Kaival Brands Becomes Second Largest ENDS Offering in U.S.; Expands Disposable E-Cig Market Share to 24.2%
MELBOURNE, Fla., Dec. 22, 2020 /PRNewswire/ -- Kaival Brands Innovations Group, Inc. (OTCQB: KAVL) ("Kaival Brands," the "Company," or "we"), is the exclusive global distributor of products manufactured by Bidi Vapor, LLC ("Bidi Vapor"). Bidi Vapor's primary offering, the BidiTM Stick, is the fastest-growing closed system vaping product in the U.S. The tamper-resistant BidiTM Stick is also the only vape product on the market with an ecologically friendly, mass-recycling program. Kaival Brands also recently launched the Bidi™ Pouch by Bidi Vapor, a tobacco-free nicotine pouch.
Based on Goldman Sachs' Equity Research Report through November 28, 2020 on the Nielsen data for total nicotine volumes (the "Goldman Report"), the BidiTM Stick by Bidi Vapor is now the second largest disposable electronic nicotine delivery system ("ENDS") offering based on retail sales for the last 52-week period. The BidiTM Stick has increased its absolute-dollar market share of the disposable ENDS market share from 7.4% during the 52-week period ending on October 27, 2020 to 24.2% of retail sales during the 52-week period ending on November 28, 2020. According to the Goldman Report, total dollar sales growth has surged to 1,845% to lead the category for the 12-week period ended November 28, 2020. We believe our growth underscores the unique customer experience the Bidi Stick provides.
Niraj Patel, the Company's Founder & Chief Executive Officer, emphasized Bidi Vapor's focus on compliance and sustainability. "The Bidi Stick is an electronic nicotine delivery system designed for current adult smokers and is manufactured and marketed with sustainability and socially responsible practices in mind. We even incentivize our customers to recycle with a one-of-a-kind rewards program. We are also hyper-vigilant in making sure the Bidi Stick does not get into the hands of young people but only those adult smokers over 21 looking for alternatives to cigarettes."
Mr. Patel, the Company's President, Chief Executive Officer, and Chief Financial Officer owns and controls Bidi Vapor; thus, Bidi Vapor and the Company are considered under common control and Bidi Vapor is considered a related party.
Kaival Brands Innovations Group, Inc., is a company focused on growing and incubating innovative and profitable products into mature and dominant brands in their respective markets.
Our vision is to develop internally, acquire, own, or exclusively distribute these innovative products and grow each into dominant market-share brands with superior quality and recognizable innovation.
Our vision is to develop internally, acquire, own, or exclusively distribute these innovative products and grow each into dominant market-share brands with superior quality and recognizable innovation.
Learn more about Kaival Brands Innovations Group, Inc., at www.kaivalbrands.com
Forward-Looking Statements
This press release includes statements that constitute "forward-looking statements" within the meaning of federal securities laws, which are statements other than historical facts that frequently use words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "position," "should," "strategy," "target," "will," and similar words. All forward-looking statements speak only as of the date of this press release. Although we believe that the plans, intentions, and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions, or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied, or forecasted in such statements. Our business may be influenced by many factors that are difficult to predict, involve uncertainties that may materially affect results, and are often beyond our control. Factors that could cause or contribute to such differences include, but are not limited to, the duration and scope of the novel coronavirus ("COVID-19") pandemic and impact on the demand for the products we distribute; the actions governments, businesses, and individuals take in response to the pandemic, including mandatory business closures and restrictions on onsite commercial interactions; the impact of the pandemic and actions taken in response to the pandemic on global and regional economies and economic activity; the pace of recovery when the COVID-19 pandemic subsides; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the effects of steps that we could take to reduce operating costs; our inability to generate and sustain profitable sales growth; circumstances or developments that may make us unable to implement or realize anticipated benefits, or that may increase the costs, of our current and planned business initiatives; changes in government regulation or laws that affect our business; and those factors detailed by us in our public filings with the Securities and Exchange Commission. All forward-looking statements included in this press release are expressly qualified in their entirety by such cautionary statements. Except as required under the federal securities laws and the Securities and Exchange Commission's rules and regulations, we do not have any intention or obligation to update any forward-looking statements publicly, whether as a result of new information, future events, or otherwise.
SOURCE Kaival Brands
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