Rritual Superfoods (RSF) announced that it has signed an agreement with Ultimate Sales Canada to accelerate Rritual’s strategy and the deployment of its products in Canada. Rritual develops plant-based elixirs to improve wellness, while Ultimate specializes in marketing for natural health brands. Shares dropped 6% on Tuesday morning, subsequent to the announcement.
All of Rritual’s products are organic and caffein-free. They can be enjoyed on their own or combined with other beverages.
Rritual’s VP Canadian Sales Scott Naccarrato said, “Ultimate’s founders have extensive expertise and relationships throughout the natural product industry in Canada, all of which will be put to great use in Rritual’s Canadian rollout. Our discussions to date indicate strong interest from Canadian retailers in the Rritual product line as they look to satisfy growing consumer demand for superfoods using mushrooms and adaptogens, and Ultimate will be a key partner in helping us to get to market in the near term.”
According to Grandview Research, the functional food market is expanding fast as consumers prioritize health and wellness. It is estimated that the global functional food market will grow by 7.9% annually, reaching $275 billion by 2025. (See Rritual Superfoods stock analysis on TipRanks.)
Two weeks ago, Clarus analyst George Ulybyshev reiterated a Buy rating on RSF with a C$2.00 price target for a 156.4% upside potential. The analyst expects the health and wellness product company to quadruple its revenue by 2022.
Ulybyshev is the only analyst to have offered a stock rating for RSF in the last three months. Shares have dropped in price by approximately 12% over the last month.