Health and wellness company Rritual Superfoods Inc. (CSE: RSF) has recently begun expanding its newly launched Rritual brand into the Canadian health and wellness market. Last week, RSF entered into an agreement with nationally recognized brand management company Ultimate Sales Canada to accelerate the company’s entrance into the Canadian wellness industry. United Sales Canada will provide Rritual its experience of over 40 years in the health and wellness industry to connect RSF with new distributors and retailers across the Canadian landscape.
Rritual’s VP of Canadian Sales Mr. Scott Naccarrato was quoted "Our discussions to date indicate strong interest from Canadian retailers in the Rritual product line as they look to satisfy growing consumer demand for superfoods using mushrooms and adaptogens, and Ultimate will be a key partner in helping us to get to market in the near term”. This new partnership with Ultimate Sales Canada reminds us of the partnership RSF entered with Crossmark for the US market.
Ultimately for the company to enter and distribute a health product to consumers a company must obtain what is known as a natural health product number (NPN), from Health Canada, and we believe this application is currently in process to be approved. Once RSF receives its NPN, the company can begin to roll out its Rritual brand across Canada including major ecommerce sites like Amazon.ca.
In early May, RSF announced that the company’s Chief Innovation Officer Stacey Gillespie has been a Research and Development division at RSF and will begin establishing an expanded product pipeline. The CEO Mr. David Kerbel was quoted “As a result, Rritual is now armed with an innovative and highly responsive product development program designed to capitalize on emerging product categories to satisfy consumer demand for products incorporating 'Superfood' ingredients”. Its quite an exciting time for RSF seeing as they are currently building a strong base in the United States through its partnership with Rite-Aid, and now RSF is beginning to enter the Canadian market through its new partnership.
Rritual is currently working on increasing its product offering for consumers and includes;
- Vegan Chai Rose Latte Collagen Booster
- Mood & Energy Ube Matcha Latte Powder
- Superfood Vegan Creamer
- Ready to Drink Beverages
RSF carries healthy gross margins of over 40% and adding 4 more SKU’s to the company’s product line is a great way to offer consumers more choice which may lead to consumers spending more as they purchase more differentiated products under the Rritual brand.
In the coming week and months, we believe investors can expect to see the launch of the additional products as mentioned above, the expansion into ecommerce such as Amazon and more partnerships with other highly established retailers both in the US and in Canada.
On April 26th 2021, Clarus Securities has issued its new speculative buy rating and has increased its price target to $2.00 per share on Rritual Superfoods, up $.50 cents from its initial price target of $1.50. Clarus Securities increased their price target on RSF due to its recent partnership with CROSSMARK and increased revenue forecast related to an unexpected faster roll-out of the company’s brand across North America. The new price target would represent an increase of approximately 225% from RSF’s current price.
Forward Looking Statements: This article may contain "forward-looking information" (as defined in applicable Canadian securities legislation) that is based on expectations, estimates and projections as of the date of the content is published on this website. Wherever possible, words such as "anticipate", "believe", "expects", "intend" and similar expressions have been used to identify these forward- looking statements. Information in this article has been furnished for your information only, is accurate at the time of posting, and may be superseded by more current information. Except as required by law, we do not undertake any obligation to update the information, whether as a result of new information, future events or otherwise. This article should not be considered as personal financial advice. Full Disclosure: Rritual Superfoods Inc, is a client of The parent company of EquityInsight.ca. Directors of the parent company of Equity Insight may buy, hold or sell the securities before during or after this publication.