Vancouver, B.C. – October 22, 2020: Better Plant Sciences Inc. (CSE: PLNT) (OTCQB: VEGGF) (FSE: YG3) (“Better Plant”) or (the “Company”) announces that its subsidiary Urban Juve Provisions Inc., has received a Natural Health Product (“NHP”) number from Health Canada for its proprietary plant-based pain balm. Health Canada’s Natural and Non-Prescription Health Products Directorate has concluded that Urban Juve’s application is in compliance pursuant to section 7 of the Natural Health Products Regulations and issued NHP number 80105503.
“We are thrilled that our unique pain relief formula based on Ayurvedic principles is now approved by Health Canada,” says Penny White, CEO of Better Plant. “This allows us to sell and distribute the product ourselves with the potential to white label the product with other strategic partners and brands.”
All-natural health products sold in Canada require premarket approval. The health claim that was approved for Urban Juve’s pain balm efficacy is: “temporarily relieves back aches and pains of muscles and joints associated with one or more of the following: simple backache, lumbago, strains and sprains (involving muscles, tendons, and/or ligaments), and arthritis.”
“One has to think one step ahead to anticipate the challenges for regulatory approvals of NHP products,” says Bhavna Solecki Director of Product Research for Better Plant. “We have been successful obtaining multiple NHP approvals, which we are very proud of, considering the required health claim substantiation, theoretical product review, scientific literature review and product classification.”
Better Plant’s pain balm uses a synergetic and proprietary blend of plant-based ingredients. Menthol crystals act as an anti-irritant and provide a heating/cooling effect by sending a signal to the brain which interprets the feeling as cold, relieving the uncomfortable heat of inflammation.
Some studies estimate that up to 40% of the population suffers from chronic pain. Arthritis is the most prevalent health condition in Canada, and its most common form is osteoarthritis which is a leading cause of disability worldwide. Other common causes of chronic pain include gout, rheumatoid arthritis, fibromyalgia, lupus and carpal tunnel syndrome which is increasingly affecting youth, from excessive typing and texting.
According to a report by BCC Research, the global market for pain management will grow from nearly USD$36.1 billion in 2017 to USD$52.0 billion by 2022, with a compound annual growth rate (CAGR) of 7.6% for the period of 2017-2022.
About Better Plant Sciences Inc.
Better Plant develops and acquires intellectual property and other assets related to plant-based products and therapeutics. Through its integrated business model, Better Plant develops, manufactures, markets, sells and distributes plant-based products. It owns over 400 proprietary product formulas. It operates websites and sells through eCommerce, Amazon and through a retail store network over 150 plant-based products for body, baby, and home under the brands JUSU, Urban Juve and Wright & Well. Its 51% majority owned subsidiary NeonMind Biosciences Inc. is launching a line of coffees infused with health optimizing medicinal mushrooms including reishi, cordyceps, lion’s mane and turkey tail mushrooms. NeonMind is also engaged in research into developing a psilocybin (psychedelic mushroom) based product for weight loss and has applied for Health Canada approval to begin preclinical trials to study its pending psychedelic medicine patents.
Investor Relations Contact:
Penny White, President & CEO
Ali Dumanski, Investor Relations
The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this news release.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes forward-looking information and statements (collectively, “forward looking statements”) under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates, forecasts, beliefs and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such risks, uncertainties and factors include, but are not limited to: risks related to the development, testing, licensing, brand development, availability of packaging, intellectual property protection, reduced global commerce and reduced access to raw materials and other supplies due to the spread of COVID-19, the potential for not acquiring any rights as a result of the patent application and any products making use of the intellectual property may be ineffective or the company may be unsuccessful in commercializing them; and other approvals will be required before commercial exploitation of the intellectual property can happen. Demand for the company’s products, general business, economic, competitive, political, and social uncertainties, delay or failure to receive board or regulatory approvals where applicable, and the state of the capital markets. Better Plant cautions readers not to place undue reliance on forward-looking statements provided by Better Plant, as such forward-looking statements are not a guarantee of future results or performance and actual results may differ materially. The forward-looking statements contained in this press release are made as of the date of this press release, and Better expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.