Kaival Brands Innovations Group, Inc. (NASDAQ: KAVL) is engaged within the marketing and distribution of e-cigarettes. The company is currently focused primarily on expanding the distribution and sale of Bidi Vapor products, including the BIDI Stick e-cigarette. Kaival Brands notes their interest in expanding their offerings to include other nicotine and non-nicotine products, such as CBD. Shares of the e-cigarette company are rallying 13% through early trading on Thursday, March 9, 2023. Over the past three months, Kaival Brands has seen average daily volume of 67,310 shares. However, volume of 216,953 shares or dollar volume of around $171,610, has already exchanged hands through early trading.
Shares of Kaival Brands are gaining after the company announced it has signed a sales broker agreement with a major national broker to help expand the distribution of Bidi Vapor production into new retail channels. The Bidi Vapor products are currently being distributed to convenience-store locations, but Kaival Brands wants to expand into dollar stores, grocery and mass-merchandiser locations. The new agreement could help expand the BIDI Stick into as many as 40,000 new retail locations.
The BIDI Stick e-cigarette comes in over ten different flavors, including tobacco and menthol and is rated the number 1 selling product of its kind in the United States, according to Nielsen data. The tobacco-based nicotine product currently has a pending Premarket Tobacco Product Application (PMTA) and has the right to distribute the BIDI Stick product in the U.S. under the rules and guidance of the Food and Drug Administration.
“We are excited to further increase the reach of Bidi Vapor and its premium vaping device, the BIDI® Stick, into potentially more distribution opportunities throughout multiple retail channels,” stated Russell Quick, president of QuikfillRx, LLC d/b/a Kaival Marketing Services, the Company’s third-party sales and marketing vendor. “With our feet firmly in the convenience-store space, it is time not only to grow our existing footprint but to extend into more channels, like dollar and grocery stores, that meet our robust identification verification and youth access prevention requirements.”
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