Expert functional and magic mushrooms grower Optimi Health Corp. OPTHF has signed an agreement with Avida Global, a privately-held UK-based producer of white label products including nutraceuticals and medicinal cannabis oils.
The deal entails Optimi will provide Avida with a large-scale catalog of its functional mushroom supplement formulations. The products will then become available for commercial distribution through Avida, which will serve as the exclusive distributor for Optimi’s line of functional mushroom products in the UK, the EU, Switzerland, India, Japan, Indonesia, Thailand and Israel.
Interestingly, the terms of the agreement stipulate the potential for the commercialization of psilocybin mushrooms through the same distribution channels, when still-evolving demands and regulations of international markets allow.
On the agreement, Optimi CEO Bill Ciprick stated that the company’s goal “has consistently been to become the world’s number one supplier of functional and psychedelic mushroom products, bar none.”
Ciprick said believes the current agreement with EU-GMP partner Avida “is directly in line with our goal to commercialize and generate revenue.”
On behalf of Avida, global managing director and head of UK operations Paul Parkinson coincided with Ciprick and added: “Both Avida and Optimi share similar synergies putting quality and science at the heart of everything we do. Our partnership with Optimi complements the increasing global demand for natural, organic mushroom products and presents a unique opportunity for Avida Global in this nascent category.”
Both leaders jointly expressed that the new generation of mushroom enthusiasts are reshaping the functional mind and body experience. “Great products are supported by consumers who investigate the experience as much as the science behind these formulations. The unique thing about this partnership is that we are aligned and driven to meet those expectations as we further develop our product and service footprint in emerging health markets across the world.”
As for numbers, a new study has forecasted that Europe’s functional mushroom market would grow at a Compound Annual Growth Rate (CAGR) of 5.6% in the period 2021-2028 and seize $107 million by 2028, while the UK market alone is expected to grow at a CAGR of 7.5% in the period 2021-2027.
Photo courtesy of Geralt on Pixabay.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Psychedelic Mushrooms Are Going Global: Supply Deal With UK-Based Wellness Company Moves Forward – Optimi – Benzinga
