BioHarvest Sciences Inc has issued a year-end shareholder partner letter from CEO Ilan Sobel, highlighting the company's milestones from 2021 and its visions for 2022.
“Our vision is to drive human utility value: making a fundamental and positive change to our consumer's overall health and wellness,” Sobel said in the update.
“2022 will be a year in which we not only open new doors as we further scale and commercialize our products, but also open minds to the significant potential that our platform technology has to drive this fundamental improvement in health and wellness on a global scale," he added.
The company said it will expand its existing programs in 2022, BioHarvest expects to be selling its first cannabis-related products in 2022 upon completion of its final scale-up phase and regulatory approvals.
READ: BioHarvest Sciences says it has produced a “meaningful” amount of cannabis without growing the plant
For its VINIA product - which reduces the oxidation of LDL cholesterol - the company is planning a step up in aggressive US marketing and will continue to push forward on the regulatory approval in the EU and UK.
At some point in the first half of 2022, the company said, it will announce the next plant-based vertical which “we believe we can disrupt with our proprietary platform technology, adding one more significant validation on how we can bring the power of the plant to the people.”
Sobel said: “Investors can also anticipate the 2022 launch of our first cannabis products and the significant scaling of VINIA. I expect these two products to generate market-moving revenues in 2022, but they are just the start.”
The company said it will also join the space race as the likes of Elon Musk, Jeff Bezos, and Sir Richard Branson work to make "space settlements" something of a reality by 2030.
"We will work closely with our new advisory board member Colonel Chris Hadfield to start the process to assess how we can use our proprietary platform to help solve two major challenges which exists for space settlements - sustainable food supply and reducing the effects of ionizing radiation on oxidation of LDL cholesterol," it added.
Sobel said BioHarvest’s achievements for 2021 included:
- In August 2021, the company announced the historical creation of the Amalgamated Trichomes Coral Structure (ATCS)
- On December 8, BioHarvest was the first company in the world to grow a significant amount of cannabis biomass "without growing the plant," creating biotech and Cannabis industry history.
- Through its continued research, the company added a new functionality claim for VINIA, which reduces the oxidation of LDL cholesterol
- The company's new 20 ton per year production facility was completed on schedule, passing the ISO audits in September 2021, despite significant global supply challenges
- Sales performance in the US pilot program has been extremely encouraging, crossing the US$100,000 sales orders per month mark very early in the launch, with 89% of sales being subscription packages generating monthly recurring revenue, and an average sales order value of US $80 per transaction
- The company's share price increased some 130% from the beginning of the year to reflect a recently reached market capitalization of some $200 million
- In July, BioHarvest became the first biotechnology company that produces cannabinoids to publish an ESG Sustainability report
Contact Ritika at ritika@proactiveinvestors.com