Elev8 Brands, Inc. (OTCQB:VATE) has today announced a reorder of 100,000 units of CBD tea with new branding, boosting Elev8 stock by 17%.
Elev8 focuses on the commercial development of hemp and cannabinoid-infused beverages along with an array of CBD topicals and tinctures, and today's announcement is a significant milestone for the company as it represents the first major order to feature the company's new look as it continues to increase its national visibility. Elev8 made waves in the cannabis industry earlier this year after selling through its initial run of ready to drink CBD products in a short space of time. Investors are feeling optimistic about this reorder, as seen in Elev8 shares' surging value this morning.
With the CBD derivatives market set for serious expansion with the imminent arrival of legalization 2.0 next month, Elev8 Brands has recognized the need for a standout brand design in what could become a very crowded market, and have brought in Bright Rain Collective (BRC) to oversee rebranding. RBC has had previous success with companies such as Olive Garden and Barnies Coffee & Tea Company and investors in Elev8 stock clearly feel like BRC brings a safe pair of hands to the project.
“Our experience, over the past 30+ years, working with emerging potential national brands, has taught us to prepare for the ultimate potential of the product in the beginning. We see Elev8 Hemp and its ambitious product line as being ready to quickly assume a leadership role in the Hemp/CBD space. It was therefore imperative that Elev8 Hemp define its position in terms of where the market is now and also where it will be 3-5 years from now,” said Bob Sitter, Bright Rain Collective CEO.
Elev8 shares are currently valued at just $0.025 USD despite today's gains. Some analysts predict the cannabis-infused beverages market to be worth more than $5 billion USD by 2026 and so for investors looking for a penny pot stock that could be set for a big future, you may need to look no further.
Featured Image: DepositPhotos © Fotofabrika