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Friday, January 15, 2021 7:58:56 PM
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Press Release | 01/15/2021
https://www.otcmarkets.com/stock/VRUSD/news/Verus-International-Finalizes-Distribution-and-Product-Development-Agreement-with-Texas-Based-CBD-Distributor?id=286388
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.
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