Rritual Superfoods (RSF) announced Thursday that it had signed a Letter of Intent with NEXE Technologies. The strategic alliance will leverage the combined strengths of each company. Indeed, Rritual and NEXE will work together to develop and market a range of innovative superfood-based drinks.
Rritual is a superfoods company that develops plant-based elixirs to improve health and wellness, while NEXE is an innovative materials company that manufactures plant-based materials.
Rritual CEO David Kerbel said, "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."
NEXE CEO Darren Footz added, "Partnering with Rritual Superfoods helps expand the sales of our proprietary fully-compostable and K-Cup brewing systems-compatible pod. The Rritual team is comprised of seasoned and experienced CPG veterans which further validates NEXE's plant-based pods as the best-in-class pod for beverage products. We look forward to working with Rritual to meet their sustainable and compostable packaging needs."
Rritual's superfood elixirs product offerings are all USDA certified organic. Rritual's Proprietary Immune-Synergy Six Mushroom Blend contains a daily prebiotic blend that improves digestion. (See Rritual Superfoods stock analysis on TipRanks)
In April, Clarus analyst George Ulybyshev reiterated a Buy rating on RSF with a C$2.00 price target, for 228% upside potential. Ulybyshev stayed bullish on Rritual after the company said its products would be available in as many as 1,000 Rite Aid retail stores across the United States by the end of Q3 2021.
The analyst stated, “We believe that the Company’s ability to solidify commitments to its brand of products from a large retail chain early on is a clear sign of retailer confidence in the quality of Rritual’s products and its supply chain. It is also a big vote of confidence in the Company’s management team and its ability to get products to market.”
Ulybyshev is the only analyst to have offered a stock rating for RSF in the past three months. Shares have risen 17% year-to-date.
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