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Common and Orgain Founder Dr. Andrew Abraham Team Up To Inspire Vibrant Living Through Clean Nutrition

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Orgain Clean Nutrition founder, CEO and food nutrition entrepreneur Dr. Andrew Abraham has partnered with Oscar-, Emmy- and Grammy-winning artist, actor, author and activist Common, as well as key wellness industry experts, to develop a content series meant to unlock the power of healthy, plant-based eating and its impact on performance and overall wellness. The three-part series will debut on the rapper’s popular YouTube channel, Com + Well. The pair will highlight various aspects of healthy living to support holistic wellness of the body, mind and soul.
  • Body via “Feel Good” (July 2022): Misconceptions about plant-based living and how mindful food choices and trusting in the power of plants can lead to a healthier, happier body.
  • Mind via “Be Good” (August 2022): The impact clean nutrition has on mood, featuring meditation expert Jesse Israel.
  • Soul via “Do Good” (September 2022): To celebrate the back-to-school season, Common and Abraham will cover how wellness-focused education can benefit young people and generations to come.

“Once I started paying attention to what I was eating and adding more plant-based foods and clean products like Orgain, I immediately felt improvement across many aspects of my life,” Common said. “Mindful, intentional eating has become my foundation to leading a better, happier lifestyle, and that’s important because how you perform in this world is truly all about how you feel.”

As an extension of his partnership with Orgain, Common will be featured in today’s episode of Orgain’s “Good Clean Nutrition Podcast,” a resource for health care professionals and health-minded consumers that spotlights trending topics in the nutrition space. In the episode, Common and Abraham discuss the power of a plant-based diet and how it can positively impact our health, well-being and culture.

“Both Common and Orgain share the same perspective when it comes to the power of good, clean nutrition. Common is incredibly open about his journey to discovering inner peace and happiness through mindful choices,” Abraham said. “For this reason, we’re thrilled to partner with him to inspire a healthy lifestyle and encourage future generations to adopt habits that will help them feel their best every day.”

Orgain offers a portfolio of more than 30 items, including the No. 1 bestselling plant-based and organic protein powder, protein shake and nutritional shake in the United States, among other products. Available in more than 20 flavours, there is something for everyone, including products specially formulated for kids and athletes.

Ocean Wise and Save-On-Foods team up to help households take action against plastic pollution

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Save-On-Foods and Ocean Wise are teaming up to celebrate Plastic Free July and take action against plastic pollution with the #PlasticChallenge.
The challenge includes four easy steps:
1. Audit your waste – pull your trash can out to the yard and sort through it, tracking items on the Ocean Wise Plastic Challenge data card.
2. Share your findings – submit your data online and tag our social media with the hashtag #PlasticChallenge to tell people what you found, and learn about ways to reduce your waste.
3. Reduce your waste – visit ocean.org/reduce_your_waste or follow Ocean Wise social to find easy ways to reduce your waste.
4. Check your progress – go back to your trash can and conduct a second audit…find out where your household has improved and where there is still work to do Year after year Ocean Wise finds plastic waste on our shorelines.
In fact, plastic makes up 80% of all marine debris, impacting marine species due to entanglement, ingestion and habitat destruction. Scientists have found microplastics in our drinking water, food and even in our bodies, raising concerns about the impact on human health.
The issue is critical enough that on June 20, 2022 the government of Canada announced its plan to ban six single-use plastic items including checkout bags, cutlery, hard-to-recycle food containers, ring carriers, stir sticks and straws.
The plan comes into effect through 2023 and is expected to eliminate over 1.3 million tonnes of hard-to-recycle plastic waste and more than 22,000 tonnes of plastic pollution. But our ocean does not have to wait for the ban to take effect before every one of us can make a difference.
For Plastic Free July
Ocean Wise and Save-On-Foods is encouraging Canadians to take the Ocean Wise Plastic Challenge; to learn about plastic waste in their own household and make a plan to reduce that waste. The Ocean Wise Plastic Challenge is easy to do and can be found online at ocean.org/plastic_challenge.  “Our customers raise important questions and bring forward local, provincial, national, and even global opportunities for our company to make a difference. We listen to them and take action,” said Darrell Jones, president, Save-On-Foods.  “It is critical that we all do our part to protect our environment,” added Jones. “The choices we make can play a critical role in what ends up in our ocean. Grocers, like SaveOn-Foods, can also play an important role in making it easier than ever to make plastic-free choices.” As part of their commitment to sustaining our resources and reducing pollution, Save-On-Foods has offered plastic bag collection bins for over 30 years.
Through this recycling program, 450 Tonnes of plastic film and plastic bags are kept out of our landfills and waste streams every year. Save-On-Foods was also one of the first Canadian retailers to voluntarily implement a charge to consumers for single-use plastic and paper checks and bags; reducing the company’s plastic bag use by 38% in the first full year. To date, this has stopped over 250 million plastic bags from ever entering our system and ultimately hitting our landfills. A Division of Save-On-Foods Limited Partnership, a Jim Pattison business The company also recently announced its plan to stop printing their paper flyer

Wakunaga Introduces Kyolic Aged Garlic Extract Suitable for Vegans

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This specific formulation of Kyolic Aged Garlic Extract is delivered in vegan capsules without the use of any non-vegan additives like whey or animal-sourced magnesium stearate, to meet the needs of plant-based and vegan lifestyles.

For 50 years, Wakunaga of America has provided consumers with an odourless, organically grown, and clinically researched garlic extract supplement that has been shown to support optimal cardiovascular health, immune function, and more. Each Kyolic condition-specific supplement is based on Wakunaga’s exclusive GMO-free garlic extract, which is aged for up to 20 months.

This aging process converts garlic’s harsh and unstable organosulfur compounds into the beneficial properties that distinguish Kyolic Aged Garlic Extract from other garlic supplements. The health benefits of Kyolic Aged Garlic Extract have been documented in more than 900 published scientific papers from prestigious universities and research institutes around the world.

“Garlic in its pure form is a plant, but eating enough of it to get the cardiovascular benefits described in these studies would be difficult to do,” said Carolina Schneider, MS, RD, a registered dietitian specializing in plant-based nutrition. “You would have to eat at least five and up to 28 cloves of garlic a day to get the protective health effects, which would not allow you to be very social with others due to the pungent odour. Plus, many people cannot tolerate digesting that much garlic daily.”

Schneider says supplementing garlic is ideal, but vegans often encounter another hurdle with dietary supplements.

“You have to read the ingredient labels closely because many dietary supplements contain animal-sourced ingredients in the capsules,” said Schneider. “I like Wakunaga’s Kyolic Vegan Formula 300 because it contains organic garlic, and all of the ingredients, including the ones in the capsule, are suitable for vegans or anyone moving towards a plant-based diet.”

Vegans, or those living on a primarily plant-based diet, should take extra care when selecting dietary supplements and look for ones that are 100% free of any animal products or animal-derived ingredients like whey (the liquid portion of milk obtained during cheese making after milk has been curdled and strained), beeswax and animal-sourced magnesium stearate.

All Kyolic garlic supplements undergo a proprietary aging process that results in an odourless, safe and effective garlic product. As a result of several chemical reactions that take place during this aging process, key compounds in the raw organic garlic increase significantly, thereby boosting the health benefits of natural garlic. Clinical studies have suggested that Aged Garlic Extract may help support a healthy cardiovascular system by reducing the risk factors that cause atherosclerosis, including coronary artery calcification, high cholesterol, homocysteine, and elevated blood pressure. Aged Garlic Extract has also been shown to improve immune function and assist in recovery from physical fatigue. Kyolic Cardiovascular Health Vegan Formula 300 is a clean, simple vegan formulation of Aged Garlic Extract that comes in easy-to-swallow small-size capsules (30 or 90-day supply) that is gentle on the stomach for everyday use.

Thought Leader Gary Vaynerchuk Joins MaryRuth Organics’ Board of Directors

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MaryRuth Organics, a portfolio company of Butterfly, announces that Gary Vaynerchuk will join the board of directors; Gary will bring a new perspective from e-commerce to business strategy.

MaryRuth Organics (“MaryRuth’s”), a leading digitally native health and wellness brand operating in the premium vitamins, minerals, and supplements (“VMS”) industry, today announced that entrepreneur Gary Vaynerchuk is joining the company as a member of its board of directors.

Gary, who currently serves as Chairman of VaynerX, CEO of VaynerMedia, and Creator and CEO of VeeFriends, is renowned for his attunement to business trends and consumer behaviour. Widely recognized as a forward-thinking leader in business, Gary made early investments in some of the most influential companies of the 21st century such as Facebook, Twitter, Tumblr, Venmo, Snapchat, Coinbase and Uber, and is attributed with revolutionizing marketing in the digital age. Drawing on his business acumen and expertise in digital marketing, Gary understands how to bring brand relevance to the forefront.

As a member of the board, Gary will advise MaryRuth on digital marketing, brand building and Web3, as the company continues its robust growth trajectory. Founded in 2014 as a digitally native brand, MaryRuth’s has experienced a meteoric rise to become one of the leading VMS brands in its online business as well as its budding retail business. With Gary as a member of the board, MaryRuth’s will continue pursuing its strategy to expand aggressively, enabling the company to see continued growth in online channels, achieve significant distribution gains in retail, and increase brand awareness. By leveraging his expertise in digital media, vast influential network, and experience in partnering with founders to scale best-in-class brands, Gary will help advance the company’s goal of using nutrition to live longer and healthier lives while solidifying MaryRuth’s position as a leading VMS brand.

MaryRuth Ghiyam, Founder and CEO of MaryRuth’s, was personally an avid consumer of Gary’s content for many years as she was building her business. For MaryRuth, it’s a full circle moment from listening to Gary’s Facebook content when she was in debt and just starting out, to now having built this wellness company and having Gary join her board of directors.

Something that was also in alignment with MaryRuth’s company culture and ethos is how Gary’s content also focuses on the softer side of the business – teaching the importance of community, humility, and empathy. Gary’s most recent book, Twelve and a Half outlines the twelve traits (and one that he’s still working on, thus the “half”) that Gary feels have most led to his success and happiness over the years – gratitude, self-awareness, accountability, optimism, empathy, kindness, tenacity, curiosity, patience, conviction, humility, ambition, and kind candor.

MaryRuth Ghiyam said: “I have watched and learned from Gary for years and truly see him as a business leader who leads from empathy and kindness all the time. Gary is an example of someone who is showing the world that people can be successful in business for decades and consistently be kind while doing it.”

Gary Vaynerchuk said: “MaryRuth is a super-nova entrepreneur surrounded by incredible intuition, emotional intelligence and consumer-centric DNA. She is exactly the kind of person and company I seek to do business with and support in all shapes and sizes. Occasionally, a person strikes me so much that I want to be involved even deeper at a Board level and this is one of those cases. I am thrilled, honoured, and humbled to be a part of the team.”

In August 2021, MaryRuth’s partnered with Butterfly Equity, a leading private equity firm that specializes in the food sector with a particular focus on high-growth, on-trend categories. Butterfly has a history of partnering with founder-owned, disruptive businesses like MaryRuth’s – its brand portfolio includes the likes of Chosen Foods, Orgain, Pete and Gerry’s Organics, and Bolthouse Farms. Adam Waglay, Butterfly Co-Founder and Co-CEO and board member of MaryRuth’s added: “Gary is an entrepreneur at heart and an expert in building brand awareness through creative digital marketing. We are excited to work alongside Gary as we continue to disrupt the traditional VMS landscape.”

Dustin Beck, Butterfly Co-Founder and Co-CEO and board member of MaryRuth’s said: “We are beyond excited to have Gary join the MaryRuth’s team as the company continues its rocket-ship trajectory. We’ve been following Gary’s story for years – his phenomenal work in both marketing and entrepreneurship gives us the utmost confidence that he will provide a unique, value-add perspective. We look forward to our partnership as we embark on the next leg of this fast-paced and thrilling journey together.”

Atrium Health’s Sanger Heart & Vascular Institute First in the World to use Implantable Fish-Skin Grafting in Reconstructive Surgery

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From the battlefield to the operating room, new technology is offering hope to patients.

Atrium Health’s Sanger Heart & Vascular Institute has received a Center of Excellence designation from Kerecis®, the company pioneering the use of fish skin and fatty acids in cellular therapy, tissue regeneration and protection. Sanger Heart & Vascular Institute surgeon Dr. Hector Crespo Soto is the first physician in the world to use SurgiBind implantable reinforcement fish skin commercially. With this designation, Crespo Soto and the team at Sanger Heart & Vascular Institute can continue to lay the groundwork for centers around the country to utilize innovative technology to improve patient care and quality of life.
“The Center of Excellence designation and being the first in the world to use this type of graft technology in reconstructive surgery allows us to do more research and have more technology available to continue to use this technique to help patients,” said Crespo Soto.

Kerecis received authorization from the FDA to market Kerecis Omega3 SurgiBind™ in October 2021. Before the product was approved for civilian use, the technology had been used in the military to help heal wounded soldiers on the battlefield. Crespo Soto was involved in a pilot study in 2019 at Atrium Health Pineville to evaluate the new technology. Results of the study found the product decreased the need for patients to be admitted or undergo a skin graft operation, decreased the surface area of the wound, reduced pain and shortened healing and recovery time.

This technology, which is the first FDA-certified fish-skin implantable, uses the skin of North Atlantic cod. When grafted onto damaged human tissue, the fish skin recruits the body’s own cells and ultimately is converted into living tissue. The product is intended for implantation to reinforce soft tissue where weakness exists, such as in patients requiring soft tissue repair or reinforcement in plastic or reconstructive surgery.

Crespo Soto said this innovative technology creates an environment for the patient’s own tissue to regenerate. “The material resembles human skin – but it’s robust, pliable and tear-resistant. It can be easily cut or meshed for application and only requires brief hydration with saline before use,” said Crespo Soto.

The fish-skin device is Kerecis’s first implantable medical device created for the surgical market to help physicians better manage the risk of complications and improve results. The company has several fish skin products on the market that all are indicated for topical use. SurgiBind is the company’s first implantable product.

“We have seen very good clinical outcomes at Atrium Health’s Sanger Heart & Vascular Institute,” said Fertram Sigurjonsson, founder and CEO of Kerecis. “The partnership that we have with Sanger Heart & Vascular Institute is based on the principles of innovation and surgical excellence, both of which are very important for us. With the designation of excellence, we want to award facilities that put compassion in the spotlight by aiming for improved surgical outcomes for all patients.”

While the product can be used in a variety of ways, it is notably used to prevent amputation where the wound is located. Soto said the technique has had a tremendous impact on patients who are involved with Sanger’s innovative limb salvage program, which was launched in 2012 to reduce unnecessary or preventable amputations and save patients’ limbs.

Crespo Soto said since the study began in 2019, the fish-skin technology has been used in 200-300 cases a year where it has been used to treat patients and help drive positive outcomes.

“The team at Atrium Health’s Sanger Heart & Vascular Institute has been instrumental in making a great effort to take care of our patients,” said Crespo Soto. “I think this helps us expedite the care our patients need and helps us give our patients a better quality of life by allowing wounds to heal faster than they would with standard care.”

Vitacost.com Announces Reinvigorated, Rebranded Autoship Program

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The automatic delivery program offers new savings and conveniences in a user-friendly format

Vitacost.com, Inc., a leading online retailer of health and wellness products, announces Autoship, a reinvigorated and rebranded subscription service formerly known as Set & Save. The decade-old program offering automatic shipments with added discounts has been relaunched with fresh branding and enhanced features based on customer feedback.

 “At Vitacost, we consistently leverage customer feedback to upgrade our offerings and services. Our Autoship program is yet another example of how two-way communication with our customers drives our optimization processes,” said Guy Burgstahler, General Manager of Vitacost.com. “We always start by listening to our customers.”

To enjoy Autoship, shoppers can visit the desired product on Vitacost.com and set a delivery frequency in the Autoship dropdown menu. New Autoship customers are gifted with $10 off their first scheduled order, and many items receive a recurring 5% discount. Additional savings of 10% are available on dozens of Bonus Brands, including Bob’s Red Mill, Garden of Life and Seventh Generation. Customers can add or remove items anytime, skip a delivery or cancel the subscription with ease by visiting the Manage Autoship page.

“Wellness is a lifelong journey,” said Burgstahler. “Deep discounts, exciting promotions and time-saving tools like Autoship are just a few ways we hope to bring wellness within reach for everyone.”

Muscle Endurance – Pycnogenol®, the new Eldorado

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The sports nutrition category has shown another double-digit growth, not by the same educated people about the type buying more but new consumers getting into the class.

The consumption of sports nutrition products is rapidly increasing among mainstream fitness enthusiasts and active lifestyle consumers while getting educated. Of course, the top categories are still products for specific energy gain, muscle support, and weight management. 

Moreover, the prevalence of lifestyle diseases such as obesity is growing. According to an article published in the New England Journal of Medicine, approximately 50% of the U.S. population is estimated to have obesity by 2030. According to Eurostat, 52.7% of the European Union population is overweight.

One of the fastest and trendiest area within the category is “Muscle Endurance”, one area that not too many company have invested into research beside Pycnogenol®

Physical exercise accompanies a dramatically increased oxidation of nutrients to meet the shooting-up energy demand. Numerous physiological systems and many biochemical interactions take place during activity. Yet, the most significant and performance-limiting interplay occurs between the cardio-respiratory system and skeletal muscle. This is obvious from the typical 10- to 20-fold increase in inhaled oxygen over rest.

Why may Pycnogenol® French maritime pine bark extract play an essential role in physical activity?
Physical exercise is vital to overall health and, at the same time, increases our body’s need for oxygen. Research indicates Pycnogenol® may play an essential role in physical activity because it was shown to aid the body in producing nitric oxide (NO), thus enhancing blood microcirculation and improving muscle flow. This helps the body achieve peak muscle performance and speeds recovery after exercise, which may reduce muscular aches in both athletes and healthy individuals.

How does Pycnogenol® help relax blood vessels and improve blood flow?
Pycnogenol® stimulates the enzyme “endothelial nitric oxide synthase” (eNOS) for enhanced NO generation from the precursor molecule L-arginine.

How does Pycnogenol® act as an energy enhancer?
The link between Pycnogenol® and sports endurance was studied several years ago at California State University. Recreational athletes showed an increase in athlete endurance while supplementing with Pycnogenol® as compared to persistence recorded from participants taking the placebo.

In a double-blind, placebo-controlled, crossover study design, recreational athletes were supplemented with either Pycnogenol® or placebo for 30 days. They were then crossed over to the other group for an additional 30 days.  The athletes performed under controlled conditions on a treadmill with individual settings adjusted to 85% of a person’s maximum oxygen consumption to prevent too rapid exhaustion and reduce anaerobic metabolism. The study showed a statistically significant increase in athlete endurance while taking Pycnogenol® as compared to persistence recorded from participants taking the placebo.

Pycnogenol® aids in muscle recovery and alleviates cramping

Increased physical activity can lend itself to sore muscles and fatigue, which can take several days to subside.

Pycnogenol® was shown to significantly reduce muscular pain and cramps in athletes and healthy, normal individuals. Poor circulation in the muscle is known to cause cramps, and the antioxidant improved the cramping in patients due to a stimulation of blood flow to their muscle tissue.

The findings indicate that Pycnogenol® can play an important role in sports by improving blood flow to the muscles and hastening post-exercise recovery.  This is excellent news to the millions of athletes worldwide and highly significant to all individuals interested in muscle cramps and pain relief with a natural approach.

Pycnogenol® enhances blood microcirculation for better blood flow and oxygenation of muscle.

Two clinical studies have shown that Pycnogenol® causes vasodilatation and consequently improves blood micro-circulation. An increased presence of oxygen and decreased carbon dioxide after consumption of Pycnogenol® was shown. Pycnogenol® contributes to better blood flow and oxygenation of muscle.

Jamieson Wellness Inc. Completes Acquisition of Nutrawise Health & Beauty Corporation, Owner of youtheory Brand

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Platform Acquisition Accelerates Growth in U.S. Market with Leading Premium Brand Jamieson Wellness Inc. announced it has completed the previously announced acquisition of Nutrawise Health & Beauty Corporation (“Nutrawise”), a leading innovator, manufacturer and marketer of premium supplements under the youtheory brand in the United States and other international markets, for approximately US$210 million ($265 million1), plus potential additional consideration contingent on achieving pre-determined growth targets post-closing.

The acquisition provides the Company with a platform for expansion in the U.S. VMS market through the addition of its premium brand and product offering, highly complementary to the Company’s branded portfolio. The transaction is immediately accretive with 2022 pro forma revenues of $155 million to $159 million2 and Adjusted EBITDA3 of $28 million to $29 million.

In connection with the closing of the Nutrawise acquisition, the Company’s subsidiaries, Jamieson Laboratories Ltd. and Jamieson Health Products USA Ltd., successfully amended and restated their existing senior credit facilities pursuant to a second amended and restated credit agreement (the “Credit Agreement”) with a syndicate of lenders. The Credit Agreement adds the Company’s newly acquired subsidiary, NutraWise Health & Beauty LLC, as a borrower thereunder, extends the maturity date of the credit facilities to July 19, 2027 and provides availability of up to $500 million under revolving credit facilities, plus an expanded accordion feature of up to $250 million, providing for future growth opportunities.4

“The closing of this transaction significantly enhances our global platform, opening exciting new growth opportunities for Jamieson Wellness,” said Mike Pilato, President and CEO of Jamieson Wellness. “With our new team members, brand and state-of-the-art manufacturing facility, we are well positioned to accelerate our expansion in the largest vitamin, mineral and supplement market in the world. We look forward to continuing to work closely with co-founders Darren and Patty Rude and the Nutrawise team to integrate youtheory into the Jamieson Wellness portfolio, leveraging our combined strengths to improve the health and wellness of consumers around the world.”

More details on the transaction can be found in the investor presentation on the Company’s website.

“We are thrilled to officially join the Jamieson Wellness organization today,” said Darren Rude, co-founder of Nutrawise. “We look forward to working as part of the Jamieson team to continue to grow the youtheory brand in the United States and internationally.”

TELUS Health opens a new mental health clinic in Montréal

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TELUS Health opens a new mental health clinic in Montréal, offering much-needed support to meet growing demand.
Since the onset of the pandemic, mental health challenges have climbed, as has the list of individuals waiting for mental health services in Québec and response to an alarmingly high number of individuals waiting for mental health support in Québec, TELUS Health announced the opening of its Mental Health Clinic in Montréal on 600 Boul. de Maisonneuve Ouest, now accepting new clients and offering appointments, and individualized programming with trained and compassionate psychologists, counsellors and life coaches.
A little over a year ago, the list of people waiting for mental health services in Québec climbed to 20,000 individuals, and according to a May 2021 Canadian Institute for Health Information (CIHI) report, half of Canadians wait up to one month for ongoing counselling services in the community, while one in 10 can wait more than four months.

“Regardless of the level of challenge a client is facing, our expert team will develop a care plan that is individualized, taking a whole-person approach to wellness,” said Sonya Lockyer, Vice-president, TELUS Health Care Centres and Pharmacy, TELUS Health. “We are committed to delivering compassionate, evidence-based mental health and wellness services that are easily accessed by individuals living in Montréal and surrounding areas.”

Located in the heart of downtown Montréal, TELUS Health’s new mental health clinic features 3,700 sq. feet, seven consultation rooms and five registered psychologists, psychotherapists, and counsellors.

TELUS Health has five mental health clinics across Canada, offering sessions with therapists who practice leading and innovative treatment and counselling approach with clients, including, but not limited to, Cognitive behavioural therapy (CBT), Acceptance and commitment therapy (ACT), Dialectical behaviour therapy (DBT), mindfulness-based psychotherapy, and behavioural interventions. TELUS Health has a long-standing commitment to putting people first and recognizes that human connection can make a significant difference in someone’s mental health journey.

Greenspace Brands Inc. reports fiscal 2022 results

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GREENSPACE BRANDS INC. REPORTS FISCAL 2022 RESULTS, HIGHLIGHTING IMPROVEMENTS IN GROSS PROFIT PERCENTAGE AND ADJUSTED EBITDA VERSUS PRIOR YEAR

GreenSpace Brands Inc, announces that it has filed its annual audited Consolidated Financial Statements for the year ended March 31, 2022, its related Management Discussion and Analysis and its Chief Executive Officer and Chief Financial Officer certifications.

SUMMARY RESULTS OF FISCAL 2022:
Gross Revenue from continuing operations was $18.3 million, representing a (37.8%) decrease compared to the same prior-year period

1 This year-over-year decline is largely attributable to: i) the decision by certain customers, primarily during the prior fiscal year, to stop doing business with the Company or to reduce their product assortment due to poor customer service levels at that time, resulting from the Company’s then working capital constraints. With improvements in customer service levels, some of these customers have chosen to relist certain products and the Company will continue to seek to expand its customer base amongst former and new customers; and ii) the portfolio simplification initiated as part of the Project FIT initiative, which has reduced active stock keeping units (“SKUs”) across the business by approximately 69%.
Gross Profit Percentage increased 4.1 percentage points to 17.0% compared to 12.9% in the prior year1, largely attributable to better net pricing and mix, driven in part by price increases, reduced listing fees and the prioritization of higher-margin items within the portfolio. Although the gross profit percentage improved in the year ended March 31, 2022, the extent of the improvement fell short of management’s expectations largely due to higher clearance costs on aged inventories. With the simplification of its operating model and improved forecasting and replenishment disciplines firmly embedded across the organization, Management expects to reduce aged inventory clearance costs, which is expected to drive gross profit percentage improvements in the coming year.

Selling, General and Administrative (“SG&A”) expenses of $6.6 million improved by 43.0% or $5.1 million compared to $11.7 million in the prior year1 with significant reductions in general and administrative expenses, salaries and benefits, storage and delivery expenses and professional fees. These improvements reflect the Company’s progress on significantly reducing SG&A expenses as it executes its Project FIT initiatives.

Net Loss of ($10.2) million, compared with ($20.8) million in the prior year1, primarily reflects significantly reduced SG&A expenses (by $5.1 million), lower non-cash impairment charges (by $6.2 million) and a restructuring gain (of $0.6 million) partially offset by increased interest and accretion expense (by $0.6 million) and lower foreign exchange gains (by $0.7 million).

Adjusted EBITDA of ($3.8) million was improved 41.1% or $2.6 million compared to the prior year1, reflecting the matters described above.

__________________________________________
1.
Twelve-month period ended March 31, 2022 compared to the twelve-month period ending March 31, 2021.

“This past year we have been implementing our new Focused Growth Strategy across the business and heightening our drive towards profitable growth,” said Shawn Warren, President and CEO of GreenSpace Brands Inc.  “We are seeing encouraging progress with stronger service levels, broader retailer support, new distribution wins with large retailers and continued momentum from Project FIT cost savings initiatives.  Better inventory levels are supporting our efforts to improve pricing, build consumption with customer promotions, expand margin-accretive innovations and accelerate our route-to-market excellence initiatives.  To address inflationary pressures across our industry, we have announced a series of additional pricing actions to retail and foodservice customers.  Overall, Management is optimistic that Fiscal 2023 will see continued adjusted EBITDA improvements with improved topline growth and better gross profit percentages.”

OUTLOOK:
Management believes that its new Vision, Strategic Plan and implementation of its Focused Growth Strategy will lead to improvements in adjusted EBITDA that will continue into subsequent years.  The Company has improved customer service levels across all three of its branded businesses, leading to the resumption of widespread promotional activities with select retailers. The Company has been able to regain distribution with certain strategic customers and has been able to make inroads into launching margin-accretive new products and new channel growth across e-commerce platforms.  Aligned with its Focused Growth Strategy, Management has prioritized improvements in gross profit percentage and overall profitability through better product mix, price increases and enhanced cost management at all levels.

GreenSpace has been able to rebuild credibility with its supplier base and renegotiate payment terms with a number of key suppliers across its ingredient and manufacturing network.  While rebuilding customer revenue momentum may take time after the working capital challenges of the previous two years, Management expects that the foundational elements have been established to deliver improvements in both topline performance and profitability.  Management believes that the continued implementation of its Focused Growth Strategy will drive improvements in the operation over time and remains optimistic that this initiative will improve adjusted EBITDA to help finance the future growth opportunities available to the Company.

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