Power Leaves Corp. has completed its first export of proprietary decocainized coca leaf extract and essence products to Eurofins NSC Canada Inc. for testing and to develop new commercial products.
The company announced Tuesday it will use Eurofins’ laboratory services to analyze the coca extract and create and test new products for the food, nutraceutical and cosmetics industries. The coca leaf extract is made from decocainized coca leaves, removing the cocaine alkaloid.
The company says the product is high in nutrients like protein, iron, calcium and phosphorus. Power Leaves believes the extract could be used as an ingredient in foods, cosmetics and nutraceuticals by using natural alternatives.
The company built production facilities in Colombia, including its FDA and INVIMA (Colombian FDA) registered Nevia facility, to produce the coca extracts. It has two core coca-based products including a coca extract for use in soft drinks and energy drinks and a coca essence for alcoholic beverages like gin, vodka, tequila and hard seltzer. The company said its extracts have maintained their flavour during processing.
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The product testing, formulation and sampling will help Power Leaves commercialize the coca extract for worldwide export.
“Eurofins is excited to work with Power Leaves not only to support their analytics needs, but also on formulating products for target segments that Eurofins is looking to expand its business like food and beverage, nutraceuticals, and cosmetics,” said Sohil Mana, president of Eurofins Food, Pharma and Cosmetics in Canada.
“Their coca extract will offer the market opportunities to develop new products across a number of categories with its potential health benefits and unique flavor profile.”
The export allows Power Leaves to increase production and launch sales to manufacturers worldwide, said CEO Pat McCutcheon.
“With our facilities now complete, we are increasing production and preparing to launch our first sales to contract manufacturers globally,” McCutcheon said.
“We are seeing strong demand for our novel product and expect this testing and sampling to support the expansion of our coca extract business.”
Power Leaves was founded in 2019 to develop legal supply chains for coca leaf extract. Through an agreement with an indigenous community in Colombia, Power Leaves established the first legal source for decocainized coca extract in the country. It provides this coca extract to food and beverage companies.
Power Leaves said it is currently accepting investments from accredited investors through a Reg D 506(c) offering. With over US$3.7 million raised in the current round, the offering is expected to only be open for a limited time.