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VANCOUVER, BC / ACCESSWIRE / August 31, 2020 / NeutriSci International Inc. ("NeutriSci" or the "Company") (TSX-V: NU, OTCQB: NRXCF, FRANKFURT: 1N9), an innovative technology company developing products for the nutraceutical industry, in conjunction with its manufacturing partner, Cryopharm, is pleased to announce new market entrance and the details of the release of new product lines in October 2020.
The existing Cryopharm product line consisting of Marbl melts will now be complemented by Kali Juice. Kali Juice is a delicious cannabis-infused drink mix with zero sugar and zero calories. It comes in three different flavors - Pink Lemonade, Raspberry Punch and Sweet Iced Tea.
All brands use the NeutriSci IP and technology as well as its proprietary ingredients to produce the products. The product lines, including Kushtabs and Zenstix, are planned for immediate launch in California with another Western state to be released next month and will have access to 600 dispensaries in the state.
The Company would also like to clarify that pursuant to its revenue recognition policy, the revenue received from the initial sample order for Japan will be recognized in the Q3 quarterly report. Revenues are recognized when the Company satisfies its performance obligation by transferring control of its product to a customer. Control is considered to be transferred at the time the customer receives the product.
After the previously announced news related to the project in Japan, receipt of the 7-tablet final working samples for the Japan project are approximately 10-15 days off schedule. This is due in large part to reduced production hours in Asia, as well as slower than anticipated shipping times because of current COVID conditions in the region. Approvals of the final packaging by Tabletz LLC. are expected to be completed during the next two weeks.
Glen Rehman, CEO of NeutriSci, stated: "We have encountered a delay in receiving the final version of working samples for the 7-tablet packaging for the Japan project. Production of the final version has been completed and has been shipped for final approval. We anticipate the final step to be completed in the next two weeks followed by the first initial order. We are looking forward to the launch of the Tabletz website as well as providing more details regarding the distribution network in Japan. Additionally, the progress that Cryopharm is making entering new markets presents a positive outlook for us."
"I also want our investors to know and understand that we are doing our very best to complete the tasks related to Japan, California and beyond in a timely fashion because we are fully aware that during these times, we are going to be subject to lost time due to things beyond our control. Everyone is aware that these are difficult times and while we will experience challenges along the way, we will be successful in our endeavours", he added.