20th Dec 2023 12:13
(Alliance News) - Chill Brands Group PLC on Wednesday touted the sale of one of its nicotine-free vapour products into a "top five" supermarket in the UK.
The Colorado, US-based CBD products company said it has received a "substantial" initial purchase order for its Chill Zero products, which will see them stocked in 1,500 of the unnamed supermarket's chain stores. Chill Zero products are expected to hit shelves in the first quarter of 2024.
Following the roll-out, Chill Brands will have received combined gross sales and purchase orders in excess of GBP1.9 million from Chill Zero products since their launch on August 7.
"I am thrilled and immensely proud to announce that we have reached agreement to sell our Chill Zero vape products into a major UK supermarket. This milestone not only signifies a major leap forward for Chill Brands in terms of revenues, but also serves as a resounding validation of our product's appeal and the strength of our brand," said Chief Executive Officer Callum Sommerton.
In order to support the growth of its sales channels, Chill Brands said on Wednesday that it has has secured a supply chain debt financing facility from a major shareholder, Jonathan Swann. This facility has a total credit limit of GBP1.0 million, carries a monthly interest rate of 2% on funds drawn, is unsecured and has a term of one year.
Chill Brands shares were trading 2.9% higher at 5.40 pence each in London on Wednesday afternoon.
By Holly Beveridge, Alliance News reporter
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