NetworkNewsBreaks – Kaival Brands Innovations Gr
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Posted On: 02/16/2022 2:13:06 PM
NetworkNewsBreaks – Kaival Brands Innovations Group Inc. (NASDAQ: KAVL) Announces FY 2021 Results
Kaival Brands (NASDAQ: KAVL) is the exclusive global distributor of products manufactured by Bidi Vapor LLC, including the BIDI(R) Stick disposable electronic nicotine delivery system (“ENDS”), intended exclusively for adults 21 and over. The company today reported its fiscal 2021 results and provided an update in which its Chief Executive Officer Niraj Patel recapped 2021 and offered insight into expansion strategies for 2022. “Fiscal year 2021 was a very challenging year, especially because of FDA’s marketing denial order, or MDO, for Bidi Vapor’s non-tobacco flavored BIDI (R) Stick ENDS, which caused irreparable harm to both Bidi Vapor and Kaival Brands. However, we were pleased that the court ultimately agreed to stay the MDO, and that we were able to make key strategic decisions to stay in business and continue maturation of the company in 2021, including uplisting to Nasdaq and completing our first underwritten public offering,” Patel stated. “The judicial stay of Bidi Vapor’s MDO was based, in part, on the likelihood of the merits case succeeding and we very much look forward to the day when Bidi Vapor’s PMTAs for its flavored ENDS are back into scientific review by the FDA. In the meantime, we are actively exploring and negotiating potential international distribution opportunities for the BIDI (R) Stick and look forward to aggressively expanding into international markets in 2022.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Kaival Brands (NASDAQ: KAVL) is the exclusive global distributor of products manufactured by Bidi Vapor LLC, including the BIDI(R) Stick disposable electronic nicotine delivery system (“ENDS”), intended exclusively for adults 21 and over. The company today reported its fiscal 2021 results and provided an update in which its Chief Executive Officer Niraj Patel recapped 2021 and offered insight into expansion strategies for 2022. “Fiscal year 2021 was a very challenging year, especially because of FDA’s marketing denial order, or MDO, for Bidi Vapor’s non-tobacco flavored BIDI (R) Stick ENDS, which caused irreparable harm to both Bidi Vapor and Kaival Brands. However, we were pleased that the court ultimately agreed to stay the MDO, and that we were able to make key strategic decisions to stay in business and continue maturation of the company in 2021, including uplisting to Nasdaq and completing our first underwritten public offering,” Patel stated. “The judicial stay of Bidi Vapor’s MDO was based, in part, on the likelihood of the merits case succeeding and we very much look forward to the day when Bidi Vapor’s PMTAs for its flavored ENDS are back into scientific review by the FDA. In the meantime, we are actively exploring and negotiating potential international distribution opportunities for the BIDI (R) Stick and look forward to aggressively expanding into international markets in 2022.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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