Roots Sustainable Agricultural Technologies (ASX:ROO) plans to progress its plant and hemp-based meat alternative options in the USA after completing a survey of global suppliers and pricing for hemp-based protein products in collaboration with Hempoint.
The company signed a non-binding Letter of Intent (LOI) with leading organic hemp grower and hemp food manufacturer Hempoint in December 2020 to progress opportunities in the lucrative organic plant and hemp-based alternative meat market.
Since executing the LOI, Czech Republic-based Hempoint has completed a global survey for Roots to generate data on suppliers and pricing of hemp protein for the meat replacement market.
Roots will now utilise this data to advance several initiatives, including the launch of hemp-based meat replacement products and the establishment of a US hemp-based food venture.
Both parties will amend the initial LOI and progress another agreement that will see Hempoint become a consultancy arm for Roots.
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