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The First IRB-Approved Research Study

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The First IRB-Approved Research Study on Entheogens & Psychedelic Experiences

– Resurgent is recruiting 100 participants to take part in the anonymous online survey –

– The research from the study will help to better inform the design of future research and therapies –

– Study is the first of its kind to receive approval from an independent Institutional Review Board (“IRB”) –

Goodness Growth Holdings, Inc., a physician-led, science-focused cannabis company and IP incubator, today announced that its subsidiary, Resurgent Biosciences, Inc. (“Resurgent”), is actively recruiting 100 participants to take part in an anonymous online survey to research the varying effects of entheogen and psychedelic experiences for therapeutic, religious, or spiritual purposes. The research will help inform Resurgent on future developments including research and wellness applications designed to help promote more positive, long-lasting outcomes from psychedelic-based therapies.
Existing research into the therapeutic use of psychedelics has focused heavily on synthetic substances, such as LSD, Ketamine, and MDMA, performed in controlled clinical settings. The survey being conducted by Resurgent, which has received approval from an independent Institutional Review Board (“IRB”) registered with the Office for Human Research Protections (“OHRP”), will instead focus on the naturalistic use of entheogens and other substances typically used in specific cultural and spiritual contexts for healing.

“Entheogens” refers to traditional substances, more commonly referred to as psychedelics, of fully natural origin and ingested to impact one’s consciousness for therapeutic, religious, or spiritual purposes. This is an innovative, first-of-its-kind survey delving into some key questions surrounding entheogen usage.

“Lab-based research will always be an essential aspect of our research and development process. However, to create more effective psychedelic-based therapies and services, we believe it is equally important to thoroughly explore the tremendous wealth of experience and wisdom that already exists and is active today based on centuries of both spiritual and therapeutic practices,” said Chief Medical Officer Stephen Dahmer, MD. “Learning from and respecting the rich history of psychedelic traditional practices as well as the extensive existing therapeutic use is an important first step to support a path for future therapies in the United States that afford long term safety and efficacy.”

To conduct this research, Resurgent will be performing an observational pilot survey, collecting self-reported, anonymous data from 100 adults who self-report having participated in entheogen therapy centers and retreats during the last five years on topics including their initial intentions, motivations, experiences, demographics, and willingness to participate in future entheogen research.

By collecting information from psychedelic-related ceremonies and retreats across the world, and particularly in South America, Resurgent aims to gain a greater understanding of these experiences and their impact on participants to develop better approaches for psychedelic-focused therapy and counselling.

“As a science-focused company, research remains the first and most important step in the development of new therapeutic approaches and supportive solutions related to psychedelics,” said Chairman and Chief Executive Officer, Kyle Kingsley, M.D. “As we work to further our understanding and acceptance of psychedelic-based therapies as beneficial, an IRB-approved research study will enable us to gather meaningful data to refine and focus our approach to the development of products related to psychedelics therapy.”

The research study is being conducted through a partnership with Flor da Jurema, a temple community in Brazil, where visitors can practice traditional forms of plant-based medicines and take part in spiritual experiences around the globe.

Amazon hiring more than 15,000 employees across Canada; increasing pay to $21.65

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Amazon Canada today announced its commitment to hiring 15,000 full-time and part-time employees across Canada and increasing employees’ wages. Frontline employees will receive $17 per hour to $21.65 per hour with comprehensive benefits starting on day one, including access to health, dental and vision benefits, training and education programs, like the Career Choice program, and health and well-being initiatives such as My Wellbeing and family support plans.
 
“We take our responsibility as an employer seriously,” said Sumegha Kumar, Director of Canadian Customer Fulfillment Operations for Amazon Canada. “Amazon Canada employs over 25,000 Canadians, and we’re proud to create 15,000 more great jobs at a time when they’re needed in Canada, with increased pay for our amazing employees across our fulfillment, transportation and logistics networks — from Victoria to Dartmouth.”

Amazon Canada will hire 15,000 full-and part-time employees throughout the fall. Full-and part-time employees will also receive an additional $1.60 – $2.20 per hour, starting immediately, regardless of their tenure with the company.

Health and Benefits

At Amazon, every full-time employee, regardless of their position, level or tenure, has access to the same benefits. Some of those benefits include:

• Wages from $17 per hour to $21.65 per hour, with a $100 bonus for new and current employees who show proof of vaccination

• Comprehensive health benefits starting on day one with no waiting period
• RRSP matching
• Stock units
• Kids & Company special packages including a guaranteed spot at Kids & Company Child Care locations within six months of registration, a 10 percent discount off monthly in-center tuition, waived registration fees, backup care options and access to virtual workshops and events
• Employee and Family Assistance Plan provided by LifeWorks and available 24/7 to help Amazon employees and their family members feel supported, by phone, online, and in-person
• Access to up-skilling training programs that meet employees where they are, through Amazon’s commitment to invest $75M to skills-train 100,000 Amazonians by 2025
Additional paid parental leave benefits for eligible employees
• All eligible full-time employees have access to Amazon Career Choice, an innovative program uniquely designed to help upskill people who are interested in pursuing a future in a high-demand field by covering up to 95 percent of tuition fees.

“As a mother of six, Amazon’s flexible work schedules and advancement opportunities have helped me grow both at home and at work,” said Patrice Thompson, Processing Assistant at Amazon Canada. “I enrolled in the Career Choice program to further my education and today I can proudly say that I am a graduate of the Transportation and Logistics program from Sheridan College.”

New Study: Consumers Hold Retailers Responsible for Quality and Safety of Supplements, Personal Care Products and OTC Drugs

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97% of consumers say it’s important for retailers to visit and inspect manufacturing facilities that produce dietary supplements, personal care products and OTC drugs.
Busy consumers with no time for in-depth product research are increasingly relying on retailers to screen out potentially unsafe and low-quality products, according to a new study from the global public health organization NSF International. The study finds 97% of American consumers believe it is important for retailers to visit and inspect manufacturing facilities that produce dietary supplements, personal care products and over-the-counter (OTC) drugs. Nearly 85% of survey respondents said they expect retailers to test supplements and other health and wellness products for safety.
Who is responsible?
Americans hold retailers responsible for the supplements and personal care products they sell.
“We’re seeing a trend across categories in the health and wellness sector – consumers increasingly want retailers to stand behind the products they sell,” said David Trosin, Managing Director of Health Sciences Certification at NSF International. “According to this research, consumers not only expect retailers to test products for safety, but they also want them to inspect manufacturing facilities for compliance with current good manufacturing practices.”

The online survey conducted in July 2021 on behalf of NSF International polled a representative sample of 1,000 Americans about their attitudes and behaviours related to dietary supplements, personal care products and OTC drugs. The margin of error for the study is +/-3.1% at a 95% confidence level.

Under U.S. federal regulations, manufacturers of dietary supplements and OTC drugs are required to comply with current good manufacturing practices (GMPs), but they are not required to provide proof of GMP compliance before shipping products. Recently, however, several major retailers and online shopping platforms have begun requiring brands and manufacturers to provide proof of GMP compliance and other quality assurance requirements. The new study suggests Americans want retailers to go beyond what’s required by law and conduct their own due diligence audits of manufacturing facilities.

“Failure to comply with GMPs can lead to a host of quality and safety issues. You can get cross-contamination of products, mislabeled products, inaccurate formulations and generally unhygienic conditions,” Trosin said. “Everyone in the industry understands the importance of good manufacturing practices and now it’s clear consumers are concerned about this too.”  

According to the survey, 95% of consumers have concerns about the quality and safety of dietary supplements, personal care products and OTC drugs. When asked what would make them trust these products more, 62% said “independent certification from a health and safety organization” and 61% said, “made in a facility that has been inspected for good manufacturing practices.” About 44% said “lab testing by the retailer” would help build their trust in supplements and personal care products. Only 14% said “advertising on TV” helps build their trust in products. “Social media comments” and “celebrity endorsements” were identified as building trust by just 17% of consumers.

Other highlights from the survey include:

• While consumers are concerned about product safety and quality, only 48% said they research dietary supplement product claims themselves and just 39% said they research personal care products and OTC product claims.

• Almost half of Americans (47%) are more likely to research a Hollywood movie than the claims on supplements and other health and wellness products.
• 17% of consumers said they are more likely to read the Facebook terms and conditions than the ingredient labels of supplements, personal care products and OTCs
• 56% of consumers said the COVID-19 pandemic made them more concerned about the safety of supplements, personal care products and OTC drugs
While 85% of consumers want retailers to test the health and wellness products they sell, only 32% think retailers actually do this.
• 62% of consumers believe national chain stores/pharmacies are “most likely to sell the highest-quality” health and wellness products. Just 28% said online sellers and 17% said fitness centers are “most likely to sell the highest-quality” products.
According to the survey, the consumers most likely to demand laboratory testing of supplements, personal care products and OTCs are consumers with children, consumers in urban areas, consumers 23 to 35 years old, and men making over $90,000 per year.

The survey data points to the increasing demand for independent product testing and GMP auditing. “We envision a future when most major retailers will require brands to show proof of product quality in some form or another, whether through independent assurance of GMP compliance, independent laboratory testing of products or both,” Trosin said.

The Edible Insects Trend

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By 2023, The market for edible insects is expected to reach a value of $1.2 billion.
Insects have already been part of the North American food culture for some time and famously Houston, TX takes the crown of the edible insect capital. It is very common to find in restaurants dishes such as ‘pan sautéed grasshoppers, guacamole, tortillas and a side of chipotle-tomatillo salsa’.

Let’s not kid ourselves, edible insects are unlikely to become mainstream, however, the opportunities are clearly there. It will surely be a niche profit-based trend. Since many experts predict that humans will need to consume insects to sustain population levels, the opportunity might be in the very near future.

A UN report claims: “It is widely accepted that by 2050 the world will host 9 billion people. To accommodate this number, current food production will need to almost double. The land is scarce and expanding the area devoted to farming is rarely a viable or sustainable option. Oceans are overfished and climate change and related water shortages could have profound implications for food production. To meet the food and nutrition challenges of today – there are nearly 1 billion chronically hungry people worldwide – and tomorrow, what we eat and how we produce it needs to be re-evaluated.”

Biomanufacturing partnership boosts Canada’s life-saving treatment and vaccine capacity

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As Canada seeks to rebuild its biomanufacturing sector and support made-in-Canada solutions to global health challenges, The Ottawa Hospital, the University of Alberta and BioCanRx have collaborated to create Canada’s first full-service, end-to-end biomanufacturing solution for academic and industrial clients.

The three organizations have signed a memorandum of understanding to enhance collaboration between:

• The Ottawa Hospital’s Biotherapeutics Manufacturing Centre (BMC), which has a 15-year track record of biomanufacturing and is home to Canada’s only hands-on biomanufacturing training program;
• Alberta Cell Therapy Manufacturing (ACTM), which has some of the most advanced biomanufacturing facilities in Canada;
• BioCanRx, a Canada-wide research network focused on developing and translating life-saving biotherapies and immunotherapies for cancer.

The partners are already collaborating to manufacture many therapies and vaccines, including:

• Potentially curative gene therapy for lipoprotein lipase deficiency, an inherited disorder that is more common in Québec;
• Mesenchymal stem / stromal cells for septic shock, a deadly condition that occurs when the immune system overreacts to an infection;
• COVID-19 vaccines, in partnership with Entos Pharmaceuticals.

“Canada has some of the best scientific minds in the world working to develop new therapies and vaccines, but they have been limited by our lack of domestic biomanufacturing capacity,” said Dr. Duncan Stewart, Executive Vice-President of Research at The Ottawa Hospital and a professor at the University of Ottawa. “This new partnership, which combines areas of strength across the country, will greatly enhance Canada’s ability to produce life-saving medical treatments and vaccines.”

“For Canada to play a key role in new breakthrough therapies and vaccines, we must invest in multiple facilities across the country, and foster collaboration,” said Dr. Greg Korbutt, Scientific Director of ACTM and Professor of Surgery at the University of Alberta. “This agreement sets the stage for that, a Canadian biomanufacturing ecosystem.”

“This partnership will not only scale up our domestic biomanufacturing capacity but include hands-on GMP training to meet the astounding demand for biomanufacturing personnel,” said Dr. Stéphanie Michaud, President and CEO of BioCanRx. “More importantly, it serves to support our ‘made-in-Canada approach focused on expanding access to clinical trials for potentially life-saving cancer treatments, right here, in Canada.”

“Canada has deep biopharma research experience, so it’s great to see expansion in the biomanufacturing sector. Hopefully, Canada continues to invest in initiatives such as this,” said Entos CEO John Lewis. “Accessing the facilities and expertise at ACTM and The Ottawa Hospital has significantly helped propel our COVID-19 vaccine candidate into clinical trials.”

WHOOP Acquires PUSH, the Velocity-Based Training Coaching Solution

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PUSH Technology to Help WHOOP Unlock Deeper Strength-Training Insights

WHOOP, the human performance company, today announced the acquisition of PUSH, a Toronto-based sports technology startup in a cash and stock transaction. The two wearable technology companies are built on a similar foundation of sports science and physiological research with a shared focus on delivering personalized data, actionable insights, and demonstrable health improvements.

PUSH focuses on velocity-based training data with a sensor that can live in multiple locations on the body to help quantify weightlifting performance via metrics like speed, power, force, and acceleration. PUSH works with hundreds of organizations and sports teams around the world, serving collegiate, professional, and Olympic athletes as well as elite military teams.

“Many of the members and organizations we serve have long asked for additional insight into the physiological impact of weightlifting and functional fitness,” said Will Ahmed, WHOOP Founder and CEO. “The integration of PUSH’s industry-leading strength-training technology into our platform will allow WHOOP to provide even deeper insight into how these activities impact the human body.”

Studies show that WHOOP can positively impact behaviour and promote meaningful lifestyle changes through 24/7 continuous heart rate monitoring coupled with insights across sleep, recovery, and strain.  With the acquisition of PUSH, the WHOOP platform will be equipped with a more enhanced and robust system of hardware, software, and analytics that provide comprehensive feedback on training activities and wellness.

“Our team has been dedicated to creating cutting-edge technology solutions to help athletes at all levels reach their goals and push human performance forward,” said Rami Alhamad, PUSH Founder and Chief Product Officer. “We are thrilled to join WHOOP and offer our customers a more complete picture of their training.”

WHOOP provides unparalleled insights for improved performance and health to members, government agencies and military teams, professional sports leagues and teams, and numerous other organizations. WHOOP is the Official Fitness Wearable of the PGA TOUR and LPGA Tour, the Official Wearable of CrossFit, and the Official Recovery Wearable of the NFLPA.

Wise Bites Collections Inc. Partners with iLevel Management Inc.

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Wise Bites Collections Inc. is pleased to announce its partnership with iLevel
Management, Inc. iLevel Management will be acting as Wise Bites’ sales broker to
Natural Health Food stores, Mass Retail, Food Service and Drug Stores in Canada.
The brand is excited to be working with iLevel’s sales team to market and distribute
its products across Canada.

“We are looking forward to working with the group at iLevel Management to expand our brand awareness and grow our line of Planted Based, Gluten Free, Allergen Free, Non-GMO products. iLevel’s initiatives and experience will be invaluable as we look to establish ourselves further in the Canadian Market.”
Cathline James, CEO.

About Wise Bites (www.wise-bites.com)
Wise Bites Collections Inc. (“Wise Bites” or the “Company”) is an innovative food company
producing best in class ‘better for you’ snacks, Certified: Plant based- Vegan, Gluten Free, NonGMO, Kosher and FREE FROM Top 11 allergensincluding nuts, making them school safe.

Study Shows Positive Benefit of Grow Daily Boys 10+

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A new clinical study reveals the positive effect of nutritional supplementation on growth and body composition in short and lean preadolescent boys aged 10 years old and up. The new nutritional formula, “Grow Daily Boys 10+” protein drink powder, has been shown to support growth and development in boys 10 and older. It was developed by Nutritional Growth Solutions, Ltd. (NGS) (ASX: NGS).
The 12-month, randomized, double-blind, placebo-controlled study was published in the August issue of the peer-reviewed medical journal Acta Paediatrica 2021. The multi-center study was carried out by the Institute for Endocrinology of the Schneider Children’s Medical Center of Israel and two other co-research centers, both in Israel.
The intervention included two stages: Stage 1 (months 0-6), a double-blinded intervention with nutritional formula or placebo (1:1), and Stage 2 (months 6-12), an open-label extension with the nutritional formula for all the participants. 160 lean and short boys participated in the study.

“Intervention with a multi-nutrient, protein-rich formula was effective at increasing weight and body mass index (BMI), mostly from fat-free-mass and muscle mass, in short, and lean prepubertal male adolescents,” explains lead researcher Michal Yackobovitch-Gavan, Ph.D., Dietitian and Researcher for Schneider Children’s Medical Center. “It also prevented the expected slowdown in height growth in children older than 11.4 years. This is a key trial that evaluated the importance of nutrition for pre-adolescents and is certain to inspire more research.”

Data on nutritional interventions in lean, healthy children with short stature living in developed countries are sparse. Also, unlike with earlier stages in childhood, few studies have attempted to establish improved growth through nutritional interventions in later stages of childhood or adolescence.

The new nutritional supplementation powder formula contains about 25% of the recommended dietary reference intake for calories (the total daily amount was based on target nutritional needs for weight and height in the 50th percentile for age and gender, and low activity level), 18g of whey protein, and added vitamins and minerals. The placebo was comprised of a powder that was relatively low in energy and protein, and without added vitamins and minerals.

The results indicate that consumers of Grow Daily Boys 10+ gained significantly more in weight, BMI, fat-free mass, and muscle mass than did the placebo group. Positive dose-response correlations were found between consumption of the formula and changes in the outcome parameters examined, including height.

“Children who consumed at least half of the recommended doses of the nutritional supplement formula improved their intake of the macro-and micronutrients—including protein, calcium, zinc and iron—that are vital to growth,” adds Yackobovitch-Gavan.

“Grow Daily Boys 10+ ticks all the right boxes when it comes to growth and development of pre-adolescents,” notes Liron Fendell, CEO and Managing Director of NGS. “It was developed and tested by pediatricians, and clinically shown to help pre-teens and teens increase muscle mass. School lunch and fast food are part of our kids’ menu, so it is important to balance their diet and fill the gap with vital nutrients.”

Grow Daily Boys 10+ protein drink contains all the essential micronutrients, such as calcium and iron, with high protein for normal growth in pre-teens. It supports growth and development in boys aged 10 and older. Low in sugar, it’s available in three flavours, Chocolate, Vanilla, and Plain (a neutral base). Grow Daily Boys 10+ Plain is versatile, crafted to be added to milkshakes, fruit smoothies, yogurt, or other delicious recipes.

Naturopath banned from selling pills, enemas made from feces after complaint they were made in ‘household lab’

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A B.C. naturopath who claims he can treat autism with fecal transplants at a clinic in Mexico has been barred from producing pills or enemas made from human feces while he’s under investigation by several agencies.

The College of Naturopathic Physicians of B.C. says it has taken “extraordinary action” against Jason Klop in response to a complaint from a whistle-blowing former employee, who alleges that he manufactured these products in a “household lab” in B.C. without standard procedures or quality control.

An Aug. 19 decision from the college’s inquiry committee says that while the complaint is under investigation, Klop cannot manufacture, advertise or sell fecal microbiota transplants (FMT). He’ll also be subject to random on-site audits to make sure he’s not violating his conditions.

The college has posted a public notice stating it’s taken this action “due to the seriousness of the alleged conduct and a real risk of harm to the public.”

This is the first public sign of concrete action by the college since January 2020 — nearly 20 months ago — apart from stating that Klop’s claims would mean “he is operating outside the scope of practice for naturopathic doctors in B.C.”
Klop was charging about $15,000 US for autistic children as young as two years old to have FMT treatment at a clinic near Tijuana. The process isn’t approved in either Canada or the United States for anything other than treatment of recurrent C. difficile infection that hasn’t responded to other therapies.

Doctors and scientists have warned that any other use of this emerging therapy is experimental and carries a serious risk of infection.

Fecal microbiota treatments take bacteria and other microbes from the poop of a healthy person and transfer them to a patient either anally or orally, with the goal of restoring a normal environment inside the gut.

Health Canada has already investigated an earlier complaint about Klop and banned him from accepting Canadian patients at his Mexican retreats.

According to the latest decision from the college, the federal body has now opened a second investigation in response to the complaint from Klop’s former employee.

‘Significant risk’ of potentially deadly pathogens
The decision says the unidentified former employee first reached out in April with her concerns, later providing shipping labels and invoices showing that Klop had exported his pills and enemas to Denmark, Edmonton and across the U.S.

It goes on to say that while the inquiry committee’s panel was not in a position to address concerns about the quality of Klop’s lab, there’s no doubt he is producing and selling FMT for purposes that are not allowed in Canada, which puts the public at risk.

“The ingestion or other type of transfer of fecal material from one person to another necessarily carries risk,” the decision says.

“The significant risk is that the donor’s fecal material contains pathogens, such as E. coli, which, even in very small quantities, can cause illness or death to the recipient.”

The decision says the unidentified former employee first reached out in April with her concerns, later providing shipping labels and invoices showing that Klop had exported his pills and enemas to Denmark, Edmonton and across the U.S.

It goes on to say that while the inquiry committee’s panel was not in a position to address concerns about the quality of Klop’s lab, there’s no doubt he is producing and selling FMT for purposes that are not allowed in Canada, which puts the public at risk.

“The ingestion or other type of transfer of fecal material from one person to another necessarily carries risk,” the decision says.

“The significant risk is that the donor’s fecal material contains pathogens, such as E. coli, which, even in very small quantities, can cause illness or death to the recipient.”

Taking children with autism to Mexico for fecal transplants ‘out of scope’ for naturopaths, the regulator says
Klop fought against the college’s attempt to restrict his business, submitting affidavits from himself, a current employee and two clients.

According to the decision, Klop’s affidavit boasted that he has a new lab that “produces the best and safest FMT materials in the world” and described the former employee who complained as “manifestly unreliable.”

previously published on cbc.ca

Bethany Lindsay is a B.C. journalist with a focus on the courts, health, science and social justice issues.

GreenSpace Brands Inc. announced that it has filed its Condensed Consolidated Interim Financial Statements for the three-month period ended June 30, 2021

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SUMMARY RESULTS OF QUARTER ONE FISCAL 2022:

Gross Revenue from continuing operations was $5.1 million, an 8% improvement versus the prior reported quarter ending March 31, 2021, representing the first quarter of sequential revenue growth in the past year1.  This growth is a result of improving inventory levels and better customer service throughout the quarter, but particularly in the second half of the quarter.  While revenue increased versus the previous quarter, revenue decreased versus the same quarter in the prior year.

The first quarter of fiscal 2021 had the highest revenues for any quarter in the year ended March 31, 2021. Working capital constraints in subsequent quarters impeded the Company’s ability to effectively service customers’ demand.  Revenue was also negatively impacted by portfolio simplification which was initiated as part of the previously announced Project FIT initiative that will reduce active stock keeping units (“SKUs”) across the business by approximately 60% this year.  While this initiative to reduce SKUs may result in some revenue softness in the short term, this effort will enable the Company to focus on its best-selling SKUs, ultimately increasing revenue while improving gross margins, lowering inventory holding costs and reducing waste. In addition, the suspension or de-prioritization of certain private label businesses in the United States and Canada resulted in lower revenues compared to the prior year.  These private label businesses added complexity and distracted resources from building the Company’s core brands.
Gross Profit Percentage increased to 23.6%, up from 21.7% in the prior year2, primarily due to: (i) lower listing fees as the Company focused on improving inventory levels on its core product portfolio; and (ii) price increase impacts starting in the later part of the quarter.  It is important to note that the impact of price increases announced to customers were modest in this three-month period and are expected to be stronger contributors to gross profit percentage improvement in subsequent quarters.   Gross profit percentage also increased substantially when compared to the quarter ended March 31, 2021.
Net Loss of $0.3 million was improved compared to a net loss of $0.9 million in the prior year2 with the impact of higher gross profit percentage, significantly lower General and Administrative costs, lower Storage and Delivery costs and lower Salaries and Benefits offsetting lower Revenue compared to the prior year.  Restructuring gains from the successful transition of the CENTRAL ROAST production model helped to fully offset foreign exchange gains reported in the prior year.

1   Quarter 1 2022 compared to Quarter 4 2021

2   Quarter 1 2022 compared to Quarter 1 2021

“Since April, we have made solid progress on embedding our new Focused Growth Strategy across all aspects of the business and heightening our drive towards profitable growth,” said Shawn Warren, President and CEO of GreenSpace Brands Inc.  “This quarter started to show encouraging progress on our transformation agenda. Project FIT cost savings efforts are progressing, in particular with the successful restructuring of the CENTRAL ROAST production model during the quarter that will yield ongoing benefits.  Revenue momentum is expected to improve as we move through the fiscal year with better inventory positions aiding our efforts to improve pricing, build consumption with wide-spread customer promotions, launch margin-accretive innovations and accelerate our channel expansion and route to market excellence initiatives.”

OUTLOOK:
Management believes that its new Vision, Strategic Plan and implementation of its Focused Growth Strategy will lead to significant improvements in adjusted EBITDA starting in the second half of the year ending March 31, 2022 and continuing into subsequent years.

Management is rebuilding required levels of inventory and improving customer service across all three of its branded businesses. Considerable progress has already been made, leading to the resumption of promotional activities with retailers which is expected to improve revenue as the year progresses.  In the current fiscal quarter, the Company has been able to regain distribution with certain strategic customers and has been able to accelerate its new channel growth across e-commerce platforms. Aligned with its Focused Growth Strategy, Management has prioritized improvements in gross profit and overall profitability through better product mix, price increases and enhanced cost management.

GreenSpace has been able to begin rebuilding 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 two years just ended, Management expects that the foundational elements have been established to deliver improvements in both topline performance and profitability improvements, particularly moving into the second half of the current fiscal year.   Additional restructuring costs aligned with the Project FIT initiative are expected to come in the current fiscal quarter, which Management believes will lower fixed costs going into the second half of the current fiscal year and beyond.  Management believes that the rapid implementation of its Focused Growth Strategy will drive improvements in the operation over time, produce positive adjusted EBITDA and free cash flow to help finance the future growth opportunities available to the Company.

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