Burcon NutraScience Corporation (“Burcon” or the “Company”) (TSX: BU), one of the global technology leaders in the development of plant-based proteins for foods and beverages, is pleased to announce that, due to overwhelming customer demand, it has entered into a production agreement with its partner manufacturer to bring the world’s first high purity 95% hempseed protein isolate to market.
Under the terms of the agreement, Burcon will combine its proprietary equipment with the existing infrastructure and manufacturing capabilities of its contract partner to commercially produce the innovative hempseed protein isolate. We expect to complete the process validation trials and begin commercial production in early 2024. This strategic collaboration is a capital-light approach expected to rapidly bring our hempseed protein to market to meet the increasing demand for this exceptional high purity protein ingredient.
“We are very pleased with the market reception and with the efforts from both teams at Burcon and HPS Food and Ingredients during the market development phase,” said Kip Underwood, Burcon’s chief executive officer. “Burcon is excited to take the lead on the next commercial production phase. Our partnership with HPS continues to drive the rapid commercialization plans of our hemp technology. Speed-to-market remains a top priority for us and we are confident we can deliver to our customers an excellent commercial product.”
Burcon and HPS believe the 95% hempseed protein isolate is poised to set a new benchmark for high-purity premium protein ingredients. Based on market data and internal estimates, there is a multi-billion dollar addressable market for high purity hempseed protein with a potential commercial opportunity that exceeds $100 million for Burcon and HPS. The global hemp-based food market is projected to double in the next five years, growing at a rate of over 15%. Burcon and HPS expect that the 95% hempseed isolate will perform well in various applications including beverages, sport nutrition, snacks, bars, baked goods and plant-based dairy.
