Gaithersburg, MD, July 17, 2020 (GLOBE NEWSWIRE) -- Verus International, Inc. (“Verus” or the “Company”) (OTCQB: VRUS) is pleased to announce that it has signed an agreement with a national distributor to introduce Pachyderm Labs (“Pachyderm”) line of consumer cannabidiol (“CBD”) products throughout the U.S. The distributor is among the largest multi-state vertically-integrated companies in the hemp-based CBD industry, with extensive experience in product placement and point-of-sale promotions in this space. The distributor will provide Verus a fast entry into gas stations, convenience stores, and other retailers, many of which already carry CBD products, but are interested in expanding or refreshing their product offerings in the space.
The distributor will initially concentrate on launching the Pachyderm CBD products in Florida and Texas. The initial plan is to partner with 10,000 locations during phase one of the launch; expanding to more than 30,000 locations within 24 months. The agreement covers Pachyderm’s two main brands, “Elephant Hemp” and “U-Try CBD,” which will initially have more than 12 different SKU’s with multiple flavor and aroma variations, covering health-enhancing oils, creams, lotions and other CBD-infused edibles. The Company will update investors as shipping commences.
“This implementation agreement teams us with an industry expert, enabling us to quickly establish our brands across the U.S.,” explained Verus CEO, Anshu Bhatnagar. “This is an extensive distribution network, so the channel fill alone could stretch out over the next eight quarters, providing us a new source of incremental revenue growth. We haven’t announced the name of the distributor yet for competitive reasons, but we are pleased to partner with an experienced distributor that has a strong, existing track record of product launches. After we establish our shipping schedules, we will update investors on the revenue impact from this agreement, which we believe could become significant through the remainder of 2020 and well into 2021. This is just the first part of a much larger strategy to make our CBD-products division a key source of multi-year revenue growth, coupled with superior margins compared to our traditional food product lines.”
Verus will fulfill its initial shipments from its Houston, Texas facility, which has the capacity and strategic location to support an eventual national footprint. The Company is also targeting additional sales channels and intends to selectively expand its CBD line as its brands gain consumer exposure.
About Verus International
Verus is a global, emerging multi-line consumer packaged goods (CPG) company developing branded product lines in the U.S. and the Middle East; and medical protective supplies on a global basis. The Company trades on the OTC market (OTCQB: VRUS). Investors can find real-time quotes and market information for the Company on www.otcmarkets.com. Additional information is also available at the Company’s website, www.verusfoods.com, and via the official Twitter feed @Verus_Foods, the Big League Foods subsidiary Twitter feed @BigLeagueFoods, the Verus Cares subsidiary Twitter feed @VerusCares, and the Pachyderm Labs subsidiary Twitter feed @PachydermLabs.
Safe Harbor Statement
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, we can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results could differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in the Company’s filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
Contacts
Investor Contact:
MKR Group Inc.
Todd Kehrli or Mark Forney
vrus@mkr-group.com