Naturally Splendid (TSXV:NSP) announced through its recently acquired POS BPC facility in Saskatoon, Naturally Splendid Enterprises Ltd. has secured a government grant for HempOmega product development from the Saskatchewan Agri-Value Initiative (SAVI) under the Canada-Saskatchewan Growing Forward 2 bi-lateral agreement. The grant is an arrangement whereby Naturally Splendid and SAVI split the cost of the project 50/50 and Naturally Splendid will have 100% ownership of all data as well as information.
As quoted in the press release:
The product development project will be conducted at the Saskatchewan Food Industry Development Centre, Inc. (SFIDC) located in Saskatoon, Saskatchewan and is expected to run for up to three months with periodic reports and updates. The SFIDC is a non-profit organization, providing full service assistance to food processors wanting to add value to their products for domestic and/or international markets. The Food Centre’s expertise includes food and process development, interim processing and technology transfer.
The SFIDC has established a reputable role in food industry for R&D of new food concepts, interim processing, extrusion and food safety training. Since inception, the SFIDC has developed over 600 products with an estimated 50% introduced into the market. The staff boasts an impressive 125 plus years of experience in the food industry and several food scientists. The SFIDC houses a state-of-the-art federal facility that is HACCP Approved, Organic Certified, Canadian Food Inspection Agency (CFIA) approved for meat, dairy and processed foods, and FDA approved.
The product development specialists at SFIDC will be incorporating HempOmega® into various food applications to determine the maximum inclusion levels. The project will also evaluate shelf life and nutritional labeling to determine what levels are required to meet Health Canada’s Omega-3 nutrient claim. Potential markets for HempOmega™ include:
– Functional Foods / Supplements
– Nutraceutical Innovations
– Energy Drinks / Energy Bars
– Dairy / Dairy Alternatives
– Baked Goods
– Pet Foods & Livestock Feed
According to a recent Research and Markets report, the global omega-3 ingredients market was valued at US $2,786.2 million in 2014 and is expected to reach US $7,499.4 million by 2021. The health benefits of omega fatty acid consumption are being recognized globally and demand is increasing rapidly. As consumers continue to shift towards more sustainable and environmentally friendly diets, NSE is posed to capture a large share of this market with HempOmega®. HempOmega® is a microencapsulated hemp seed oil that has been formulated into a soluble, homogenous powder. Hemp seed oil is a great source of omega fatty acids and contains an ideal ratio of omega-6 to omega-3 as recommended by the World Health Organization.
Naturally Splendid CEO Craig Goodwin stated:
We are very excited about the HempOmega® evaluation project underway at SFIDC. This is a crucial next step in bringing HempOmega® to additional markets as a value-added omega nutritional ingredient. We already know that HempOmega® has shown superior bioavailability and sustainability of omega fatty acids and with the data from this project, we will understand how to incorporate it into a wide range of food products. Programs such as SAVI support our continued mission of becoming a leading provider of value-added, plant-based nutritional ingredient solutions. We thank SAVI for their support.