New Age Beverages Corporation (NASDAQ:NBEV) moved into positive territory Thursday after the company said the passing of the Senate Farm Bill is beneficial for sales of its cannabinoid infused beverage products.
The Colorado-based organic and natural healthy functional beverage company dedicated to making a difference for consumers with better-for-you alternatives, is establishing itself as a the leading authority in the CBD-infused beverage space, New Age claims to be poised to aggressively expand its portfolio of CBD-infused beverages, addressing different key consumer need-states.
"New Age's CBD-infused products," read Wednesday’s news release, "contain 25mg of 'full spectrum' CBD, with zero THC, are non-psychotropic, and are third-party tested for safety, stability, efficacy, dosage accuracy, and are Farm Bill Compliant."
In anticipation of a full national rollout, the Company has already secured retailer and distributor commitments in key legal states including Colorado, California, Washington, and Oregon, and commitments spanning over 125,000 points of distribution in the independent and DSD channels alone.
New Age Senior Vice President of Sales Michael Cunningham commented, ''In the past few months, New Age has confirmed major commitments with several leading retailers in anticipation of the President signing the Farm Bill.
"The Company expects to launch its CBD-infused products into national accounts as they come on board in conjunction with their April resets, and is prepared to penetrate the independent market and DSD distributors beginning in January.''
Early in December, New Age Beverages announced a planned merger with Morinda Holdings, Inc., bringing access to 60 countries globally for New Age products, and the scale and resources of a company in excess of $300 million in net revenue.
The stock started the session up 38 cents, or 6.4%, to $6.39
