ELEV8 BRANDS INC COM NPV (OTCMKTS:VATE) shares were down 16.67% to $0.0400 on Wednesday and were flat in after-hours trading. Share prices have been trading in a 52-week range of $0.00 to $0.16. The company has a market cap of $42,500 at 884,000 shares outstanding.
ELEV8 BRANDS INC is a wholly-owned subsidiary of Elev8 Brands, Inc. which focuses on the development and marketing of hemp-based food, beverage, and health care products including hemp coffee, hemp water, and hemp-based skin care products. The company just announced the launch of a new line of hemp-derived E-juices, CBD-based tinctures, and water-soluble CBD.
These new products have been ordered and expected to be delivered and ready to sell by the end of the month. ELEV8 BRANDS INC is launching these products in select test markets in the Midwest, as well as through its wholly-owned subsidiary 02 Breathe which is an oxygen bar that also markets massage products, CBD-rich oils and lotions.
“We are excited to launch these revolutionary products that address demand in an industry segment that is growing exponentially. Our team spent a significant amount of time vetting and testing the products we believe are a game changer for the industry,” said ELEV8 BRANDS INC CEO Ryan Medico.
The company will launch a variety of E-Juices that are CBD rich and available in a variety of flavors including Peach, Mango, Mint, Unicorn Punch and Watermelon. It targets brick and mortar vape shops, wholesalers, and distributors.
“We are having initial success marketing Elev8 Hemp Coffee to the retail vape scene and have received inquiries for CBD products. With demand high we felt this was a great opportunity to expand our products, brand, and presence,” added CEO Medico.
The company also unveiled the highest concentrated water soluble CBD ingredient available on the market that is THC-free and can be used in beverages such as coffee, tea, and water. It plans to run samples tests of this CBD in current coffee and tea products under development and is in discussions with juice companies to supply the ingredient in bulk.
“We are aggressively pursuing innovative products in the hemp and hemp-derived CBD arena and are thrilled to add these products to our lineup. As we complete test markets and identify successful products our plan is to expand nationally with the products where concepts are proven and ready for commercial scale-ip and national distribution,” Medico concluded.