Zoetic International PLC (LON:ZOE), the London-listed vertically integrated CBD company, announced that it has signed its second international distribution contract, as well as noting continued progress with its core CBD business.
Further to the announcement on September 2, 2020, that Zoetic was in final negotiations of an international distribution contract, the company said an agreement has been reached with a major new international distributor for its Chill brand of tobacco alternative CBD products.
The agreement will see the company's premium CBD offering reach consumers in over 15 markets across the European Union, with thousands of stores making preparations to stock the Chill range. In a promising development, this physical footprint will be complemented by an established eCommerce presence which saw substantial revenue generated from vaping products alone during the last financial period, it added.
The agreement follows directly from news revealed on July 6, 2020, that the company had signed its first international distribution contract for the Chill range of products, illustrating that there is extensive interest and demand for its products on a multinational level. Zoetic said it continues to identify and pursue new opportunities globally and is keen to sustain the rapid rate of growth that it has enjoyed so far.
In a statement, Trevor Taylor, co-CEO of Zoetic commented: "We are delighted to have secured a further international distribution partner for the Chill brand. This agreement serves to affirm the quality and popularity that our products enjoy. Our new partner's 15 years of trading experience within the EU tobacco market will provide an excellent platform to enable the sale of our products to consumers across Europe."
Replenishment of stocks of Chill brand smokeable
Zoetic also revealed that, following significant demand for its Chill brand products, the group has restocked its range of tobacco alternative CBD smokes online. With hemp, calm and mint varieties now back in stock, the company will focus on continuing to grow its market share of its top-quality, USDA certified organic products. Via its Chill brand, Zoetic believes it has the market's only THC-free, nicotine-free, CBD smokes. T
The company said it is very pleased with the demand for its products, which is matched by the continual growth in popularity of the CBD chewable pouch market and ever-expanding interest in its range of mint smokes which are continuing to benefit from the regulation of tobacco-based menthol cigarettes, which are now banned in Brazil, Canada, Ethiopia, Turkey, Moldova, the European Union and the United Kingdom.
The group said it expects to launch with the US distributors over the next few months whilst the groundwork and logistics for the international distributors is finalised. It hopes to have sales in non-US markets for the Chill brand before the end of 2020.
"The depletion of our Chill brand stocks stands testament to the high regard in which our products are held. We are extremely happy to be returning Chill brand smokes to the pockets of consumers across our core US market and will continue to lead the way in the development and distribution of quality CBD products,” Antonio Russo, co-CEO of Zoetic said in the statement.
Trevor Taylor added: "We knew our smokable line was going to be a big hit and are pleased to get our inventories built up ahead of the rollout of our larger retail launch, both in the US and internationally."