With a global patent for the world’s first 100% plant-based dairy and soy-free infant formula alternative, Else Nutrition Holdings (TSXV:BABY, OTC:BABYFTSXV:BABY, OTC:BABYF) could be the next plant juggernaut

In 2015, Sweden’s dairy lobby – LRF Mjölk – sued oat milk producer Oatly for suggesting that milk is harmful in its advertising1.

LRF Mjölk won the lawsuit, and Oatly was forced to pay the group £100,000 and stop using the slogan, “Milk, but made for humans”, in Sweden.

It was one of the most spectacular backfires in business history.

Oatly seized this as a marketing advantage, publishing the text of the lawsuit and even using the banned slogan in a large-scale advertising campaign in the UK2.

You may already know how the rest of the story goes.

In July 2020, Oatly raised $200 million from a consortium of investors led by Blackstone Group, which included celebrities like Oprah Winfrey, Jay-Z, Natalie Portman, and Starbucks founder Howard Schultz.3

Oatly’s valuation? An impressive $2 billion.

But that was just the beginning.

As the plant-based food megatrend accelerated and investor interest turned to frenzy, Oatly decided to go public just 10 months later, on May 19, 2021.

Its IPO was a resounding success, raising $1.4 billion at a $10 billion valuation4 – a 500% return in under a year.

Less than a month after its IPO, Oatly’s market cap broke $17 billion on June 11, 20215.

Oatly’s story is no doubt incredible.

But with an IPO valuation of $10 billion, it’s clear who the real winners were – the wealthy and connected private investors who could buy their way in before the public ever had a chance – and reap gains of 850% in 11 months.

But what if:

You Could be an Early Investor in a Company that Could Potentially be the “Future Oatly” of the $109.1 Billion Infant Formula Market?

Oatly’s growth story has eerie parallels with Else Nutrition Holdings (TSXV:BABY, OTC:BABYFTSXV:BABY, OTC:BABYF), a company that is disrupting the infant nutrition market with its globally patented formula for the world’s first 100% plant-based dairy and soy-free infant formula alternative.

A market that Fortune Business Insights expects to surge from $50.5 billion in 2019 to $109.1 billion in 20276.

They’re both foreign-based companies (Else Nutrition Holdings (TSXV:BABY, OTC:BABYFTSXV:BABY, OTC:BABYF) is based in Israel).

They both hold patents78 that grant them powerful competitive advantages (although you’ll soon see why Else Nutrition’s patents could be even more valuable).

They both had to expand US distribution to meet increasing demand.

And they’re both perfectly positioned to benefit from the plant-based food revolution that is sweeping the world.

Of course, there are differences.

Else Nutrition Holdings (TSXV:BABY, OTC:BABYFTSXV:BABY, OTC:BABYFis just at the beginning of its growth story.

And because it went public early, regular investors still have the chance to get in before the company’s valuation potentially goes parabolic.

As of June 11, 2021, its valuation is still under C$250 million3, with most of its potential still ahead.

Plus, unlike Oatly, Else Nutrition has no true competition.

Why? Because there are no other plant-based infant formula alternatives that don’t use soy and are nutritionally equivalent to breast milk.

Which is why the company could permanently disrupt the $109.1 billion infant formula market – and become the next plant juggernaut in the process.

8 Reasons Else Nutrition Holdings (TSXV:BABY, OTC:BABYFTSXV:BABY, OTC:BABYF) Could be on the Verge of Permanently Disrupting the $109.1 Billion Infant Nutrition Market

  1. More and More People are Realizing That Dairy and Soy may not be Ideal for a Large Proportion of Infants. A study of 51,819 US households revealed that 11.4% of parents believed their children had food allergies10. Both dairy and soy protein are problematic sources of allergens for this sensitive population – not to mention the fact that they are often highly processed and non-organic.
  2. It Holds a Global Patent for the World’s First 100% Plant-based Dairy and Soy-free Formula Alternative That is Nutritionally Equivalent to Breast Milk. There are plenty of non-dairy formulas out there. The problem? They mostly use soy, which presents its own set of problems. Until Else Nutrition Holdings (TSXV:BABY, OTC:BABYFTSXV:BABY, OTC:BABYFdid it, no one had figured out the “recipe” to a soy and dairy-free alternative that can meet all of an infant’s nutritional needs. And thanks to its global patent, the company could be the only one in the market for years to come.
  3. It’s Constantly Winning New Distributors Who Can’t Wait to Stock Its One-of-a-Kind Award-Winning Product. Mother’s Market, Associated Food Stores, Raley’s, PCC Community Markets, Haggen Food & Pharmacy, Vitamin Cottage Natural Grocers, and Big Y are just the distributors that have come onboard since April 2021. This is on top of big distributors like KeHE, United Natural Foods, and Sprouts Farmers Market, not to mention the company’s online presence through global sites like Amazon, iHerb, and PlantX11.
  4. The Majority of its Product Line is Still Yet to be Launched. Else Nutrition Holdings (TSXV:BABY, OTC:BABYFTSXV:BABY, OTC:BABYF) is already making a splash on the infant nutrition market with its current product line – but it’s just getting started. Over the next year alone, the company plans to launch four more product lines12.
  5. It’s Performing Clinical Research to Clinically Validate its Claims – Which Would Give it an Unstoppable Marketing Advantage. Not content with its multiple awards and global patents, Else Nutrition is also performing clinical research to validate its clinical claims for its products on growth, hypoallergenicity, and good tolerance13. If successful, this would give it a marketing edge that could be unstoppable. Remember that Oatly became a $17 billion company in large part thanks to marketing.
  6. Already has Proven Support from Powerful Strategic Investors. The company has a combined C$41.2 million141516 from investment bank Canaccord Genuity and H&H Group, a global health and nutrition company listed in Hong Kong with a multi-billion dollar market cap17.
  7. Its Technological and Intellectual Property Portfolio is a Strong Foundation for Else Nutrition Holdings (TSXV:BABY, OTC:BABYFTSXV:BABY, OTC:BABYF) to Eventually Become a Global Nutrition Powerhouse. The company’s patent portfolio is immensely valuable by itself. But it also has the specialized technology infrastructure necessary for its “clean label” and whole food ingredients manufacturing process that also only uses all-natural enzymatic or mechanical procedures – with no chemicals or solvents involved. Those two combined could be the foundational infrastructure for a future global nutrition powerhouse.
  8. Guided by a Highly Skilled Management Team with Deep Experience in the Nutrition Industry. The company’s management team has decades of experience in the nutrition industry, giving them a keen understanding of what it takes to scale a nutrition company from niche market to mass consumption.Else Nutrition’s management is also guided by an immensely qualified scientific advisory board comprising doctors, professors, and PhDs.

The Dairy and Soy-Filled Infant Formula Market has Placed Caring Parents in an Almost Unconscionable Dilemma

Over 11% of US parents already think their children have food allergies. And 40% of baby formulas sold in the country are specialty cow’s milk formulas catering for allergies and intolerances18.

On top of this, an estimated 50% of children with food allergies are allergic to cow’s milk.

This is why Grandview Research expects the market for lactose-free infant formula to hit $24 billion by 202419.

Especially when you consider that there are many reasons parents may prefer lactose-free or dairy free formula even when their child isn’t allergic to milk.

The problem? The main alternative being used is soy, which in many ways, could be even worse.

  • About half of children who are allergic to dairy will also be allergic to soy
  • According to the Seattle Childrens’ Hospital Research Foundation20, soy consumption has been linked to increased risk of Kawasaki disease – which could lead to deadly coronary artery aneurysms21
  • Soy protein is commonly produced through acid precipitation, making it a chemically-intensive process
  • According to the FDA, most soy grown in the US is GMO soy22
  • Soy protein contains isoflavones and phytoestrogens, which could interfere with thyroid function23 and testosterone production24


This puts the many parents who have no choice but to formula feed their children in an almost unconscionable dilemma – choosing between dairy and soy.

And with awareness of the multiple benefits of plant-based foods quickly spreading, the infant formula market is crying out for a safe and authentic plant-based solution.

With its Patented One-of-a-Kind Formula, Else Nutrition Holdings (TSXV:BABY, OTC:BABYFTSXV:BABY, OTC:BABYF) Could be the Answer Millions of Parents are Looking For

Else Nutrition has taken an entirely different – and better – route.

The company’s proprietary formula is made with a combination of almond, buckwheat, and tapioca – bypassing the allergen issues present with dairy and soy while also being 100% vegan-friendly.

It has also overcome the primary challenge for all infant formula alternatives – meeting the human-milk nutritional gold standard – on top of ensuring a breakthrough “clean label” manufacturing process with no chemicals or solvents involved.

Else Nutrition Holdings (TSXV:BABY, OTCQX:BABYF) is already a recipient of The Clean Label Project Purity Award25, which requires testing for over 400 contaminants and heavy metals.

This is especially important in light of recent revelations that many baby foods by leading manufacturers are “tainted with dangerous levels of arsenic, lead, cadmium, and mercury.”26

And by protecting its proprietary formula with global patents, Else Nutrition has ensured that it could be the only legitimate soy-free and plant-based infant formula alternative on the market based on its proprietary composition for years to come.

This has tremendous implications, because:

As Big Brands and Investors Throw Billions Into the New “Green Rush”, the Plant-Based Market is Quickly Becoming an Ultra-Competitive “Red Ocean”

Climate change. Animal welfare. Concerns over antibiotics and hormones. Increasing prevalence of chronic “lifestyle” diseases.

These are some of the problems facing society today that plant-based foods can help solve.

But while the entire industry is good for the world, it is also quickly becoming an ultra-competitive “red ocean” as big brands and investors pour billions into this new “green rush”.

Consider that:

  • Both Burger King27 and McDonald’s28 have already done “soft launches” of their plant-based burgers
  • Meat giants JBS, Tyson, Smithfield, Perdue, and Hormel have each rolled out an array of meat alternatives, from plant-based burgers to chicken nuggets2930
  • British multinational Marks and Spencer has quietly become a market-leading private label vegan brand31
  • PepsiCo and Beyond Meat have formed a joint venture to create, produce, and market snacks and drinks with plant-based substitutes32

Investors have also taken notice.

We already saw how Oatly recently went public with a $10 billion IPO, with its valuation surging by an additional 70% less than a month later.

Now, Impossible Foods – which has raised over $1.5 billion in private funding33 – is rumored to be eyeing its own $10 billion IPO34. This would be 2.5x the $4 billion valuation it received in its last funding round in August 2020.

This “green rush” has even infiltrated the SPAC market, with a company called Natural Order Acquisition Corp raising a “blank check” of $230 million in November 2020 to acquire plant-based companies35.

We are seeing a similar trend in the private space:

  • In June 2021, Reddit cofounder Alex Ohanian led a $50 million Series-B round in a plant-based chicken nuggets startup36
  • Big Idea Ventures – backed by the Singaporean government and meat giant Tyson – launched its first $50 million fund exclusively for investing in plant-based companies37
  • In early 2021, Swiss-based Blue Horizon Ventures raised $222 million for a vegan-focused venture fund38

Again, while all this is great news for the plant-based industry as a whole, it also means that plant-based companies are facing intensifying competition.

But unlike these other companies:

Else Nutrition Holdings (TSXV:BABY, OTC:BABYFTSXV:BABY, OTC:BABYF) Has no True Competition, Giving it a Powerful Competitive Advantage in the $109.1 Billion Infant Formula Market

Only Else Nutrition has “cracked the code” for creating a dairy and soy-free plant-based infant formula alternative that is nutritionally equivalent to breast milk – and secured it with ironclad patents.

The company is also leveraging the expertise of its Scientific Advisory Board to perform clinical research that could validate its clinical claims.

If this research turns out as planned, this could elevate the value of Else Nutrition’s  patented formula even further.

That’s why, when looking at how the company stacks up with the below plant-based comparables – which all have multiple strong competitors – it’s important to understand that:

Else Nutrition Holdings (TSXV:BABY, OTC:BABYFTSXV:BABY, OTC:BABYF) has no true competition – and its growth journey is just beginning.

CompanySymbolShare Price* (USD)Market Cap*
Else NutritionTSXV:BABY
Oatly NASDAQ:OTLY$26.33$15.3B$421M39

Tattooed ChefNASDAQ:TTCF$20.12$1.67B$148.5M42
Laird SuperfoodNYSEARCA:LSF$28.88$265.8M$26M43
The Very Good Food CompanyTSXV:VERY

Best of all, the company’s share price movement could also be pointing towards a big breakout.

In January 2020, Else Nutrition stock was trading at about C$0.50, before rapidly increasing 800% to C$4.50 in late November on highly bullish investor sentiment surrounding plant-based stocks.

Since the start of 2021, the market has been cooling off – taking the price down to a 2021 low of C$2.12 – right before the Oatly IPO.

The Oatly IPO appears to have sparked a new round of investor interest in the plant-based food market, and the stock’s upward momentum appears to have just restarted.

Now this could be a great opportunity, because Else Nutrition is now on far stronger ground compared to its peak in November 2020 as it rolls their products out into more and more retail and online outlets.

Especially as the company has demonstrated impressive growth in just the past few months.

Else Nutrition Holdings (TSXV:BABY, OTC:BABYFTSXV:BABY, OTC:BABYF) Solid Global Growth Strategy is Rapidly Accelerating

Since February 2021 alone, Else Nutrition has onboarded eight  new retailers  – Mother’s Market45, Associated Food Stores, Raley’s, PCC Community Markets, Haggen Food & Pharmacy, Vitamin Cottage Natural Grocers, and Big Y and Sprouts Farmers Market.

It took just a few  months for the company to add its products to over 900 new stores.

And this is on top of big National distributors like KeHE, United Natural Foods, which already stock its products.

Else Nutrition’s products are also all available online through global sites like Amazon, Thrive Market ,iHerb, and PlantX.

The results of its rapid retail expansion is already bearing fruit.

For the first quarter of 2021, Else Nutrition Holdings (TSXV:BABY, OTC:BABYFTSXV:BABY, OTC:BABYF) registered a quarterly revenue growth of 90% (a 282% increase compared to the first quarter of 2020)46.

In fact, its revenues for the first quarter were over 75% of its entire FY2020 revenues – and the company has only just begun ramping up its retail presence.

It’s also not just targeting the US market – it has global aspirations.

Leveraging its relationship with its strategic investor H&H Group, Else Nutrition is also progressing towards distributing its products in Europe, Australia and China47.

Not to mention that most of the company’s product line has yet to be launched – providing yet another growth catalyst.

In other words, as it continues its path of rapid growth:

Else Nutrition Holdings (TSXV:BABY, OTC:BABYFTSXV:BABY, OTC:BABYF) Could Soon Become the Next Global Nutrition Powerhouse

The foundations of a global nutrition powerhouse are already there.

Else Nutrition already has a highly valuable patent portfolio for a one-of-a-kind product that the $109.1 billion infant formula market is crying out for.

Its clean-label proprietary manufacturing process – its technological foundation – is also patent pending48, which will further enhance the value of its patent portfolio.

Add Else Nutrition’s accelerating growth, proven support from strategic investors, and C$19.6 million in the bank (with zero debt)49 – and you could be looking at the next plant-based juggernaut.

And it’s steered by an experienced management team who know exactly what it takes to succeed in the nutrition market.

A Committed Management Team with Deep Experience in the Nutrition Industry

Hamutal Yitzhak – CEO & Co-Founder

Yitzhak  previously served as the Head of Infant Nutrition at Abbott labs Israel. She’s also a Founder & Partner in Heart Baby Snack co. together with fellow Co-Founder and COO Uriel Kesler.

Uriel Kesler – COO & Co-Founder

Prior to co-founding Else, Kesler formerly served as GM PL Infant Formula at Promedico Healthcare Group, Israel.

Michael Azar – CTO & Co-Founder

Prior to joining Else, Michael served as the Former CEO & Chief food Technologist at Materna Infant nutrition (acquired by Nestle), and is an infant nutrition production expert.

Shay Shamir – CFO & Company Secretary

Former CFO for Atlantium Technologies, past roles at SuperCom and Ernst &Young. BA Accounting, CPA, MBA.

Reuben Halevi – VP of Sales Operations

Former Senior Executive at Retalix (acquired by NCR in 2012), VP Sales Operation, Reuben Halevi bolsters the company’s expertise in retail, eCommerce, and marketing technology.

Barak Orenstein – Director of Marketing

Orenstein has more than 15 years of consumer goods marketing experience, including having served as Global Brand Director for such household names as Sodastream, L’Oreal, Kraft, Evian, and Danone.

Fabiana Bar-Yoseph – Director of Clinical Development & Regulatory Affairs

Fabiana is a Former Clinical Development Director & Infant Nutrition R&D Director at Enzymotec. She holds a PhD. in medical science.

RECAP: 10 Reasons Investors Should Take a Closer Look at Else Nutrition Holdings (TSXV:BABY, OTC:BABYFTSXV:BABY, OTC:BABYF)

  1. Has developed and patented the world’s first dairy and soy-free infant formula alternative that is nutritionally equivalent to breast milk
  2. The $109.1 billion infant formula market is filled with dairy and soy-based products, making it ripe for disruption
  3. Investors and big brands are throwing billions of dollars into the plant-based food industry
  4. The company’s patents and one-of-a-kind formula means it has no true competition (unlike the rest of the industry)
  5. Company has demonstrated a strong growth trajectory, with its latest quarter revenues being over 75% of the entire revenue for FY2020
  6. Rapidly expanding retail presence, with it adding its products to over 900 new stores since February 2021, with plans to also go international
  7. Planning to launch multiple new products in 2021 and beyon
  8. Conducting clinical research to validate its clinical claims, which could give it an unbeatable marketing advantage
  9. Current stock price is potentially a great entry point as it has come down from its peak even as the company’s growth is taking off
  10. Led by a management team with deep industry experience and who are guided by a highly qualified Scientific Advisory board

1 https://www.bloomberg.com/news/articles/2015-05-14/swedish-oat-milk-producer-benefits-from-dairy-industry-lawsuit
2 https://www.livekindly.co/sweden-oat-milk/
3 https://www.bloomberg.com/news/articles/2021-05-11/oatly-and-investors-expect-ipo-to-raise-up-to-1-65-billion
4 https://www.cnbc.com/2021/05/19/oatly-1point4-billion-ipo-priced-84point4-million-shares-at-17-each.html
5 https://finance.yahoo.com/quote/OTLY?p=OTLY
6 https://www.fortunebusinessinsights.com/industry-reports/infant-formula-market-101498
7 https://patents.justia.com/assignee/oatly-ab
8 https://patents.justia.com/assignee/else-nutrition-gh-ltd
9 https://finance.yahoo.com/quote/BABY.V?p=BABY.V&.tsrc=fin-srch
10 https://pediatrics.aappublications.org/content/142/6/e20181235
11 https://cdn.shopify.com/s/files/1/0292/6385/5675/files/Else_Nutrition_Investor_Presentation_May_2021.pdf?v=1621957579
12 https://cdn.shopify.com/s/files/1/0292/6385/5675/files/Else_Nutrition_Investor_Presentation_May_2021.pdf?v=1621957579
13 https://cdn.shopify.com/s/files/1/0292/6385/5675/files/Else_Nutrition_Investor_Presentation_May_2021.pdf?v=1621957579
14 https://www.newswire.ca/news-releases/else-nutrition-completes-8-000-000-private-placement-and-strategic-investment-by-newh2-limited-897336941.html
15 https://www.prnewswire.com/news-releases/else-nutrition-plant-based-food-startup-receives-huge-welcome-on-the-toronto-stock-exchange-300875292.html
16 https://www.accesswire.com/610193/Hong-Kong-listed-HH-leads-a-257M-investment-in-ELSE-Nutrition
17 https://finance.yahoo.com/quote/1112.HK/
18 https://cdn.shopify.com/s/files/1/0292/6385/5675/files/Else_Nutrition_Investor_Presentation_May_2021.pdf?v=1621957579
19 https://www.grandviewresearch.com/industry-analysis/lactose-free-infant-formula-market
20 https://pulse.seattlechildrens.org/researcher-links-childrens-soy-consumption-to-increased-kawasaki-disease-risk/
21 https://pubmed.ncbi.nlm.nih.gov/9513217/
22 https://www.fda.gov/food/agricultural-biotechnology/gmo-crops-animal-food-and-beyond
23 https://www.ncbi.nlm.nih.gov/pmc/articles/PMC1241182/
24 https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4270274/
25 https://cleanlabelproject.org/product-categories/?refinementList%5BAward_Types%5D%5B0%5D=Purity%20Award&refinementList%5BBrand%5D%5B0%5D=Else%20Nutrition
26 https://oversight.house.gov/sites/democrats.oversight.house.gov/files/2021-02-04%20ECP%20Baby%20Food%20Staff%20Report.pdf
27 https://www.unilever.com/news/press-releases/2020/the-vegetarian-butcher-launches-in-latin-america-and-china-in-partnership-with-burger-king.html
28 https://www.bloomberg.com/news/articles/2021-02-01/mcdonald-s-quietly-rolls-out-mcplant-burger-in-test-markets
29 https://www.forbes.com/sites/chloesorvino/2020/06/18/the-worlds-largest-meat-seller-embraces-plant-based-proteins-as-pandemic-demand-surges/?sh=39fce2733e1e
30 https://www.nytimes.com/2019/10/14/business/the-new-makers-of-plant-based-meat-big-meat-companies.html
31 https://www.thedrum.com/news/2020/11/30/the-big-brands-going-vegan-smart-move-or-big-missed-steak
32 https://www.cnbc.com/2021/01/26/beyond-meat-and-pepsico-form-venture-to-make-plant-based-products.html
33 https://www.cnbc.com/2021/05/25/impossible-foods-disruptor-50.html
34 https://www.marketwatch.com/story/impossible-foods-prepping-for-10-billion-ipo-report-11617923032
35 https://www.prnewswire.com/news-releases/natural-order-acquisition-corp-announces-closing-of-230-million-initial-public-offering-which-includes-full-exercise-of-the-underwriters-over-allotment-option-301172930.html
36 https://www.forbes.com/sites/douglasyu/2021/06/08/reddit-cofounder-alexis-ohanian-leads-50-million-series-b-funding-in-plant-based-meat-startup-simulate/?sh=509b6afb778a
37 https://www.livekindly.co/theres-a-giant-new-vc-fund-investing-in-vegan-companies/
38 https://www.bloomberg.com/news/articles/2021-01-20/vegan-venture-capital-fund-targets-post-pandemic-food-dilemmas
39 https://www.bloomberg.com/news/articles/2021-04-19/oatly-reveals-growing-losses-revenue-in-u-s-ipo-filing
40 https://www.prnewswire.com/news-releases/amyris-inc-reports-fourth-quarter-and-full-year-2020-financial-results-301238516.html
41 https://investors.beyondmeat.com/news-releases/news-release-details/beyond-meatr-reports-fourth-quarter-and-full-year-2020-financial
42 https://ir.tattooedchef.com/news-releases/news-release-details/tattooed-chef-reports-fourth-quarter-and-full-year-2020
43 https://www.businesswire.com/news/home/20210311005711/en/Laird-Superfood-Reports-Fourth-Quarter-FY2020-Financial-Results
44 https://finance.yahoo.com/news/very-good-food-company-reports-022000261.html
45 https://finance.yahoo.com/news/else-nutrition-launch-plant-based-110000258.html
46 https://finance.yahoo.com/news/else-nutrition-reports-first-quarter-025900215.html
47 https://www.prnewswire.com/news-releases/else-provides-corporate-update-on-high-growth-potential-with-online-and-retail-sales-in-the-us-301277529.html
48 https://www.prnewswire.com/news-releases/else-nutrition-has-developed-a-breakthrough-patent-pending-clean-processing-of-ingredients-for-its-infant-formula-301232166.html
49 https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00032739 (as of 31 Mar 2021)




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This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect expectations regarding Else Nutrition Holdings future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to Else Nutrition Holdings industry; (b) market opportunity; (c) Else Nutrition Holdings business plans and strategies; (d) services that Else Nutrition Holdings intends to offer; (e) Else Nutrition Holdings milestone projections and targets; (f) Else Nutrition Holdings expectations regarding receipt of approval for regulatory applications; (g) Else Nutrition Holdings intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) Else Nutrition Holdings expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute Else Nutrition Holdings business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) Else Nutrition Holdings ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) Else Nutrition Holdings ability to enter into contractual arrangements; (e) the accuracy of budgeted costs and expenditures; (f) Else Nutrition Holdings ability to attract and retain skilled personnel; (g) political and regulatory stability; (h) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (i) changes in applicable legislation; (j) stability in financial and capital markets; and (k) expectations regarding the level of disruption as a result of COVID-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of Else Nutrition Holdings to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) Else Nutrition Holdings operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as the COVID-19 pandemic may adversely impact Else Nutrition Holdings business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing Else Nutrition Holdings business operations (e) Else Nutrition Holdings may be unable to implement its growth strategy; and (f) increased competition. Except as required by law, the Website Host undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise.


Any graphs, tables or other information demonstrating the historical performance or current or historical attributes of Else Nutrition Holdings or any other entity contained in this document are intended only to illustrate historical performance or current or historical attributes of Else Nutrition Holdings or such entities and are not necessarily indicative of future performance of Else Nutrition Holdings or such entities.