Primo Nutraceuticals Inc. Signs Letter of Intent with Brujera Elixirs Inc. to Formulate 4 Innovative Adaptogenic Mushroom-Infused Beverage Products
VANCOUVER, British Columbia, Oct. 01, 2020 (GLOBE NEWSWIRE) — PRIMO NUTRACEUTICALS INC. (CSE: PRMO) (OTC: BUGVD) (FSE: 8BV) (DEU: 8BV) (MUN: 8BV) (STU: 8BV) (“Primo Nutra” or the “Company”) Further to the Company’s news release dated May 22, 2020 announcing that Primo Nutra received its Natural Product Number (“NPN) from Health Canada, the Company has decided to continue down that path by announcing that it has entered into a non-binding letter of intent (the “LOI”) with Brujera Elixirs Inc. (“Brujera”) to formulate an exclusive line of 4 “Innovative adaptogenic mushroom-infused” beverage products for the natural health and wellness market.
Product development and steps for final formulation will commence immediately upon signing of the definitive agreement with Brujera; which is expected to occur on or before October 30, 2020.The specific types of functional mushrooms which will be used in formulating Primo Nutra’s exclusive beverages will be: Reishi, Cordyceps, Lion’s Mane and Chaga.The Company was granted its first NPN (80099466) on May 22, 2020 for their lemon hand sanitizer. Primo Nutra will be focused on introducing 8 different natural health products to Canada’s health and wellness market.About Brujera Elixirs Inc.Launched by award winning B.C. master mixologist, sommelier and entrepreneur Kelly Ann Woods, Brujera is a house of brands which currently includes Boozewitch (sober-curious mixers) and State B Cannabis Beverage Co.Ms. Woods is an entrepreneur who has founded multiple companies in the CBD, cannabis, alcohol and non-alcohol beverage industry. In the last year, Kelly was named the 2019 RBC Canadian Woman Entrepreneur of the Year Award for Micro -Business Award (https://www.youtube.com/watch?v=oLi9JSnhJ64).Woman of the Year from BC Business in addition to a CANIE Woman Entrepreneur award.Nicknamed the “Boozewitch,” Quebec-born Kelly attended CEGEP in Montreal with a focus on theatre and worked as a flight attendant for Air Canada before moving to the West Coast. She spent years honing her drinks skills as a sommelier and doing hospitality work, all the while experimenting with beverage formulation. She is actively bringing a cannabis beverage to the US and Canadian markets under the name State B and opening an oceanfront wine bar in Squamish with a team of accomplished women in hospitality.TERMS OF THE TRANSACTIONThe LOI was signed on July 14, 2020. Pursuant to the LOI Primo Nutra and Brujera will seek to enter into a Definitive Consulting Agreement whereby Primo Nutra will create white label mushroom infused drinks for distribution in Canada and international markets while Brujera will create unique exclusive formulations for Primo Nutra’s mushroom-infused energy shot drinks.Richard Cindric, CEO of Primo Comments:“Ms. Woods experience in formulating functional CBD, cannabis, and alcoholic beverages is what we are looking for in a white-label partner. We are confident she is the right partner to introduce a mushroom based energy drink to compete with brands like Boost and Ensure. We are in a better position now than a year ago to peruse a line of energy drinks, as it was important to get a NPN number from Health Canada first.”Kelly Ann Woods, CEO of BRUJERA Comments:“We are pleased to be aligning ourselves with Primo for this line of adaptogenic mushroom drinks. At a time when immunity and cognitive function are at the forefront of people’s minds, this product is sure to be one in many people’s daily regime.”The Global Energy Drink MarketAccording to Allied Market Research, the global energy drinks market size was valued at USD$53B in 2018 and is expected to reach USD$86B by 2026. https://www.alliedmarketresearch.com/energy-drink-marketAbout Primo Nutraceuticals Inc.Primo Nutraceuticals Inc. (“Primo” or the “Company”) is dedicated to funding the rapid growth in production, processing, retail and branding of cannabis and non-cannabis natural health products in Canada and the United States. Primo has invested in several brands and is pursuing partnerships with retailers and distribution companies in Canada and the United States. Primo Nutra’s management is in the process of building a corporate road map to further vertically integrate the Company, specifically by way of the “Primo” & “Thrive,” brands and a selection of curated partner brands. Most recently Primo announced that it had received its NPN and it has been issued a Medical Device Establishment License (MDEL) from Health Canada.On behalf of the Board of DirectorsPRIMO NUTRACEUTICALS INC.“Andy Jagpal”Andy Jagpal
President and DirectorFor further information, please contact Zoltan, IR Representative at: 604-722-0305, or; firstname.lastname@example.org.To learn more about what this news means to the shareholders visit:www.primonutraceuticals.com
www.statebelevate.comFORWARD LOOKING STATEMENTS: This news release contains certain forward-looking statements within the meaning of Canadian securities laws. Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. No regulatory authority has approved or disapproved the information contained in this news release.