Newgen Concepts Inc (OTCMKTS:VPOR) shares advanced 50% to $0.00090 on Tuesday and were flat in after-hours trading. Share prices have been trading in a 52-week range of $0.00 to $0.00. The company has a market cap of $3.63 million at 4.04 billion shares outstanding.
In a press release last month, Newgen Concepts Inc announced that its subsidiary Total Vapor Inc has become the exclusive worldwide distributor and a direct reseller of a new, revolutionary patent pending automatic grinder, called Easy Grinder. This handheld device is rechargeable, electronically controlled and made to be fast and non-clogging even when grinding an herb of high moisture content. The simple-to-use grinder includes a built-in storage area to hold an ample supply of unground herb.
As such, it represents the company’s foray into the cannabis industry, which is projected to grow to a $20 billion market in 2020. Following this agreement, Newgen Concepts Inc will launch an ecommerce website specific to Easy Grinder and release online videos on its use. Initial distribution is planned to begin by the middle of this month in four popular finishes: silver, black, yellow gold and rose gold.
“We are very excited about our new line of CBD oil-infused products which are high purity and many of which are suitable for vaping or topical use. All flavoring components are organic, and we will be offering over fifty different flavors in various concentrations.” He added, “We are today beginning the process of launching the nationwide marketing for our CBD line, and anticipate strong initial sales. This launch is only the first of many as we sharpen our focus on products for the growing MJ Market by the addition of many additional brands,” remarked Newgen Concepts Inc CEO Yaniv Nahon.
Newgen Concepts Inc is an intellectual property, product development and worldwide marketing company. Formerly known as Vapor Group Inc, it was formed to acquire, develop and capitalize on a portfolio of commercially viable intellectual property. Its name change reflects the change in direction of the company from the manufacturer of vaporizers and e-cigarette brands to a full fledged CBD focused company.
Based on this intellectual property portfolio, Newgen Concepts Inc intends to develop a portfolio of products and services to market, license and sell across the globe. Its product being developed from its portfolio is Simple Cork, which is a self-contained cork bottle opener. Simple Cork is designed to revolutionize the packaging of wine by providing a level of customer convenience and is in its final engineering development. The company focuses on various markets, including the United States and wine-producing European countries, France and Italy.