategy moving forward and will more accurately reflect our portfolio of products," concluded Lamb.
Contact Ritika at ritika@proactiveinvestors.com