Plant-based health and wellness food company Australian Primary Hemp (ASX: APH) is set to rapidly increase their access to Aussie households having secured a distribution agreement with national supermarket chain Woolworths for their Mt Elephant ‘mylk’ products.
The deal continues a good relationship that APH is developing with Woolworths where this one will see their Mt. Elephant ‘mylk’ branded hemp and oat milk carried in more than 165 premium Woolworths stores across Australia from April onwards.
“This second agreement with Woolworths will expand the range of Mt. Elephant products being range in Woolworths stores and increase consumers’ choices for high-quality, plant-based ‘superfoods’, said Australian Primary Hemp CEO, Neale Joseph.
“This is just the beginning of our mylk products, and positions APH strongly to open further doors to develop even more products as demand for plant-based milks grow.
“Our Mt. Elephant product range continues to gather commercial momentum, and APH continues to make significant progress in meeting the Company’s commercialisation and distribution goals with this brand.”
The increased distribution of Mt. Elephant products is expected to increase APH’s annual sales revenue by $250,000 from their oat and hemp mylk and chocolate and hemp mylk.
Integrating hemp into their ingredients, APH’s mylk products are classified as superfoods where they are 100% vegan while containing highly digestible plant-based protein, low in saturated fats free from cholesterol and high in polyunsaturated fats, vitamins and minerals.
This Woolworths distribution deal for Mt. Elephant mylk products continues a strong focus on national distribution that APH has displayed over the past three months having announced a deal with 7-Eleven in November 2020 for Mt Elephant snack bars which was followed by their first with Woolworths in January 2021 for protein products.
For the Quarter ending 31 December 2020, Australian Primary Hemp reported $411k in revenue which represented a 24% increase on their September Quarter.
By 2026, the plant-based milk market is estimated to be worth $28 billion annually, driven by dairy alternatives.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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