VANCOUVER, BC / ACCESSWIRE / July 16, 2020 / NeutriSci International Inc. ("NeutriSci" or the "Company") (TSX-V:NU)(OTCQB:NRXCF)(FRANKFURT:1N9), an innovative technology company developing products for the nutraceutical industry, is very pleased to provide a further update regarding its entry into the promising Japanese CBD market.
NeutriSci has entered into a definitive agreement (the "Agreement"), dated July 9, 2020, with Tabletz LLC, its partner in Japan. The Agreement, which covers an initial period of five years and is renewable for further consecutive five year periods, provides Tabletz LLC with exclusivity to distribute and sell a new broad-spectrum hemp product line of quick melting sublingual CBD tabs ("Tabletz") in the Japanese market. The broad-spectrum hemp CBD tabs are produced using NeutriSci's IP and technology, and are being made available in three different flavours initially.
"We are on track for completion and shipment of the initial sample order within the next couple of days. We expect to receive an order to stock all point of sales mentioned below following product approval by the Japanese Health Ministry. Our production capacity is currently being ramped up to ensure quarterly deliveries following the initial order," said Glen Rehman, CEO of NeutriSci.
Written product approval by the Japanese Health Ministry is on track and expected shortly. The plan is for Tabletz to be fully launched in October 2020, with planned distribution throughout 46,000 currently contracted locations in Japan. Locations and points of distribution will be announced in the coming weeks.
Japanese people are very much advocating plant-derived health care products, making products such as Tabletz extremely popular in the Japanese market. According to Prohibition Partners' Asia Cannabis Report, Japan will become the second-largest medical cannabis market in Asia with a scale of US$800 million.
Glen Rehman, CEO of NeutriSci, also stated: "We are extremely excited to have completed this deal and to have developed a long-term relationship with a diligent group with a strong sales force that will provide us with entry into the Japanese marketplace. This will open the door for us to continue our expansion into other parts of Asia and Australia. We look forward to the future as well as well as our successful partnership."
The Company also announces that it has granted a total of 5,000,000 incentive stock options to certain directors, officers, consultants and employees of the Company. The options have an exercise price of $0.16 per share and expire in 5 years.
About NeutriSci International Inc.
NeutriSci specializes in the innovation, production and formulation of nutraceutical products. Established in 2009, NeutriSci's is building sustainable sales models with Convenience, Chain Drug, and Mass Market and Supermarket retailers for its products. For more information, please visit: www.neutrisci.com.
On Behalf of the Board of Directors of
NEUTRISCI INTERNATIONAL INC.
Glen Rehman
CEO
Tel: (403) 264-6320
For investor inquiries, please contact [email protected]
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This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward-looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
Statements in this press release have not been evaluated by the Food and Drug Administration. Products or ingredients are not intended to diagnose, treat, cure or prevent any disease.
SOURCE: NeutriSci International Inc.