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Over the course of the past year, Kaival Brands Innovations Group Inc (NASDAQ:KAVL) has come into prominence for having been the main distributor of products from Bidi Vapor LLC. That includes the BIDI Stick, the electronic nicotine delivery system (ENDS), and is meant for adults who are 21 or older.

This morning the company was in the news after it announced that it had been successful in completing the acquisition of a considerable patent portfolio from the firm GoFire Inc. The aim of the acquisition from Kaival Brands Innovations Group is to diversify the sort of products it can offer and then go on to create considerable revenue advantages over the long term. It was a major new development for the company and one that might have long-term implications for the industry at large.

The assets that were acquired by the company would be placed under Kaival Inc, which is a fully-owned subsidiary of Kaival Brands Innovations Group. The subsidiary is involved in the development of new white-label branded products and services in the inhalation technology and vaporizer spaces. The company is going to look for monetizing opportunities for these patents in the hemp-based CBD, nicotine, cannabis, and nutraceutical sectors in the near term.

However, in the long term, the story is expected to be different. The company seeks to leverage the patents for the purpose of developing market-disrupting and innovative products of its own. That may include patent-protected vaporizer products and associated hardware as well as software offerings. The patent portfolio from GoFire includes as many as 12 existing patents and 46 pending ones. The patents and patent applications cover the territories of South Korea, the United States, Australia, Mexico, Israel, Japan, Canada, the European Patent Organization, China, and New Zealand.