Following its nationwide distribution deal with 7-Eleven, Australian Primary Hemp (APH) has now secured an agreement with Woolworths to carry its Mt. Elephant baking range from March.
APH forecasts a $2.31 million annual retail sales value in the first year. The range includes six products, such as plant-based protein pancakes, protein balls and bread mixes.
Mt. Elephant also contains 100 per cent Australian-grown hemp, which is a source of omega-3 and -6, magnesium and gamma linoleic acids.
APH managing director and CEO Neale Joseph said the agreement with Woolworths builds on the company’s momentum in the retail space and is significant progress in achieving its commercialisation and distribution goals.
“The Woolworths agreement follows the success of our agreement with 7-Eleven; in combination with several more potential contracts in the pipeline, it reflects Australia’s growing demand for convenient plant-based food products,” said Joseph.
“The Mt. Elephant baking range has been thoughtfully developed to help Australians elevate their everyday cooking with convenient and nutritious plant-based mixes. We hope this will give more Australians the confidence to try and experience the superfood benefits of hemp.”
APH today (20 January) also announced it had received commitments from investors to raise $5.2 million (before costs) by way of placement to help fund the company’s equipment purchases, strengthen its balance sheet, marketing and sales costs, as well as for general working capital requirements.
It has also launched a new Share Purchase Plan for eligible shareholders to raise another $1 million.
“We are highly encouraged by the level of support investors have shown for APH. I wish to thank our existing shareholders for their continued support of the company and extend a welcome to the strategic shareholders joining the register as part of this placement,” said Joseph.
