Burcon enters into production agreement with partner manufacturer to produce hempseed protein

Burcon NutraScience Corporation, a technology specialist involved in the development of plant-based proteins for foods and beverages, has announced that, due to overwhelming customer demand, it has entered into a production agreement with its partner manufacturer to bring the world's first high purity 95% hempseed protein isolate to market.

Under the terms of the agreement, Burcon will combine its proprietary equipment with the existing infrastructure and manufacturing capabilities of its contract partner to commercially produce the innovative hempseed protein isolate. The company expects to complete the process validation trials and begin commercial production in early 2024. This strategic collaboration is a capital-light approach expected to rapidly bring its hempseed protein to market to meet the increasing demand for this high-purity protein ingredient.

"We are very pleased with the market reception and with the efforts from both teams at Burcon and HPS Food and Ingredients during the market development phase," said Kip Underwood, Burcon's CEO. "Burcon is excited to take the lead on the next commercial production phase. Our partnership with HPS continues to drive the rapid commercialization plans of our hemp technology. Speed-to-market remains a top priority for us and we are confident we can deliver to our customers an excellent commercial product."

Burcon and HPS believe the 95% hempseed protein isolate is poised to set a new benchmark for high-purity premium protein ingredients. Based on market data and internal estimates, there is a multi-billion dollar addressable market for high purity hempseed protein with a potential commercial opportunity that exceeds $100 million for Burcon and HPS. The global hemp-based food market is projected to double in the next five years, growing at a rate of over 15%. Burcon and HPS expect that the 95% hempseed isolate will perform well in various applications including beverages, sport nutrition, snacks, bars, baked goods and plant-based dairy.