CULT Food Science Corp. has announced that its subsidiary, Further Foods Inc., has entered into a research and development (R&D) supply agreement with a cultivated meat producer. The agreement secures a supply of cultivated meat for the creation of Noochies!, a line of pet treats made from lab-grown meat.
“We are putting the right partnerships in place to be able to launch cultivated meat in pet treats in the near future”
Noochies! will be introduced at the Global Pet Show in Orlando, Florida, from March 26-28. The event will serve as an opportunity to present the pet treat line to distributors and consumers in the pet food industry.
Further Foods is also expanding its distribution in Asia, specifically targeting Southeast Asia, where it has received initial orders from a distributor. Additional discussions are ongoing with other potential partners in the region. The growing interest in sustainable pet food in these markets is a key focus for the company’s expansion efforts.
Supplier seeks FDA approval
The undisclosed supplier of cultivated meat for Noochies! is currently working through the US Food and Drug Administration (FDA) regulatory process for approval of their product in pet food. Once the approval is granted, Noochies! will be able to market its products in the US without conducting separate feeding trials, which is expected to streamline the commercialization process and reduce costs.
In addition, CULT Food Science has completed a debt settlement agreement to resolve outstanding debts totaling $26,346. As part of the settlement, the company issued 573,984 shares at a deemed price of $0.0459 per share. The transaction is intended to preserve the company’s cash reserves for working capital.
Mitchell Scott, CEO of CULT Food Science, commented, “We are thrilled to be making tangible progress toward the commercial launch of Noochies! cultivated meat pet treats. One of the biggest challenges for us has been to find partners who can supply the required amounts of cultivated meat at a pricepoint that works for our business model. We are confident that we are putting the right partnerships in place to be able to launch cultivated meat in pet treats in the near future.”
