Pyxus International Inc (NYSE:PYX), a value-added agricultural company, announced Tuesday that its joint venture, Criticality, a North Carolina-based industrial hemp company, launched Korent, a new line of cannabidiol (CBD) oil products.
The company said Korent's full-spectrum oil drops are available in Vanilla Mint and Grape flavors, in multiple sizes and concentrations. Flavors were custom designed for hemp products in partnership with Purilum LLC, a leading flavor manufacturer and Pyxus-affiliated company.
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"Criticality's science-based approach to the extraction, refinement and formulation of high-quality CBD products makes it well positioned in the market and presents a huge growth opportunity for both Criticality and Pyxus," said Pyxus International CEO Pieter Sikkel in a statement.
Criticality specializes in environmental-friendly, all-natural, solvent-free fluid extraction and purification. It recently announced the development of a 55,000 square feet CBD production facility in Wilson, North Carolina. Construction is expected to be finalized by the end of 2018.
"Criticality is excited about the launch of Korent and making our products available to consumers," said Criticality CEO Brian Moyer. "We believe in the efficacy of our CBD products. Given the considerable market interest, we're proud to offer products that meet the highest standards in the industry."
Criticality intends to continue to launch additional products from its innovation pipeline, including a CBD e-liquids line, topicals and other oral products, and expand retail distribution in the coming months.
Pyxus has an interest in the Canadian cannabis market through its indirect Canadian subsidiary FIGR. FIGR East, which is licensed under the name Canada’s Island Garden, is one of only 29 firms to receive an oil production and sales license from Health Canada.
Formerly known as Alliance One International, Pyxus began trading on the New York Stock Exchange under its ticker symbol PYX as of September, joining the ranks of the few other US-listed cannabis companies.
The North Carolina company offers products in the leaf tobacco, e-Liquids, industrial hemp and legal cannabis industries.
Contact Uttara Choudhury at [email protected]