PHOENIX, May 9, 2023 /PRNewswire/ -- 1606 Corp. (OTC: CBDW), an acquisition-based CBD holding company today announced that the company closed a distribution deal with SurgePays, Inc. (Nasdaq: SURG). Under this agreement, SurgePays has agreed to distribute 1606 Corp.'s Hemp smokable products to its thousands of registered retail store customers.
SurgePays has already taken possession of 1,000 six-pack displays and is currently distributing them to registered retail store customers. 1606's six-pack display is a ready- to-go, point-of-sale display that holds six-packs of the traditional 20 pack of hemp smokables. SurgePays now has 1606's CBD Singlz brand available via their retail portal.
With over 50 individual products, CBDW will continue to pursue additional distribution partnerships and has several more deals in the diligence phase of its pipeline.
Jeremy Gies, President of SurgePays Fintech, said, "This distribution agreement allows SurgePays to provide retail store owners with in-demand products at good margins that drive revenue. We are currently staging the onboarding pipeline of over 25,000 more convenience store locations transacting on our network. One of our channel goals is to create a distribution marketplace with quality products and quality partners that increases revenue per store and 1606 Corp. provides just that."
"With the growing demand for tobacco alternatives, this distribution agreement comes at just the right time for the company. We aim to add shareholder value through increased revenue and with demand mounting for our products and products like ours, this deal puts us in a great position to capture market share," stated Greg Lambrecht, CEO of 1606 Corp.
About SurgePays, Inc.
SurgePays, Inc. is a technology and telecom company focused on the underbanked and underserved communities. SurgePhone and Torch Wireless provide subsidized mobile broadband to over 250,000 wireless subscribers nationwide. SurgePays fintech platform empowers clerks at over 8,000 convenience stores to provide a suite of prepaid wireless and financial products to underbanked customers. Please visit SurgePays.com for more information.
About 1606 Corp;
In April 2021, 1606 Corp. was spun off from Singlepoint Inc. (OTCQB: SING).1606 has been able to add a variety of CBD products under the Brio Nutrition line, and smokable hemp brands Truz and CBD Singlz to complement 1606 original Hemp cigarettes (www.1606hemp.com). The company intends to acquire Companies in the CBD, including brands, distribution, retail outlets, and manufacturing. 1606 Corp. was awarded the ticker symbol CBDW in mid-January 2022.
Industry Information;
Rates of cannabidiol (CBD) usage in the United States are projected to surge in 2023, according to industry With recent studies suggesting as high as a 10% year-over-year (YoY) increase in usage, Top CBD supplier predicts that 2023 will be a pivotal year for the industry as the widespread adoption of CBD-infused products is set to take place across the health and wellness, beauty, and food and beverage industries. Data from 2022 provides insight into the widespread nature of CBD-infused products. The Center for Advancing Health (CFAH) reported that 26% of Americans used CBD in 2022, and according to ClevelandClinic.org, https://my.clevelandclinic.org/. It is also often marketed toward individuals struggling with anxiety, depression, quitting smoking, fitness recovery, and post-traumatic stress disorder (PTSD).
Forward-Looking Statements
This press release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief, or current expectations of 1606 Corp (the "Company"), its directors, or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and actual results may differ materially from those projected in the forward-looking statements as a result of various factors. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties, and other factors, which are, in some cases, beyond the Company's control and which could, and likely will materially affect actual results, levels of activity, performance, or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the company's expectations include but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the company from time to time with the United States Securities and Exchange Commission and other regulatory authorities.
Company Websites;
www.CBD.Inc
www.brionutrition.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/1606-corp-signs-product-distribution-agreement-with-surgepays-inc-301819086.html
SOURCE 1606 Corp
