Endexx Corporation EDXC acquired a controlling interest in Hyla US Holdco Limited, a producer and distributor of organic, plant-based, all-natural, zero-nicotine vape products.
The acquisition provides two key benefits to Endexx in the near term:
an expanded international distribution network in 10 countries – Dubai, Saudi Arabia, the United Kingdom, the Czech Republic, Slovakia, Germany, France, the Kingdom of Bahrain, Egypt, and Switzerland, which Endexx expects will provide further leverage for sales of its men’s skin care line, Blesswell, as well as its CBD products designed for pain under its CBD Unlimited brand; and
a significant increase in Endexx’s consolidated revenues, based on Hyla’s distribution and sales to date of its non-nicotine, vegan vape products.
“This acquisition is an important opportunity for Endexx, as the ability to expand the distribution for our CBD and non-CBD Blesswell men’s skin care products is a significant benefit. We have already achieved substantial success in the U.S. through our retail distribution in Walgreens, Target TGT, and CVS CVS and, as announced yesterday, Amazon AMZN. International distribution in Europe and the Middle East, with the potential of future distribution in Latin America and Asia, holds great promise,” stated Endexx CEO Todd Davis.
Hyla currently markets its proprietary non-nicotine, guarana and L-dopa-based vape products in a variety of flavors. The Hyla device is the first non-nicotine vape product to be produced in this manner in the United States and provides 4,500 puffs per device. Introduced in October 2021, Hyla’s initial inventory of 140,000 devices was sold out within the first month of availability. The Hyla vape products bear the Underwriters Laboratories global safety certification and is CE approved.
“Because Hyla’s products do not contain any nicotine, and utilize the well-known plant, guarana, and other botanicals, we believe that Hyla’s products may create a brand new vape market in the United States that avoids the issues associated with nicotine-based products,” continued Davis. “We look forward to providing product and distribution updates in the near future.”
Image and article originally from www.benzinga.com. Read the original article here.