TORONTO, - CULT Food Science Corp. ("CULT" or the "Company") (CSE: CULT) (OTC: CULTF) (FRA: LN0), an investment platform accelerating the development of cellular agriculture technologies to advance the future of food, announces that affiliate company MeliBio will be distributing its vegan, plant cell-based honey under the Better Foodie brand to launch their products across 75,000 European stores in collaboration with Narayan Foods in early 2023.
MeliBio uses plant biology and precision fermentation to replace honeybees with microorganisms as a medium for honey production, delivering the same taste profile and health benefits of conventional honey, without the damage to bees and their ecosystems endured from commercial beekeeping.
Recently named SIAL Innovation Selection 2022, one of Europe's most prestigious food innovation awards, MeliBio's product has already shown high demand by retailers across Europe. It will also become available for private label opportunities, using MeliBio's technology and Narayan Foods' operational capabilities, offering restaurants and food industry partners a vegan, plant-based alternative that protects bees and their ecosystems.
MeliBio also announces an additional $2.2 million investment into the company from existing investors, including Collaborative Fund and Siddhi Capital, as well from new investor The Greenbaum Foundation led by Jim Greenbaum, executive producer of The Game Changers and Seaspiracy. The company's total funding up to date reaches $9.4 million.
Management Commentary
"Bees are negatively impacted by the compounding effects of climate change, habitat loss, and pesticide usage. MeliBio has created a plant cell-based alternative that offers the same taste and nutritional benefits as conventional honey, without the devastating global impact." said Lejjy Gafour, CEO of CULT.
Source : Newswire.ca