CEO, Warren Spence, Provides Key Areas of Focus for Growth in Letter to Shareholders
November 3, 2021 (Source) — Rritual Superfoods Inc. (CSE: RSF) (OTCQB: RRSFF) (FWB: 0RW) (“Rritual” or the “Company”) is excited to provide shareholders with an update from Chief Executive Officer, Mr. Warren Spence, outlining the Company’s strategy going forward.
Rritual Superfoods is currently in position to leverage its strong brand and top of class product line to establish sales momentum for long term growth. Working expediently since taking the position of CEO, along with the executive team and board, the Company has mapped out a clear direction that will emphasize key sales channels, expansion into new markets, a continued focus on building the brand as an industry defining Superfoods leader, and a fiscally responsible operational mandate.
Rritual Superfoods Near Term Strategic Focal Areas
- Under new leadership the Company is greatly expanding efforts with Natural and Specialty Retailers across the USA
Consumers shopping in these channels are a strong match for Rritual products, which will accelerate brand awareness and establish loyalty and sales growth. Natural food buyers are familiar and educated on functional mushroom and adaptogen products, simplifying and the sales process and advancing time to market.
- Building upon its focus with existing partners Rite Aid and CVS Healthhub, the Company is currently presenting to US Chains for Spring 2022 resets
With a strong foundation taking hold at Rite Aid and CVS Healthhub, the sales team in actively meeting with multiple national US retailers. Retail decisions will be completed by the end of the year, anticipating purchases orders for the spring resets being issued in Q1 2022.
- Strategic Emphasis on Direct-to-Consumer Business through Amazon and Rritual.com
The Company is increasing its marketing and sales focus on the Amazon platform, taking advantage of its strong initial sales and reviews. Building brand awareness on Amazon is central to the sales strategy on that platform, and the analytics derived can be applied to strategy for all aspects of Rritual’s eCommerce sales and marketing.
- The Company is aiming to secure its Natural Product Numbers (NPN), facilitating the launch of the Canadian sales campaign by the end of the year
Rritual is initiating production in late 2021 for Canadian labeled products with the target to begin national rollout in Q1 2022 through a new sales broker relationship.
- Operations will focus resources on sales related priorities with an emphasis on fiscal responsibility at all levels of the organization to drive growth.
I am energized to be working with newly appointed Chief Operating Officer, Greg McCauley, a renowned consumer product goods leader with whom I had the pleasure of working with to build the Red Bull brand in Canada. Together, we are very excited about the prospects for the Rritual brand, and the Company’s recent raise will allow us to execute our strategy. These areas of focus have been identified and implemented to leverage the strength of the Rritual brand and quality product line, with a resolute focus to grow sales through key channels in both the USA and Canada for the long term.
Mr. Warren Spence
Chief Executive Officer
Rritual is a functional superfood company that creates plant-based elixirs, which support immunity, focus and relaxation. The company is poised to dominate a segment where demand and sales are growing exponentially. Under the executive leadership with over 100 years of CPG pedigree, Rritual is positioned as a leader in the functional health and wellness industry. Rritual’s superfood elixirs can be found online at www.rritual.com.
For further information please contact:
Warren Spence – Chief Executive Officer and Director
Telephone: (778) 400-1242
Functional Foods Market
According to Grandview Research*, it is estimated that the global functional food market is projected to reach $275 billion by 2025, growing at 7.9% each year with consumers putting more emphasis on health and wellness.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, “forward-looking statements”) that relate to Rritual’s current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as “will likely result”, “are expected to”, “expects”, “will continue”, “is anticipated”, “anticipates”, “believes”, “estimated”, “intends”, “plans”, “forecast”, “projection”, “strategy”, “objective” and “outlook”) are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release. In particular and without limitation, this news release contains forward-looking statements relating to the Company’s plans to leverage third party manufacturing and logistics, the Company’s broader retail distribution plans and the Company’s other plans, focus and objectives.
Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond Rritual’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the impact and progression of the COVID-19 pandemic and other factors set forth under “Forward-Looking Statements” and “Risk Factors” in the final long form prospectus of the Company dated February 26, 2021, and available under the Company’s profile on SEDAR at www.sedar.com. Rritual undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Rritual to predict all of them or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.