GRANT, Fla., Jan. 26, 2021 /PRNewswire/ -- Kaival Brands Innovations Group, Inc. (OTCQB: KAVL) ("Kaival Brands," the "Company," or "we"), Vapor"). Bidi Vapor's primary offering, the Bidi® Stick, is the fastest-growing closed system vaping product in the U.S. The tamper-resistant Bidi® Stick is also the only vape product on the market with an ecologically friendly, mass-recycling program.
Kaival Brands is excited to announce Bidi Vapor's new product for adult users – the Bidi™ Pouch, which Kaival Brands will exclusively distribute. The Bidi™ Pouch provides a tobacco-free nicotine formulation packed in an easy-to-go tin can. The Bidi™ Pouch debuts in the market on February 1, 2021. Niraj Patel, the Company's Chief Executive Officer, on the new offering: "We are excited that Bidi Vapor continues to develop and innovate new ways to bring the Bidi Vapor experience to adult consumers. Bidi Vapor's new Bidi™ Pouch offering, which we will exclusively distribute, is just another example of our ability to meet the demands of the marketplace."
A recent Market Study report indicates the nicotine pouch market is expected to grow to more than $3 billion in revenues by 2025, up from $637.8 million in 2019. Mr. Patel continues: "The pouch marketplace is yet another opportunity to demonstrate Bidi Vapor's premium experience to adult users. We believe that Bidi Vapor's share of the nicotine pouch market will rival Bidi Vapor's market share achievement in vape. It represents a significant opportunity for us as the exclusive distributor of Bidi Vapor's products in 2021 and beyond."
With the Bidi® Stick premium disposable e-cigarette having achieved significant market share (among the Top 3 in market share for disposable e-cigarettes in U.S. all-channel dollar sales, according to Nielsen as of January 9, 2021), Mr. Patel believes the introduction of the Bidi™ Pouch will build on that platform of success.
Mr. Patel, the Company's President, Chief Executive Officer and Chief Financial Officer, owns and controls Bidi Vapor. As a result, Bidi Vapor and the Company are considered under common control and Bidi Vapor is considered a related party.
Kaival Brands Innovations Group, Inc., is a company focused on growing and incubating innovative and profitable products into mature and dominant brands in their respective markets.
Our 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.
This press release includes statements that constitute "forward-looking statements" within the meaning of federal securities laws, which are statements other than historical facts that frequently use words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "position," "should," "strategy," "target," "will," and similar words. All forward-looking statements speak only as of the date of this press release. Although we believe that the plans, intentions, and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions, or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied, or forecasted in such statements. Our business may be influenced by many factors that are difficult to predict, involve uncertainties that may materially affect results, and are often beyond our control. Factors that could cause or contribute to such differences include, but are not limited to, the duration and scope of the COVID-19 pandemic and impact on the demand for the products we distribute; the actions governments, businesses, and individuals take in response to the pandemic, including mandatory business closures and restrictions on onsite commercial interactions; the impact of the pandemic and actions taken in response to the pandemic on global and regional economies and economic activity; the pace of recovery when the COVID-19 pandemic subsides; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the effects of steps that we could take to reduce operating costs; our inability to generate and sustain profitable sales growth; circumstances or developments that may make us unable to implement or realize anticipated benefits, or that may increase the costs, of our current and planned business initiatives; changes in government regulation or laws that affect our business; and those factors detailed by us in our public filings with the Securities and Exchange Commission. All forward-looking statements included in this press release are expressly qualified in their entirety by such cautionary statements. Except as required under the federal securities laws and the Securities and Exchange Commission's rules and regulations, we do not have any intention or obligation to update any forward-looking statements publicly, whether as a result of new information, future events, or otherwise.