The Colorado and Utah-based organic and natural products company New Age Beverages Corp NBEV announced its first major international expansion Tuesday.
What Happened
New Age said in a press release it will launch its 'NHANCED CBD line of products in Hong Kong through the umbrella of its wholly owned Health Sciences Division. The product line up includes a CBD oil, CBD body cream and CBD roll-on gel.
The products will be available for sale as of Tuesday through direct-to-consumer product consultants and a new e-commerce website, according to New Age. The initial launch area includes Hong Kong Island, Kowloon and the New Territories.
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Why It's Important
The launch of CBD in Hong Kong represents a step forward in the company's mission to become a worldwide leader in the growing CBD market, said Shon Whitney, the senior vice president of sales and marketing at New Age's recently acquired Morinda business.
"In addition to this launch, we have already finalized formulas and are moving to production of CBD-infused beverages and dietary supplements, which we are launching in initial markets this year and will continue to roll out globally as the regulatory landscape allows," Whitney said.
What's Next
New Age also said in its press release it has plans to launch CBD products in 58 additional countries throughout the third and fourth quarter of 2019.
New Age shares were trading higher by 2.61% to $4.71 at the time of publication Tuesday.
Related Links:
New Age Buys Brands Within Reach In 'Incredible' Deal
New Age Beverages Reports 400% Year-Over-Year Revenue Growth
Photo courtesy of New Age Beverages.
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