Elev8 Brands, Inc. Finalizes Formulation for New CBD Lemon Iced Tea
Company retires 10 million common shares
ORLANDO, Fla., Nov. 02, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE--Elev8 Brands, Inc. (OTCQB: VATE), a holding company focused on the commercial development of hemp and CBD-based products including hemp coffee, hemp tea, hemp Cold Brew, CBD salve, CBD Lotions and CBD Tinctures that target the health and wellness markets, is pleased to announce the first flavor of Elev8 Hemp’s New CBD Iced Tea will be Lemon.
The Company’s research concluded one of the most common and popular flavors of iced tea is Lemon. With a mission to introduce CBD to consumers through premium everyday consumable products, Elev8 Hemp chose to start with an already familiar flavor. This week the Company concluded the formulation process of its CBD Lemon Iced Tea.
According to www.teausa.com, Tea is the most widely consumed beverage in the world next to water and can be found in almost 80% of all U.S. households. Approximately four in five consumers drink tea, with Millennials being the most likely (87% of millennials drink tea). Approximately 80% of tea consumed in America is iced.
Elev8 Brands, Inc.’s CEO, Ryan Medico, stated, “We are very pleased to be bringing both a CBD Coffee and CBD Tea to market in the RTD category. Lemon flavored CBD Iced Tea will be our first flavor to market as we believe it will appeal more to the masses.”
The Ready-To-Drink (RTD) tea category volume exceeded 1.8 billion gallons in 2017 (est). The canned/bottled RTD tea segment comprised just under 50% of the market share and is expected to continue to grow an estimated 30 – 35% over the next five years.
Medico continued, “RTD CBD Beverages is where we are putting a lot of attention now. We have hired the right individuals to grow and develop existing product lines while we position Elev8 Hemp to be the Company of choice when it comes to RTD CBD Beverages. RTD Coffees and Teas are such a huge market and we are excited to be the Company that is in both.”
After the successful launch of this first flavor of CBD Iced Tea the Company plans to expand on these flavors thereafter.
In a continuous process to provide the best share structure for our shareholders and future shareholders, the Company has negotiated with prior management to retire 10 million common shares to treasury.
Medico concluded, “We are very pleased to retire these shares. Our shareholder are always in our best interest and we will continue to make our share structure more appeasing where applicable.”