$KAVL Kaival Brands Receives Initial Royalty Payme

$KAVL Kaival Brands Receives Initial Royalty Payment from Philip Morris International Following Increased International Sales

https://www.globenewswire.com/news-release/20...Sales.html

Record International Sales in July 2023

Follows Recently Amended Agreement with Philip Morris International

GRANT-VALKARIA, Fla., Sept. 21, 2023 (GLOBE NEWSWIRE) -- Kaival Brands Innovations Group, Inc. (NASDAQ: KAVL) ("Kaival Brands," the "Company," or "we" , the exclusive U.S. distributor of all products manufactured by Bidi Vapor, LLC ("Bidi Vapor" , which are intended for adults 21 and over, today provided an update on sales activity by, and royalty payments received by Kaival Brands from, Philip Morris International, Inc. (PMI), whose affiliate holds the license from Kaival Brands to market Bidi Vapor-based products in multiple international jurisdictions.

Importantly, Kaival Brands announced that PMI achieved a record level of monthly sales in July for of its products (marketed by PMI under the names VEEBA and VEEV NOW).

Eric Mosser, Chief Executive Officer and President of Kaival Brands, stated, "We are extremely pleased to see the positive trajectory of sales and royalties to our company as international consumers realize the difference in quality and the science behind the BIDI® Stick and VEEBA/VEEV NOW devices. We are proud to work with Philip Morris and remain steadfast in our commitment to the responsible commercialization of better alternatives to cigarettes for adults who would otherwise continue smoking.”