LeanLife Health Inc (CSE:LLP) (FRA:LL1) (OTCPINK:LHLNF), which is preparing to launch its Mike Tyson-branded Iron Energy drink in Canada, has submitted nine Temporary Market Authorizations (TMA) to the Canadian Food Inspection Agency.
Currently, all caffeinated beverages sold in Canada require a TMA and the applications for TMA include all three flavors in all three sizes of the Iron Energy drink, according to a statement.
LeanLife noted Thursday that the approval process takes many months and Gavin Mah, the company's chief operating officer, will be focused on helping navigate the regulatory approval process as quickly as possible.
READ: LeanLife Health to order additional containers of Mike Tyson branded Iron Energy drink, thanks to strong demand from US retailers
"Our first sales in the coming months will be from the United States, where we are lining up major retailers and have key partners facilitating our entry into this market,” said CEO Stan Lis. “The company will be able to build upon our American brand awareness and market strength and aggressively launch sales in Canada after the company meets the CFIA's TMA requirements."
COO Mah added: "I have extensive experience working with CFIA and Canadian regulators, and this will help facilitate our application and review process by the CFIA."
LeanLife pointed out that the annual value of the combined US and Canadian energy drink markets is estimated at over US$14 billion.
Red Bull is the market leader, followed by Monster and Bang. Red Bull is the market leader and pursues a premium price strategy; LeanLife said it aims to be aggressively positioned in this market category.
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