Kaival Brands Innovations Group, Inc. (NASDAQ: KAVL) the exclusive U.S. distributor of all products manufactured by Bidi Vapor, LLC (“Bidi Vapor”), including the BIDI ® Stick electronic nicotine delivery system, announced that it has over the past few months entered into new retail distribution agreements representing potential new distribution to approximately 13,500 locations.
KAVL stock is outperforming the broader market this morning with a gain of 10.03% on 1.5x average Volume in early trading.
In recent times, Kaival Brands Innovations Group Inc has emerged as one of the major players in the electronic nicotine delivery system or ENDS space and this morning the company is in the news after it made a key announcement.
The company exclusively distributes the products which are manufactured by BIDI Vapor. The company announced this morning that over the course of the past months, it had gone into retail distribution agreements which would expand its foot print considerably. The company announced that the new agreements would stretch its foot print to as many as 13500 new locations.
As per the terms of the many distribution agreements that the company signed up for, BIDI Vapor products would be made available in as many as 700 locations straight away and in the upcoming 90 days, the product would be made available in 1500 more locations.
The new locations that are going to offer the products meet the strict standards of youth access prevention and age verification as laid down by both Kaival Brands Innovations and BIDI Vapor. The company’s Chief Operating Officer and President Eric Mosser spoke about the latest development as well.
He noted that since the overturning of the marketing denial order for ENDS for its products by the United States Food and Drug Administration, there had been a resurgence of demand for the products that the company offered. Major retailers had shown interest in the products from Kaival Brands Innovations and hence, the company decided to move in with these agreements.