ASX-listed Australian Primary Hemp (APH) has secured an agreement to stock its Mt Elephant baking products in Woolworths from March 2021.

The company already sells protein bars through specialist health stores and 7/11 outlets and told shareholders it expects annual retail sales of Mt Elephant to top A$2.3 million via Woolworths and online.

The deal is subject to meeting the retailers’ sales performance criteria.

Australian Primary Hemp CEO Neale Joseph said it reflects a growing demand for convenient, plant-based food products in Australia.

Shares are currently in a trading halt pending an announcement on a capital raise.

UPDATE (January 21, 2021): APH has secured firm commitments to raise approximately A$5.2 million via a strategic placement of around 16 million ordinary at 32 cents per share.

The company said the placement received strong support from new investors, existing institutional investors, and high-net worth individuals.

Funds raised, plus a proposed $1 million share purchase plan, will be used to drive future growth and transition the business into a branded, value-added health and wellness company.