Pyxus International, Inc. (NYSE: PYX) declined Tuesday after the company disclosed that its joint venture, Criticality, has launched "Korent," its new line of cannabidiol oil products.
The company, based in Morrisville, North Carolina, said Korent's full-spectrum oil drops are available in Vanilla Mint and Grape flavors, in multiple sizes and concentrations. Flavors were custom designed for hemp products in partnership with Purilum, LLC, a leading flavor manufacturer and Pyxus-affiliated company.
"Criticality's science-based approach to the extraction, refinement and formulation of high-quality CBD products makes it well positioned in the market and presents a huge growth opportunity for both Criticality and Pyxus," said Pieter Sikkel, Pyxus' president, CEO and chairman of the board.
Criticality specializes in environmentally-friendly, all-natural, solvent-free supercritical fluid extraction and purification. It recently announced the development of a CBD production facility in Wilson, North Carolina.
The 55,000-square foot facility will be one of the largest facilities of its kind in the state. Construction is expected to be finalized by the end of the 2018.
Korent products are currently available for purchase online and at select retail stores. Criticality intends to continue to launch additional products from its innovation pipeline, including a CBD e-liquids line, topicals and other oral products, and expand retail distribution in the coming months.
Pyxus International is a global agricultural company with 145 years' experience delivering value-added products and services to businesses and customers. Pyxus prides itself on being "trusted providers of responsibly sourced, independently verified, sustainable and traceable products and ingredients."
Pyxus shares fell 43 cents, or 3%, to $13.88
