WOONSOCKET, R.I. & TORONTO--(BUSINESS WIRE)--Abacus Health Products, Inc. (CSE: ABCS, OTCQX:ABAHF) (“Abacus” or the “Company”) today announced that it has received a purchase order from an additional major national pharmacy chain in the United States, which will be offering products from its CBDMEDIC product line. The products will launch across 18 states into 2,400 retail stores across the U.S.
The chain will be adding three unique products from the CBDMEDIC product line to its shelves: Back & Neck Pain Relief Ointment, Active Sport™ Pain Relief Stick and Muscle & Joint Pain Relief Spray. The products are planned to be rolled-out in January 2020 and the chain has also indicated its intention to add an additional CBDMEDIC SKU at a later time when shelf space becomes available.
With the addition of these locations the CBDMEDIC line of products will be available in over 20 retail chains and approximately 7,000 stores across the United States.
“The addition of this national chain marks an important milestone as our products will now be sold by the three largest retail pharmacy chains in the United States. This is a huge win for Abacus and its consumer product line, CBDMEDIC. The recent announcements we’ve made regarding retail store growth are indicative of the inflection point we’ve been waiting for and we expect acceleration in the adoption of our products by the F/D/M channel in the next several quarters,” said Perry Antelman, CEO of Abacus.
The chains in which CBDMEDIC will now be available represent over 34,500 stores. Abacus’ penetration rate will stand at approximately 20% following the above-mentioned roll-out in January and the Company expects this rate to continue to increase over the coming quarters as its retail partners expand their rollouts to additional locations.
This news release contains forward-looking statements or information (collectively, “forward-looking statements”) within the meaning of applicable securities legislation, including, without limitation, statements relating to guaranteed purchase orders or subsequent orders from retail chains and the execution of the Company’s growth strategy. Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements, including assumptions regarding the Company’s ability to efficiently operate its business, market and economic conditions, business prospects or opportunities, future plans and strategies, anticipated events and trends, and regulatory changes that may affect the Company and its customers and industry.
There can be no assurance that actual results will not differ materially from those expressed or implied in forward-looking statements. Undue reliance should not be placed on forward-looking statements. Additional information about these risks, uncertainties and assumptions is contained under “Risk Factors and Uncertainties” in the Company’s annual information form dated April 12, 2019, which is available under the Company’s SEDAR profile at www.sedar.com. Each forward-looking statement speaks only as of the date hereof, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
About Abacus Health Products, Inc.
Abacus is engaged in the development and commercialization of over-the-counter (OTC) registered topical medications with active pharmaceutical ingredients and which contain organic and natural ingredients, including a cannabinoid-rich hemp extract containing CBD from the Cannabis sativa L plant. Abacus’ products are aimed at the rapidly growing markets for topical pain relief and therapeutic skincare and are based on proprietary patent-pending technologies developed by Abacus. Abacus’ formulations combine advanced science with organic and natural ingredients to provide safe relief. Abacus currently offers two lines of products: CBD CLINIC™, marketed to the professional practitioner market, and CBDMEDIC™, marketed to the consumer market. Abacus’ products are offered across the United States and are produced by a contract manufacturer in a cGMP compliant and audited manufacturing facility.
To learn more about Abacus, visit www.abacushp.com