Yield Growth Announces Appointment of Vivek Taneja as VP, Operations of Subsidiary Flourish Mushroom Labs
Vancouver, British Columbia--(Newsfile Corp. - November 19, 2019) - The Yield Growth Corp. (CSE: BOSS) (OTCQB: BOSQF) (FSE: YG3) is pleased to announce the appointment of chemical engineer, Vivek Taneja, as Vice President, Operations of its subsidiary Flourish Mushroom Labs Inc. to oversee the commercialization of the company's functional mushroom products, beginning with organic mushroom coffees. Vivek will also be part of the team developing clinical trials to research innovative therapeutic uses of certain compounds in magic mushrooms.
Figure 1: Vivek Taneja, Vice President, Operations Flourish Mushroom Labs Inc.
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Vivek Taneja is an accomplished chemical engineer with more than 24 years of project management experience, including expertise in pilot plant and scale up studies, production management and technical project leadership. Prior to his appointment at Flourish Mushroom Labs, Mr. Taneja was the project manager for over $150 million of engineering design and construction projects for global companies including Coca-Cola, Nestle Water and Minute Maid.
Mr. Taneja has been promoted to VP, Operations from a consultancy position with Flourish Mushroom Labs. His recent accomplishments at Flourish Mushroom Labs include further development of the company's mushroom coffees with the Director of Research & Development, Bhavna Solecki. All raw ingredients have been sourced for 4 blends of mushroom-infused coffees, packaging materials have been selected and the review of suitable manufacturing facilities is in progress.
"Drawing on years of experience in the food and beverage industry, Mr. Taneja will provide excellent oversight of our commercialization activities at Flourish Mushroom Labs," said Penny White, President and CEO.
"I see huge potential for the organic mushroom products we are developing," says Vivek Taneja. "With recent research, the functional and medicinal uses of mushrooms are becoming more prominent in the marketplace. Flourish is positioning itself by developing a wide range of products to meet consumer demand."
The global functional food market is forecasted to reach USD $34.3 billion by 2024, according to a report by Research and Markets.
On October 21, 2019, a press release by Fortune Business Insights entitled, "Why the Functional Mushrooms Market is set to explode," predicted that the global functional mushrooms market will gain momentum from growing awareness of the health benefits of mushrooms. According to the report summary, functional mushrooms have several functional properties that can be utilized in the production of food products, medicines, and cosmetics. Being rich in antioxidants, they can offer skin-enhancing benefits, aid immune and digestive function, and can balance energy levels.
About Flourish Mushroom Labs Inc.
Created by and incubated by the team at The Yield Growth Corp., Flourish Mushroom Labs aims to be a leader in the fast growing functional foods market-and improve life by offering high-quality mushroom-infused products that naturally support better health. Flourish Mushroom Labs is investigating patentability of innovative therapeutic uses of magic mushrooms and plans to research into therapeutic benefits of some of the compounds found in magic mushrooms through clinical trials.
About The Yield Growth Corp.
The Yield Growth Corp. is developing and selling hemp, marijuana and edible mushroom products in what the Global Wellness Institute reports is a $4.2 trillion-dollar global wellness market. It owns the cannabis wellness brands Urban Juve, Wright & Well and Jack n Jane. The Yield Growth management team has deep experience with global brands including Johnson & Johnson, Procter & Gamble, M·A·C Cosmetics, Skechers and Aritzia. Its all natural hemp skincare brand, Urban Juve, has signed distribution agreements in Canada, Colombia, Brazil, Greece, Cypress, Bulgaria, Romania and Serbia. Yield Growth's Wright & Well brands are launching a THC/CBD line of topical and edible products in Oregon this month and a CBD from hemp topicals line in California in 2020. Through its subsidiaries, Yield Growth has over 200 proprietary beauty, wellness, edibles and beverage formulas for commercialization. It has filed 12 patents to protect its extraction method and formulas. Yield Growth is in revenue through multiple streams including licensing, services and product sales.
Investor Relations Contacts:
Penny White, President & CEO
Kristina Pillon, Investor Relations
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes forward-looking information and statements (collectively, "forward looking statements") under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates, forecasts, beliefs and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such risks, uncertainties and factors include, but are not limited to: risks related to the development, testing, licensing, intellectual property protection, and sale of, and demand for, Urban Juve, Wright & Well, Flourish Mushroom Labs, Jack n Jane and UJ Beverages products, general business, economic, competitive, political and social uncertainties, delay or failure to receive board or regulatory approvals where applicable, and the state of the capital markets. Yield Growth cautions readers not to place undue reliance on forward-looking statements provided by Yield Growth, as such forward-looking statements are not a guarantee of future results or performance and actual results may differ materially. The forward-looking statements contained in this press release are made as of the date of this press release, and Yield Growth expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
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