KAVL - InvestorNewsBreaks - Kaival Brands Innovations Group Inc. (NASDAQ: KAVL) Enters Licensing Agreement with Philips Morris International
Kaival Brands (NASDAQ: KAVL), the U.S. distributor of all products manufactured by Bidi Vapor LLC, which are intended for legal-age nicotine users, has inked an international licensing agreement with Philip Morris Products S.A. (“PMPSA”) for the development and distribution of electronic nicotine delivery system ("ENDS") products. Philip Morris Products is a wholly owned affiliate of Philip Morris International Inc. (NYSE: PM), and the agreement, which was finalized on June 13, 2022, covers products for markets outside of the United States. According to the announcement, the agreement between Kaival and PMPSA grants the latter the rights to manufacture, promote, sell and distribute Bidi Vapor’s premium ENDS device, the BIDI(R) Stick, in international markets outside the United States; the agreement extends the same rights to any potential new devices that are developed. The agreement could significantly expand international reach of Bidi Vapor technology and formulations. PMPSA noted that the agreement allows the company to broaden its current smoke-free product portfolio for adults desiring to continue smoking or using other nicotine products. “We, along with PMI and Bidi Vapor share the vision of a smoke-free future,” said Kaival Brands CEO Niraj Patel in the press release. “The BIDI Stick offers legal-age nicotine users a high-quality alternative to cigarettes that satisfies their taste preferences. Further, we, along with Bidi Vapor, are committed to prioritizing the appropriate regulation and responsible commercialization, inclusive of taking the necessary measures to make sure these products do not appeal to unintended audiences, including youth. By example, Bidi Vapor does not engage in direct online sales to consumers and requires age-verification contracts with our distributors and retailers. While Bidi Vapor continues to pursue the U.S. Food and Drug Administration premarket tobacco product authorization, cooperation with a major multi-national company like PMI, a leader in scientifically substantiated smoke-free products, opens doors on a global scale. Kaival Brands looks forward to a long productive relationship with PMI, to accelerate the end of smoking.”
To view the full press release, visit https://ibn.fm/E9Wps
About Kaival Brands Innovations Group Inc.
Based in Grant, Florida, Kaival Brands is a company focused on growing and incubating innovative and profitable products into mature and dominant brands in their respective markets. The company’s 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. Kaival Brands is the exclusive global distributor of all products manufactured by Bidi Vapor. For more information about the company, visit www.KaivalBrands.com.
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