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Rritual Superfoods (RSF:CSE), NEXE join hands for Compostable Superfood Products

Summary

  • Canada-headquartered superfood company Rritual Superfoods has signed an agreement with innovative materials firm NEXE Technologies.
  • The collaboration will establish a strategic alliance leveraging the strengths of the two parties to develop and commercialise innovative superfood-based beverage products.
  • The two companies would work together to meet the sustainable and compostable packaging requirements for Rritual’s innovative superfood beverages.

Rritual Superfoods Inc (RSF:CSE) has executed a non-binding Letter of Intent (LOI) with NEXE Technologies Corp (TSXV:NEXE). The agreement will establish a strategic alliance leveraging the combined strengths of both companies in developing and marketing innovative superfood-based beverage products. Rritual Superfoods disclosed that the products would use the proprietary plant-based, compostable packaging developed by NEXE.

ALSO READ: A look at Rritual Superfoods’ lineup of natural elixirs

Rritual is a developer of plant-based elixirs, which enhance health and wellness. On the other hand, Vancouver, Canada-based NEXE Technologies is an innovative materials firm that develops plant-based products.


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Key highlights of the Letter of Intent

  • The Letter of Intent highlights the intent of Rritual and NEXE to collaborate and develop a line of innovative superfood-based beverages.
  • With the collaboration, Rritual will establish best practices in plant-based, compostable packaging to satisfy retail and consumer demand.
  • As per mass retail buyers, stores will do away with non-biodegradable plastic beverage packaging in the future, necessitating innovation and leadership.
  • The two partners will work together to meet the sustainable and compostable packaging requirements for Rritual’s products.

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Management Commentary

Mr David Kerbel, CEO of Rritual, commented:

Adding to this, Darren Footz, CEO of NEXE, said:

ALSO READ: Rritual Superfoods’ (RSF:CSE) Chief Innovation Officer Rolls Out R&D Division

NEXE in a nutshell

  • NEXE is an innovative materials firm engaged in designing, manufacturing, and leveraging disruptive technology to develop plant-based materials.
  • The group was founded in 2015. To tackle the problem of non-biodegradable plastic, NEXE used 3D printing to design, prototype, and patent the world's first compostable single-serve coffee pod.
  • NEXE is a frontrunner in plant-based material manufacturing with over five years of scientific testing.
  • NEXE POD is the first commercial product of NEXE Technologies.

On 20 May 2021, RSF shares closed the day’s trade at CA$0.60.

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