2023 Saw Numerous First-achievements for PLC and the Newly Forming Coca Industry That Signal Strong Growth Ahead
TORONTO, Ontario, Dec. 14, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Power Leaves Corp. (“PLC”), a manufacturer of decocainized coca leaf extract reflects on a year of remarkable achievements and significant progress in transforming the global perception and utilization of coca-derived products.
From product innovation to first revenues generated, PLC enters 2024 with significant momentum and is poised for strong revenue growth across its three core product lines as it drives innovation with its customers in the food, beverage, and agricultural sectors.
2023 - A Year of Foundation Building
Commercial Sales Agreements & First Revenues
In 2023 PLC achieved critical milestones in commercializing its novel decocainized coca products.
- PLC signed is first commercial supply agreements for both its Coca Extract and Coca Essence products:
- A $1.35M agreement for the purchase of up to 4,500 litres of PLC’s coca essence product at $100 per litre in 2024, increasing to 9,000L in 2025.
- A $2.75M agreement for the purchase of 2,500 litres of PLC’s coca extract product at $100 per litre in the first 12-months, increasing to 6,250L per quarter the subsequent 12-months.
- In Q3 2023 PLC successfully delivered its first commercial shipments of Coca Extract & Essence, which represented PLC’s first revenues and validated the strength of its international supply chain;
- The shipment of PLC’s coca essence product also signifies what PLC understands as the first-ever commercial sale of this novel product.
- Launched sales of PLC’s Coca Essence product, a first-of-its-kind highly aromatic, terpene-rich concentrate for dilution and blending into alcoholic beverages;
- Showcased the potential of PLC’s product innovation and control over its supply chain.
- Initiated the development of DeCarb, a coca-based bitterness masking agent that can serve as a natural sweetener to replace artificial ingredients in beverages;
- Market potential strengthened by the World Health Organization (the “WHO”) labeling aspartame, a common artificial sweetener, as a potential carcinogen.
- Sole “Coca” participant in multiple major international trade shows generating substantial interest from Tier 1 customers and further validating the market interest for PLC’s products.
"2023 was a breakthrough year for PLC, with over US$4M in commercial agreements signed for our decocainized coca products," announced Pat McCutcheon, Co-Founder & CEO of PLC. "Our first successful deliveries signify both our initial revenue and the robustness of our supply chain. The launch of our innovative Coca Essence product and progress in natural ingredient alternatives like DeCarb demonstrate our market-driven innovation and growing interest for our unique offerings."
Government Support & Fertilizer Growth
PLC’s foundation is built on an exclusive 15-year partnership with the NASA WALA Indigenous community that allows PLC to legally produce decocainized coca extract, where PLC’s collaborative approach has created significant alignment with the Colombian Government’s mandates.
2023 saw substantial positive developments on this front:
- Multiple site visits from the Vice President of Colombia, Francia Marquez, expressing the Government's support for PLC’s project;
- Endorsement from Colombian President Gustavo Petro;
- Signed a partnership agreement with the Colombian Agricultural Research Corporation (Agrosavia) and the NASA WALA Indigenous community to streamline R&D efforts for novel coca genetics and other product innovation;
- Received registration approval from the ICA (Colombian-USDA) for its novel coca-based fertilizer in Colombia, opening the pathway for domestic sales.
“PLC is incredibly grateful for its strong partnership with the NASA WALA Indigenous community, as well as the support received from the Colombian Government to date,” continued Pat McCutcheon. “We expect to see these partnerships strengthen over the coming months and years, and are excited by the interest of the Colombian Government in PLC’s fertilizer products, where we are optimistic the Colombian Government could become a major customer.”
Forging Ahead - 2024 and Beyond
As we look forward to 2024, PLC is strategically positioned to disrupt the food and beverage industry with its novel coca products. The company is set to expand its footprint in international markets, driven by growing demand for natural and nutritious products with an excellent flavor profile.
In early December, the WHO initiated a critical review of the current classification of the coca leaf(1), with the Director General stating that an evaluation will be made of the in terms of chemistry, pharmacology, toxicology, natural medicine, and traditional uses.
The WHO's reassessment of the coca leaf can serve as a catalyst to shift global perception of the coca leaf's benefits, aligning with PLC's objectives and products.
PLC also expects continued support from the Colombian Government, where our project can support the Government’s goal of regulating the legal use of coca and supporting the prosperity of Indigenous Communities.
Building on a transformative year marked by over $4 million in supply agreements signed, enthusiastic customer feedback, and a paradigm shift in the perception of coca as a healthy ingredient, PLC will be closing its current Reg D financing in early 2024 and intends on carrying this momentum into a US public listing.
About Investing In Power Leaves Corp.
Power Leaves is currently accepting investments from accredited investors through a Reg D 506(c) offering. To learn more about investing in Power Leaves visit invest.powerleaves.com.
About Power Leaves Corp.
Founded in 2019, Power Leaves is breaking the monopoly on the supply of coca leaf extract and ushering in a new Age of Coca. Through an exclusive agreement with an Indigenous community, Power Leaves has developed the first-ever legal Colombian supply chain for decocainized coca extract to supply the global food and beverage markets. Through its established infrastructure, Power Leaves is developing and manufacturing proprietary formulations of coca extract and essence that offer an exceptional taste profile and an all-natural source of protein, nutrients, and positive health benefits. For more information, visit www.powerleaves.com.
Media:
CMW Media
powerleaves@cmwmedia.com
858.221.8001
Investors:
Myra Group
Investor Relations
Evan@myragroup.co
Cautionary Notes
This press release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this press release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected" "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could, "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; and the delay or failure to receive shareholder, director or regulatory approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, PLC assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.
