TIDMZOE
RNS Number : 8016F
Zoetic International PLC
19 November 2020
Prior to publication, the information contained within this
announcement was deemed by the Company to constitute inside
information for the purposes of Article 7 under the Market Abuse
Regulation (EU) No. 596/2014 ("MAR"). With the publication of this
announcement, this information is now considered to be in the
public domain.
19 November 2020
Zoetic International plc
("Zoetic" or the "Company" or the "Group")
Trading Update
Zoetic International PLC (LSE: ZOE), London-listed international
CBD company, is pleased to provide the following update on its
operations.
Highlights
-- Positive response to Chill products following commencement
of US roll out with new distributor.
-- Continued uplift in online sales month to month for the
Chill brand.
-- Improvements made to popular CBD gummies as Food Standards
Agency novel foods submission prepared.
-- Zoetic's Zesty Blood Orange CBD Oil highly commended in
GQ's Grooming Awards 2021.
Promising response to Chill products under new distribution
agreement
Following previous announcements that Zoetic had secured a new
US distribution agreement (the "Agreement"), the Company is happy
to report that the initial roll out of its products is ahead of
schedule and has been met with an overwhelmingly positive
response.
The Agreement, which concerns the sale of Zoetic's Chill brand
of tobacco alternative CBD products, has already seen distribution
begin across 125 new US stores in the first week alone. Whilst the
Company is still at an early stage in the execution of a broader
roll out, the speed and extent of distribution has exceeded
expectations and stands the Company in good stead to beat launch
targets should this pace continue.
The Company looks forward to reporting on distribution sales
numbers once they are suitably established, and fully anticipates
that retailers will place repeat orders in the coming months.
As previously reported with Zoetic online sales, Chills online
orders are showing very positive results. New orders were up 190%
in October, compared to September, which gives strong credence to
the fact that the brand is really starting to catch traction
online.
Trevor Taylor, Co-CEO of Zoetic, commented , "As we watch and
learn from our distribution partners, we couldn't be any happier
with the progress of this further roll out. We now seek to
accelerate our distribution plans and look forward to reporting on
the continued success of the Chill brand in the US and across the
world."
Improvements made to Chill brand CBD Gummies as preparations
made for Food Standards Agency novel foods application
The Company is pleased to report that constructive progress has
been made in the preparation of its novel foods application to the
UK Food Standards Agency (the "FSA"). Following the FSA
announcement that CBD companies must have a validated novel food
application for each of their products, Zoetic is making good
progress towards meeting this regulatory obligation and anticipates
doing so well ahead of the deadline on 31 March 2021.
Working closely with the dedicated CBD division of leading
international law firm CMS, the Company intends to use this
opportunity to demonstrate its expertise in the field of
compliance, thus building on its competitive advantage, whilst
recognising the opportunities that may arise should competitors
fail to meet the regulatory hurdle, potentially causing their
products to be withdrawn from the market.
As Zoetic moves towards the final stages of the application
process, the Company is focusing its efforts on continuing to
source organic ingredients for all of its branded products. Zoetic
is continuously striving to use the most sustainable and, where
possible, organic ingredients for all of its products, with
transparent and honest ingredients lists.
Antonio Russo, Co-CEO of Zoetic, commented , "As we move towards
the submission of a novel foods application to the FSA, we are
pleased with the progress that has been made. This process has
enabled us to further refine and improve our products, and the
interest shown in them throughout demonstrates their popularity
amongst consumers. We look forward to restocking our full range of
even better tasting gummies in the very near future."
Zoetic CBD oil highly commended in the 2021 GQ Grooming
Awards
Zoetic is delighted to have seen its products recognised for
their quality in this year's GQ Grooming Awards. Amidst stiff
competition from category stalwarts, Dyson and L'Occitane, Zoetic's
blood orange CBD oil (1000mg) was "highly commended" by judges for
its properties as a market-leading sleep aid.
As a globally renowned lifestyle magazine, GQ has a current
worldwide print and digital readership of over 50 million monthly
readers and Zoetic's appearance in the publication's grooming
awards results is anticipated to generate new interest in the
Company's broader range of premium CBD products.
Antonio Russo, Co-CEO of Zoetic, commented , "We are thrilled
that GQ's panel of industry expert judges has chosen to recognise
Zoetic's blood orange CBD oil as one of the leading sleep aid
products. This accolade stands testament to the efficacy of our CBD
oils and we will continue to develop and produce high calibre
products that deliver great results for consumers."
Enquiries
Zoetic International plc c/o IFC Advisory
Trevor Taylor, Co-CEO
Allenby Capital Limited (Financial Adviser and Broker) +44 (0)
20 3328 5656
Nick Harriss (Corporate Finance)
Nick Naylor (Corporate Finance)
Guy McDougall (Equity Sales)
IFC Advisory Ltd (Financial PR and IR)
+44 (0) 20 3934 6630
Tim Metcalfe
Graham Herring
Florence Chandler
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