- BioHarvest Sciences Inc. (BHSC) receives approval from Israel’s Ministry of Health to include VINIA in a health snack bar
- The product will initially be launched in Israel in Q2/2021, to be followed by a launch in the United States in early 2022
- 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
- It increases 2021 forecasted VINIA(R) sales orders in Israel to US$ 1.3M-US $1.5M
- BioHarvest Sciences Inc. (BHSC) is down 1.96 per cent and is trading at C$0.50 at 12:39 pm ET
BioHarvest Sciences (BHSC) has received approval from the Ministry of Health in Israel to include VINIA® in a healthy snack bar.
This is an important development for BioHarvest as it introduces its 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 grows at an impressive annual rate of 13 per cent.
As a result of these developments, BioHarvest is updating its 2021 sales order projections for Israel to US $M1.3-US $1.5M.
BioHarvest’s overall forecast for US sales of the VINIA® dietary supplement will be updated soon after the US launch of VINIA® in May 2021.
BioHarvest, through its BioFarming technology, has the unique ability to produce piceid resveratrol at an industrial and commercial scale in a manner that is non-GMO.
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.
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.
“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.
“While this product allows for the use of multiple distribution channels, we are particularly encouraged by the fact that 40 percent of snack bar sales take place online (based on A2Z Market Research),” added Sobel.
“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 multiplying, and we believe that the continued marriage between science and food as manifested in the VINIA® snack bar will fuel such growth,” concluded Martziparo.
Based in Vancouver, BC, BioHarvest Sciences Inc. is the developer and exclusive owner of the proprietary and patent-protected BioFarming technology.
BioHarvest Sciences Inc. (BHSC) is down 1.96 per cent and is trading at C$0.50 at 12:39 pm ET.
