Verus International Finalizes Distribution and Product Development Agreement with Texas-Based CBD Distributor
Gaithersburg, MD, Jan. 15, 2021 (GLOBE NEWSWIRE) -- Verus International, Inc. (“Verus” or the “Company”) (OTC Pink: VRUSD) has finalized a distribution and product development agreement (“Agreement”) with Texas-based Toro Imports (“Toro”), one of the largest CBD and related lifestyle products distributors in the industry. Under this Agreement, Toro will distribute Verus’ Pachyderm line of CBD products and will also work with Pachyderm to develop new products in emerging high-demand market segments. Toro will also carry Pachyderm CBD products in its own chain of retail stores.
The initial launch will cover approximately 1,000 locations, with a longer-term goal of reaching all 5,000 plus locations served by the Toro sales network. Initial distribution will begin in Texas, then expand to Florida, Georgia and New Jersey. The initial launch will concentrate on 25 to 30 of Pachyderm SKUs.
“Toro has been in this business for 15 years, so they are an experienced partner that knows the trends in the marketplace as well as anyone,” said Verus CEO Anshu Bhatnagar. “Our goal for the Pachyderm line is to establish our brand as a household name in the CBD space, so agreements with established companies such as Toro will move us more quickly down that path. This industry is evolving and expanding rapidly, so having the ability to respond quickly to market trends is going to become increasingly important. We are excited to work with Toro to gain traction with the Pachyderm line throughout the U.S.”
Today’s Agreement marks an important step in a strategic plan that can now be implemented following the completion of Verus’ 1-for-500 reverse stock split. Verus’ initial goal during 2021 is to position Pachyderm as a key player in the CBD marketplace.
About Verus International
Verus is a global, emerging multi-line consumer packaged goods (CPG) company developing branded product lines in the U.S. and on a global basis. The Company trades on the OTC market (OTC Pink: VRUSD). Investors can find real-time quotes and market information for the Company on www.otcmarkets.com. Additional information is also available at the Company’s website, www.verusfoods.com, the Eliot’s Nut Butters website, www.eliotsnutbutters.com; and via the official Twitter feed @Verus_Foods, and the Pachyderm Labs subsidiary Twitter feed @PachydermLabs.
Safe Harbor Statement
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, we can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results could differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in the Company’s filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
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Todd Kehrli or Mark Forney
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