VERUS INTERNATIONAL ANNOUNCES NEW PACHYDERM LABS DIVISION
June 25, 2020 07:00 ET | Source: Verus International, Inc.
Gaithersburg, MD, June 25, 2020 (GLOBE NEWSWIRE) -- Verus International, Inc. (“Verus” or the “Company”) (OTCQB: VRUS) is pleased to announce its newest operating division, Pachyderm Labs, which will target the consumer cannabidiol (“CBD”) products market. The division will operate out of the Company’s Houston, Texas location, which will operate as both a manufacturing and warehouse facility.
Pachyderm Labs has been a stealth initiative under development for nearly a year, so it enters the Verus product family with a fully developed product line, supply chain, distribution channels, inventory, and initial customers. Pachyderm Labs will feature two main brands, “Elephant Hemp” and “U-Try CBD,” and will initially have more than 12 different SKU’s with multiple flavor and aroma variations, covering health-enhancing oils, creams, lotions and other CBD-infused edibles. The brands have been designed for both CBD-oriented retailers and mass retailers such as drug stores and convenience stores.
“We have been working on this division for many months and wanted to have it ready for launch before we unveiled our new line,” explained Verus CEO Anshu Bhatnagar. “We just received our first shipment of approximately $500,000 worth of finished product and have approximately $1.2 million in initial orders, so Pachyderm Labs will quickly begin to contribute to Verus’ revenue. We are currently in talks with corporate partners and retail chains, so we believe Pachyderm Labs will be one of our fastest growing divisions in 2020. The entry into this non-food category fulfills our desire to add health-oriented lines that carry high margins, but are still within the consumer products space.”
Initial sales will be to traditional CBD-oriented retailers, but some segments of the product line will also target buyers at national convenience and drug store chains. Pachyderm Labs will initially concentrate on the U.S. market.
“We worked with established retailers to develop this line,” explained CEO Bhatnagar. “So, we are entering the market with strong strategic input from successful store operators who know the business and the trends. We are encouraged by the initial reaction to our products and packaging, so that strategic input is already proving invaluable. Based on initial feedback, we believe our product line can make inroads with traditional retailers who are just now beginning to stock a wider range of products in this category. We expect to be very busy in this division through the remainder of 2020 as we build out our customer base.”
