Mr. Keith Dolo reports
SPROUTLY PROVIDES BUSINESS UPDATE AND STRATEGY FOR CUSTOM FORMULATIONS
Sproutly Canada Inc. has provided an update on its business strategy and operations. In light of the significant advancements made by Sproutly and Infusion Biosciences Inc. on the APP Technology, as well as recent developments in the cannabis industry in Canada, the company will now accelerate the commercialization of the APP Technology in Canada. Sproutly is leveraging its technological assets, where it believes it has a competitive advantage, to become a broad supplier of technology-enabled cannabis ingredients to partners and customers to produce truly unique beverages, edibles and extracts.
Sproutly's business strategy now consists of four core objectives, being:
Providing Infuz2O as a formulated ingredient for use in cannabis beverages and other novel form factors to a range of partners and customers including licensed producers in Canada as well as consumer goods companies looking to enter the cannabis space;
Providing bio-natural oil (BNO) as a formulated ingredient alternative to isolate/distillate cannabis oils for use in innovative, strain-specific edibles/finished products;
Preparing a product portfolio of Sproutly-branded products for launch into the Canadian cannabis marketplace;
Aligning cannabis flower cultivation and branding operations to increase sales volume and efficiency.
The company's business strategy is expected to deliver on:
Accelerating the path to greater revenues and profitability;
- Diversifying revenue streams and improving working capital position;
- De-risking the cannabis beverage strategy by opening up to partnering, and supplying multiple customers with formulated products to address industry issues.
"As the Canadian cannabis industry continues to develop, our goal at Sproutly has never wavered. The company's focus has always been on commercializing technology that has the ability to reshape the way that cannabis products are formulated, ingested and experienced by consumers," said Keith Dolo, chief executive officer and director of Sproutly. "Our primary objective continues to be: to bring the APP Technology to market through commercializing products in many new and innovative ways. Throughout all the changes in the Canadian cannabis landscape, our technology value proposition remains intact and the APP Technology is completed, poised and ready for applications in high-value consumer products segments such as oils, edibles and beverages. Moosehead continues to be a key part of our story. The tremendous amount of work that Sproutly and Moosehead have completed to date gives us a great deal of confidence that our collaborative beverage products will be unmatched and stand alone in the beverage category," Mr. Dolo added.
About Sproutly Canada Inc.
Sproutly's core mission is to become the leading supplier to the cannabis beverage and edibles market. The company's Toronto-based facility, licensed under the Cannabis Act, was built to cultivate pharmaceutical-grade cannabis to supply a technological breakthrough in producing and formulating the first natural, truly water-soluble cannabis solution, known as Infuz2O.
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