Naturally Splendid (TSXV:NS,FWB:50N,OTCQB:NSPDF) announced a definitive development and manufacturing agreement with Laguna Blends Inc. Laguna has now placed an initial Purchase Order of $100,000.00 CDN for HempOmega™ Infused Hemp Protein Formulations; and anticipates ordering a further $1,500,000 of the HempOmega™ Infused Protein Products in the first year of the Agreement and $4,500,000 of the HempOmega™ Infused Hemp Protein Products in the second year of the Agreement.
As quoted in the press release:
Under the Agreement, Naturally Splendid is granting Laguna, (i) a license to include the HempOmega™ trade-mark on the Laguna HempOmega™ Infused Protein Products, as specified on a white private label agreement, (ii) a worldwide exclusive on these specific formulations dependent on Laguna achieving certain sales targets (iv) and the right and license to Laguna to sell the Laguna HempOmega™ Infused Protein Products. Laguna must meet the following minimum gross sales targets for the Laguna HempOmega™ Infused Protein Products in order to retain exclusive rights to these products: $1,600,000 in the first year after entry into the Agreement, and $4,500,000 in the second year after entry into the Agreement.
Stuart Gray, President, CEO and Director of Laguna Blends Inc. states, “We would like to thank Naturally Splendid for the research and development of these four (4) initial products. Our market research indicates a strong pull for high quality, plant based omega and protein products. In this area, Naturally Splendid scores a ten out of ten in my opinion. Laguna affiliates will begin to retail these products in the United States and Canada.”
Naturally Splendid CEO, Craig Goodwin, said:
We are pleased to receive this first Purchase Order from Laguna Blends. Naturally Splendid has developed four (4) unique hemp protein formulations enhanced with HempOmega™ and flavoured to meet Laguna’s requirements. Laguna has been granted exclusive rights to these specific four formulations. Naturally Splendid retains all of its rights to HempOmega™ and will continue to cultivate additional clients for this ingredient.