- Naturally Splendid Enterprises (TSXV:NSP) is ramping up food production in response to demand increases caused by COVID-19
- The company has applied for funding from federal and provincial programs, in order to purchase extra ingredients
- The company has also expanded its online store services, to minimise physical contact
- Naturally Splendid Enterprises (NSP) remains unchanged, and is currently trading at 3.5 cents per share
Hemp-based health food company Naturally Splendid Enterprises (TSXV:NSP) is ramping up food production amidst the ongoing COVID-19 crisis.
Fearing total lockdowns and future shortages, people all over the world have been panic-buying food and other supplies.
As CEO J Craig Goodwin put it, “The pandemic has put an increased demand on the food supply chain in Canada. We’ve all seen consumers stock up on supplies.
Maintaining the food supply chain is absolutely critical to ensure orderly access for all Canadians,” he said.
He added that NSE’s food manufacturing facility will increase production to fulfil purchase orders from contract manufacturing clients. The Safe Quality Food, Level 2 Certified facility will also produce the company’s own branded product lines for grocery stores.
On March 18, 2020, Canadian Prime Minister Justin Trudeau assured citizens that the government would help keep the food supply chain intact. He announced a C$25 billion fund to assist the companies who will continue to provide Canada’s food during the crisis.
Naturally Splendid has immediately begun the application process for funding from federal and provincial programs. The company will use the funds to purchase extra ingredients, and to optimise the food manufacturing facility.
Due to the State of Emergency that has been declared, applications to do with the food supply chain will be fast-tracked to provide funding as soon as possible.
Naturally Splendid has also announced the expansion of its web-based services, making more products available online. This is in response to government requests to minimise individual movements and face-to-face infection during the pandemic.
Naturally Splendid Enterprises (NSP) remains unchanged, and is currently trading at 3.5 cents per share, as of 1:49pm EST.