Business
VERUS INTERNATIONAL ANNOUNCES NATIONAL IMPLEMENTATION AGREEMENT FOR PACHYDERM LABS PRODUCT LINES
VERUS INTERNATIONAL ANNOUNCES NATIONAL IMPLEMENTATION AGREEMENT FOR PACHYDERM LABS PRODUCT LINES.
About this update from Verus International, Inc.
[{"type":"text","content":"\n 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...