NeutriSci: Harmonized Code Approval Received by TABLETZ LLC., in Japan
NeutriSci International Inc. (OTCQB: NRXCF) announced that its partner, Tabletz LLC, has received approval for a Harmonized Code from Japanese customs for the TABLETZ product line. This classification facilitates the product's import into Japan, targeting 46,000 distribution locations. The TABLETZ product includes 3- and 7-tab sticks in various flavors, with a bulk bottle format planned. NeutriSci anticipates significant market potential, as Japan is set to become a leading medical cannabis market in Asia, valued at $800 million USD.
- Receipt of the Harmonized Code allows TABLETZ products to be imported and distributed in Japan.
- TABLETZ plans to reach 46,000 distribution points across Japan.
- The Japanese market is poised for growth, being valued at $800 million USD in medical cannabis.
- None.
VANCOUVER, BC / ACCESSWIRE / March 8, 2021 / NeutriSci International Inc. ("NeutriSci" or the "Company") (TSXV:NU)(OTCQB:NRXCF)(FRA:1N9), an innovative technology company developing products for the nutraceutical industry, in conjunction with its partner, Tabletz LLC, is very pleased to announce that its partner Tabletz LLC. has received approval and classification for a Harmonized Code (HS Code) for the TABLETZ product from Japanese customs. The classification is within the candy category and the HS code is 2106.90.299.
HS Codes are commonly used throughout the export process for goods. The Harmonized System is a standardized numerical method of classifying traded products. It is used by customs authorities around the world to identify products when assessing duties and taxes and for gathering statistics. The approval and classification clear the way for Tabletz to import the TABLETZ product line into Japan.
The TABLETZ product line consists of 3- and 7-tab TABLETZ sticks, each available in Lemon, Berry, and Mint flavours. Both companies have also finalized the design of a bulk bottle format of TABLETZ. This SKU will consist of a 35 tablet (500mg) bottle and will be available in all 3 flavor varieties. Although this SKU was not included in the initial purchase order, a second order is expected in Q2-2021.
Receipt of the HS code is a significant development as it completes the entire process for the TABLETZ product line and makes it available for complete distribution throughout Japan. Tabletz plans to take full advantage of the network that they have in place with their distribution partners to fully roll out the product in the planned 46,000 destinations across the country.
With huge buying power and a strong health care system, Japanese people are advocating plant-derived health care products, which makes products such as TABLETZ extremely popular in the Japanese market. According to Prohibition Partners' Asia Cannabis Report, Japan will become the second-largest medical cannabis market in Asia with a scale of
Glen Rehman, CEO of NeutriSci, commented, "We are extremely pleased that Tabletz has been able to achieve harmonized code status for the TABLETZ product line. This significant and final milestone opens the door for us to complete with the production process we have already begun. Now that the long-awaited approval has been granted, the process is complete. With the first order already in hand, and the production process under way, we look forward to shipping the first order to Japan in the coming weeks."
About NeutriSci International Inc.
NeutriSci specializes in the innovation, production, and formulation of nutraceutical products. Established in 2009, NeutriSci's is building sustainable sales models with Convenience, Chain Drug, and Mass Market and Supermarket retailers for neuenergy®, the Company's natural energy and focus supplement that has at its core, the beneficial effects of blueberries. For more information, please visit: www.neutrisci.com.
On Behalf of the Board of Directors of
NEUTRISCI INTERNATIONAL INC.
Glen Rehman
CEO
Tel: (403) 264-6320
For investor inquiries, please contact investors@neutrisci.com
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This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward-looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
Statements in this press release have not been evaluated by the Food and Drug Administration. Products or ingredients are not intended to diagnose, treat, cure, or prevent any disease.
SOURCE: NeutriSci International Inc
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FAQ
What is the significance of the Harmonized Code approval for NRXCF?
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