GRANT, Fla., June 13, 2022 /PRNewswire/ -- Kaival Brands Innovations Group, Inc. (NASDAQ: KAVL) ("Kaival Brands," the "Company," or "we"), the U.S. distributor of all products manufactured by Bidi Vapor, LLC ("Bidi Vapor"), which are intended for legal-age nicotine users, today announced it reached an agreement with Philip Morris Products S.A. ("PMPSA"), a wholly owned affiliate of Philip Morris International Inc. ("PMI") (NYSE: PM), for the development and distribution of electronic nicotine delivery system ("ENDS") products in markets outside of the U.S., subject to market (or regulatory) assessment.
The Company's recently formed, wholly owned subsidiary, Kaival Brands International, LLC ("KBI"), entered into an international licensing agreement with PMPSA on June 13, 2022 (the "International Agreement"). The International Agreement grants to PMPSA a license of certain intellectual property rights relating to Bidi Vapor's premium ENDS device, known as the BIDI® Stick in the U.S., as well as potentially newly developed devices, to permit PMPSA to manufacture, promote, sell, and distribute such ENDS device and newly developed devices, in international markets, outside of the U.S. The parties believe this agreement promotes their joint vision of a smoke-free future.
https://www.prnewswire.com/news-releases/kaival-brands-reaches-agreement-with-philip-morris-international-for-international-electronic-nicotine-delivery-system-product-distribution-301566929.html