ORAGIN Foods Inc. (TSX-V:OG, OTCQX:OGGFF) said its wholly-owned subsidiary, Future of Cheese Inc., has received US Food and Drug Administration (FDA) registration, a “significant milestone” that allows it to start production and sales plans within the US market.
"This is a significant step towards our plans to enter the US market and supply the growing demand for Future of Cheese products from consumers and retailers in the United States," said Jen Wojtaszek, president of Future of Cheese in a statement.
This was the final step required to allow Future of Cheese to commence sales and ship its products into the US market, which the company plans to do initially through its upcoming e-commerce platform.
READ: Oragin Foods announces appointment of Matthew Merson to its Advisory Board to support the growth and expansion of its Consumer Packaged Goods division
"Inquiries and demand for our products through our digital and social media outlets have soared since launching our highly successful plant-based Brie, which received a tremendous reception from media outlets in the US, reinforcing the opportunity for us to drive sales directly through our online channels," said Wojtaszek.
"This FDA registration sets us up to be able to fulfill that demand with the upcoming launch of our North American-wide e-commerce platform."
ORAGIN also announced the grant of 100,000 options Michael Lovsin, a director of the company. The options are exercisable at $0.32 for a period of five years, vesting as to 25% each on the three, six, nine and 12-month anniversaries of the date of grant.
Lovsin will step into a more active operational role within ORAGIN, overseeing the development of the CPG division, which includes the Future of Cheese.
Lovsin is an accomplished executive with more than 35 years of experience in retail, including natural foods, pharmacy, product development, regulatory affairs, food safety and quality management systems for both corporate and national brands.
He recently headed the reinvention of the brand strategy for Coles Supermarkets, Australia's second-largest supermarket, and previously held executive roles at Canada's largest grocery retailer Loblaw (TSX:L)s, as senior vice president of Health & Wellness and senior vice president of Loblaw (TSX:L) Brands, ULTA Beauty as vice president of Merchandising, and vice president of Category Management at Shoppers Drug Mart, Canada's largest drug store chain.
"I am looking forward to taking a more active role with ORAGIN and the Future of Cheese,” said Lovsin.
“In my view ORAGIN and the Future of Cheese are perfectly positioned to take advantage of the opportunities to maximize the tremendous potential of the plant-based alternatives market."
ORAGIN president Matt Lurie added: "I am very excited to have Mr. Lovsin take an active role in the CPG division of ORAGIN Foods. His experience at this pivotal time in the company's growth is very valuable.
“Combined with the recent addition of Matt Merson to the advisory board and building on the FDA registration we just received to sell direct to the consumer in the US market, the company is putting the necessary pieces in place to continue to successfully execute on our business plan."
ORAGIN Foods is a Canadian multi-pronged food company, where new and innovative food and beverage brands are developed, acquired, grown and commercialized through a Consumer Packaged Goods (CPG) Division, and the company also houses a Retail Division, which owns and operates one of Canada's leading natural and organic food retailers, Organic Garage.
Organic Garage is one of Canada's leading independent organic grocers and is committed to offering its customers a wide selection of healthy and natural products at everyday affordable prices. The company's stores are in prime retail locations designed to give customers an inclusive, unique and value-focused grocery shopping experience. Founded in 2005 by a fourth-generation grocer, Organic Garage is headquartered in Toronto. The company is focused on continuing to expand its retail footprint within the Greater Toronto Area.
The Future of Cheese Inc is a Canadian plant-based cheese innovator and manufacturer led by one of the world's best and recognized cheesemakers, along with one of Canada's top chefs, and supported by a team of science minds and sustainability experts. Utilizing unique aging and manufacturing processes, a well-established distribution network and high-profile marketing channels, the company is set to disrupt the rapidly growing plant-based dairy alternatives market, paving the way for the future of plant-based dairy alternatives.
Contact the author at jon.hopkins@proactiveinvestors.com