VANCOUVER, British Columbia, Sept. 07, 2023 (GLOBE NEWSWIRE) — Nevis Brands (CSE:NEVI) (OTC:PSCBF) (FSE:8DZ), a leading provider of cannabis beverage products, has expanded its Major™ brands into Nevada. Nevis has secured a licensing agreement with Las Vegas-based Silver State Wellness to produce and distribute its flagship Major™ THC beverage to Nevada cannabis retailers.
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Major, a dosable 100mg THC beverage that delivers the effects of cannabis within 10-20 minutes of consumption, will be available in key retailers by September 30th. The beverages will be available in 5 flavors including Sunset Pink Lemonade, Pacific Blue Raspberry, Sacred Grape, Volcanic Orange Mango and Passionfruit.
Michael Hayford, CEO of Silver State Wellness, stated: “We have long looked forward to working with Major™ and we are optimistic about the opportunities to build the beverage market in Nevada. Nevada is a growing market for cannabis beverages and we believe Major™ is well positioned to have success.”
Nevis recently acquired THC Essentials, a business unit that owns several leading cannabis brands, including Major™, from SoRSE Technologies for a purchase price of US$1,125,000 and 3,775,000 shares at a deemed price of $0.10. In 2022, THC Essentials generated $1.55 million in licensing revenue, while incurring a cost of goods sold of $420,458, which resulted in a gross margin of $1,133,806 and a net profit of $235,420.
With the acquisition, Nevis Brands obtained the assignment of all licenses and royalty agreements and associated royalty revenue from the sales of beverages infused with SoRSE’s Emulsion Technology in Washington, Oregon, Arizona, Colorado, and Ohio, where it currently sells cannabis products including Major™, Happy Apple™, Atomic Apple™, Vertus™, and Velvet Swing.
John Kueber, CEO, Nevis Brands, added: “In less than 65 days since our acquisition of the Major™ brand, we have increased our market footprint by 20% in growing from 5 states to 6 states. With the success of the Major brand and our asset light licensing model, we look forward to moving to more additional markets in the near future. Nevada represents a growing strategic market for Nevis Brands and we are proud to be working with Silver State Wellness to produce and distribute Major™.”
According to a Nevada Cannabis Compliance Board report, Nevada marijuana consumers spent $965.1 million in 2022. Although CBD beverages are new on the market, they are one of the fastest growing segments of the cannabis industry. According to a report by Prophecy Market Insights, the global CBD Beverage Market is estimated to reach US$46.3 billion by 2032 with a CAGR of 28.7% over the forecast period.
The company recently closed a private placement, raising $2 million from the placement of 20 million units priced at $0.10 per unit and started trading on the CSE on July 6th, where it is currently trading at $0.145.
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