GRANT, Fla., Jan. 6, 2021 /PRNewswire/ --Kaival Brands Innovations Group, Inc. (OTCQB: KAVL) ("Kaival Brands," the "Company," or "we"), is the exclusive global distributor of products manufactured by Bidi Vapor, LLC ("Bidi Vapor"). Bidi Vapor's primary offering, the Bidi® Stick, is one of 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 also recently launched the Bidi™ Pouch by Bidi Vapor, a tobacco-free nicotine pouch.
Kaival Brands commenced business operations in March 2020. The first two quarters following the commencement of business operations (or the second and third quarters of fiscal 2020), Kaival Brands reported aggregate revenues of approximately $55 million. We believe that the premium experience the consumer derives from the Bidi® Stick continues to fuel market share gains, the growth of the availability of our product in stores, and growth in revenues. Given the growth we have experienced during fiscal 2020, and the continued demand for the Bidi® Stick as evidenced in Goldman Sachs' recent research report showing total dollar sales growth has surged to 1,845% to lead the category for the 12-week period ended November 28, 2020, management estimates that fiscal 2021 revenues will be in the range of $400 million to $450 million.
In a short period of time, Kaival Brands and Bidi® Stick have become synonymous with excellence and premier product offerings within the ENDS industry. Management is excited to announce that we will be presenting at the Inflection Partners Growth Conference on January 13, 2021 to further discuss the drivers behind the robust growth profile.
Our Chief Executive Officer, Niraj Patel, commented, "While we are very pleased with the substantial growth and adoption of the Bidi® Stick in the marketplace, we are extremely proud of our commitment to the environment and keeping the product out of the hands of minors."
Mr. Patel, the Company's President, Chief Executive Officer, and Chief Financial Officer, owns and controls Bidi Vapor; thus, 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.