GRANT, Fla., Jan. 14, 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 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.
Based on Goldman Sachs' Equity Research Report through December 26, 2020 on the Nielsen data for total nicotine volumes (the "Goldman Report"), the Bidi® Stick by Bidi Vapor was the largest disposable electronic nicotine delivery system ("ENDS") offering in the U.S. based on retail sales for the last 12-week period after realizing a 907.9% increase in sales during the same period ended December 26, resulting in 27.9% market share in calendar fourth quarter. We believe this growth underscores the attractive customer experience the Bidi Stick provides.
Niraj Patel, the Company's Chief Executive Officer, emphasized Bidi Vapor's focus on compliance and sustainability. "We believe our continued growth and increased market share is directly attributable to our product being designed for current adult smokers and being manufactured and marketed with sustainability and socially responsible practices in mind. We are also hyper-vigilant in working to ensure that the Bidi® Stick does not get into the hands of youth under the age of 21, but only those adult smokers looking for alternatives to cigarettes. Our values are as high as the quality of our product offerings."
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.
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 novel coronavirus ("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.