viewNEXE Innovations Inc

NEXE Innovation and Rritual to collaborate on new superfoods products in NEXE compostable pods

Aligning with Rritual will increase sales for fully compostable capsules delivering on NEXE's mission to eliminate single-use plastic

NEXE Innovations Inc - NEXE Innovation and Rritual Superfood to collaborate on new Superfoods products in NEXE compostable pods
Mass retail buyers have indicated that non-biodegradable plastic beverage pods will be phased out of stores in the future, necessitating innovation and leadership

NEXE Innovations Inc (CVE:NEXE) (OTCMKTS:NEXNF) (FRA:NX5) is collaborating with Rritual Superfoods Inc (CSE:RSF) to form a strategic alliance that will leverage their combined strengths. 

Rritual's product development for innovative adaptogens, combined with NEXE's plant-based, single-serve packaging, will maximize the consumer experience, according to a statement. 

"NEXE is thrilled with our first strategic partnership,” said NEXE CEO Darren Footz, whose company signed a non-binding letter of intent with Rritual on May 15.

READ: NEXE Innovations set to begin production of Nespresso-compatible pods at its British Columbia facility

"Aligning with Rritual will increase sales for fully-compostable capsules delivering on our mission to eliminate single use plastic. The single serve format will enhance the superfood experience and we look forward to working with Rritual to meet their compostable packaging needs."

NEXE said it and Rritual will work together, building on their initial feasibility work, which includes product testing in the areas of taste profile and mixability. 

The anticipated initial product will be branded as Rritual Superfoods Pod 'powered by NEXE.' This product line will be added to Rritual's current SKUs for online sales and to CROSSMARK sales and distribution network, which includes over 3,000 retailers that will be made available to other current and future retailers. 

NEXE noted that mass retail buyers have indicated that non-biodegradable plastic beverage pods will be phased out of stores in the future, necessitating innovation and leadership.

"Rritual aims to define the superfoods category throughout the North American retail landscape, driving consumer loyalty with unmatched products that can be held to the highest standard on all fronts," said Rritual CEO David Kerbel. 

"Together, Rritual and NEXE can achieve a shared set of objectives, demonstrating best practices for plant-based, compostable packaging for an exclusive line of beverage products – something we see today as critical to our brand promise, but which in the future will be necessitated, as mass retail buyers we are working with have indicated."

Contact the author: patrick@proactiveinvestors.com

Follow him on Twitter @PatrickMGraham

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Price: 0.74 CAD

Market Cap: $71.1 m

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