11:16 AM EDT, 07/11/2024 (MT Newswires) -- CULT Food Science ( CULTF ) was last seen up 6% after the company on Thursday said its venture company, MeliBio, has made significant gains in sales growth, strategic partnerships, and industry recognition in the first half of this year.

MeliBio is a food tech company that replaces honeybees with microorganisms as a medium for honey production. In January over 1,000 Mellody orders, its plant-based honey product, were delivered to customers across the United States.

MeliBio's partnership with Pow.bio to scale up its fermentation technology has also generated "record" improvements in bioprocess results. This sets MeliBio on track for bio-manufacturing products that go beyond honey and tap the $100-billion bee-products and protein-ingredients industries, the company said.

MeliBio has also been recognized by Fast Company and the FoodTech 500 for its innovation and industry impact, the company said

CULT shares were last seen up $0.02 to $0.355 on the Canadian Securities Exchange.

Price: 0.36, Change: +0.02, Percent Change: +5.97