The Company increases 2021 forecasted VINIA® sales orders in Israel to US$ 1.3M-US $1.5M
Vancouver, BC / March 18, 2021 / BioHarvest Sciences Inc. (“BioHarvest” or the “Company”) (CSE: BHSC) has received approval from the Ministry of Health in Israel to include VINIA®, its proprietary red grape cell product,in a health snack bar.
This is an important development for BioHarvest as it introduces the Company’s innovative and highly differentiated product into the lucrative multibillion-dollar snack bar market. The product will initially be launched in Israel in Q2/2021, to be followed by a launch in the United States in early 2022.
According to A2Z Market Research, the US snack bar market is estimated at US $10.6B for 2021 and to grow at an impressive annual rate of 13%. As a result of these developments, the Company is updating its 2021 sales order projections for Israel to US $M1.3-US $1.5M.
The Company’s overall forecast for US sales of the VINIA® dietary supplement will be updated soon after the US launch of VINIA® in May 2021.
This is the first-ever approval for piceid resveratrol as a functional food in Israel. BioHarvest, through its BioFarming technology, has the unique ability to produce piceid resveratrol at industrial and commercial scale in a manner which is non-GMO, maintains the natural structure of the compound, and has superior solubility, bioavailability and efficacy versus other forms of resveratrol.
The product not only has health benefits but has been formulated to ensure it falls below the acceptable threshold set by the Israeli Ministry of Health for sugar, fat, or sodium in a snack bar. As a result, it will be one of the few health bars marketed in Israel that would not be required to carry a “warning” label on the front of the pack. Each bar will be powered by antioxidants and will contain the equivalent piceid resveratrol, polyphenols, and the accompanying health benefits that are contained in two glasses of red wine.
The Company has teamed up with Peanuts Israeli Ltd., a world-class food manufacturer based in Israel, as the manufacturing partner to produce the VINIA® health bars. As VINIA® is already considered both a functional food and a dietary supplement in the US, BioHarvest will have the flexibility to determine the most appropriate introduction of the product to the US market and will be able to make structural and functional claims according to US FDA Guidelines. This new product will cater to the growing health consciousness within the general population and demand among consumers for plant-based foods and functional snack bars.
“The inclusion of the health bars in our product portfolio in Israel will allow us to address additional population groups, increase our customer base and drive greater penetration in this market,” said Ilan Sobel, CEO of BioHarvest Sciences. “Given the maturity and sophistication of the Israeli market, the health bar launch will be an important yardstick for the Company to assess how to best bring new products to consumers in a highly competitive market with strong local players as well as major US competitors. The VINIA® health bar will be positioned at the premium end of the market based on its differentiated health benefits, versus those of competitive products. While this product allows for the use of multiple distribution channels, we are particularly encouraged by the fact that 40% of snack bar sales take place online (based on A2Z Market Research). This will allow us to leverage the online platform we are building and add more choices to customers visiting our website.”
“We have just completed a new state-of-the-art production line for health bars, and we could not be happier about teaming up with such an innovative company as BioHarvest,” said Roni Martziparo, VP of International Sales of Peanuts Israeli Ltd. “The health bar market is growing rapidly, and we believe that the continued marriage between science and food as manifested in the VINIA® snack bar will fuel such growth.”
About BioHarvest Sciences Inc.
Based in Vancouver BC, BioHarvest Sciences Inc. is the developer and exclusive owner of the proprietary and patent-protected BioFarming technology. It is the first and only industrial-scale plant cell technology capable of producing the active plant ingredients without the necessity to grow the plant itself. The Company’s technology is non-GMO and has already been validated by VINIA®, the red grapes cells functional food/dietary supplement produced and sold by BioHarvest Sciences Inc. The Company plans to generate significant revenue within the global nutraceutical ingredients and dietary supplements market with VINIA® and other Super Fruit Nutraceutical products. Further, by adapting this technology to the cannabis plant, and building adequate production capacity, BioHarvest Sciences Inc.’s objective is to also become a leading supplier of cannabis for both medicinal and legal recreational purposes. For more information visit: www.bioharvest.com.