BioHarvest Sciences Inc. (CSE:BHSC, OTC:CNVCF) said Batory Foods has placed a purchase order for 1,000 kg of its flagship VINIA wellness supplement to be delivered by the end of December this year.
Batory Foods is one of the top three companies in the nutraceutical and food and beverage ingredient segments of the market and the exclusive B2B distributor of BioHarvest's nutraceuticals and expected hemp-based cannabis products in the US.
BioHarvest said the order represents more favorable financial terms for the company in reflection of the higher B2B wholesale price of VINIA in the market and shows the willingness of end-customers to pay higher pricing for the product when utilizing VINIA as a key ingredient in their respective products.
The company said the adoption of VINIA by the US market is evidenced by the record sales announced by BioHarvest on July 5, 2022.
READ: BioHarvest Sciences reports strong 2Q sales of VINIA wellness product as production scales up at new Israel facility
"Batory has been a great partner to help us drive the required disruption in the nutraceutical ingredients industry,” Ilan Sobel, CEO of BioHarvest said in a statement.
“This latest purchase order is just the beginning of what is a mutually beneficial long-term relationship and we look forward to partnering with Batory on our journey for VINIA to be included as a strategic ingredient in major brands in the nutraceutical, and food & beverage industries," he added.
VINIA is being designed and tested in multiple products by major US brands covering a wide gamut of applications such as coffee, tea, yoghurt, nutrition bars, and nutritional beverages.
"Teaming up with BioHarvest Sciences from the get-go was a strategic diversification of our product portfolio to include on-trend and high-end functional ingredients" said Vince Pinneri, president of Batory Foods.
"We have identified major end customers who can appreciate the value of the scientific and clinical based nutraceuticals from BioHarvest and are convinced of the prospects of integrating these into their offerings to consumers.," he added.
Contact the author at jon.hopkins@proactiveinvestors.com