(MENAFN- News Direct)
Phoenix, AZ | January 26, 2023 08:00 AM Eastern Standard Time
mcapmediawire -- 1606 Corp (OTC: CBDW ), an acquisition-based CBD product distribution company, announced that the company has successfully started trading on the OTC Market under the Ticker Symbol of CBDW. 1606 Corp's S-1 registration statement became effective on January 22, 2022 and began trading on the OTC Market on January 17th, 2023.
CBDW is a ticker symbol that embodies the business model of 1606 Corp and highlights management's goal to build a product-driven CBD-Wellness company. CBD.Inc and 1606 Corp. look to accumulate a diverse portfolio of CBD products and companies nationwide. The business model will achieve management goals by consolidating the fragmented CBD industry via acquisitions. The Ticker symbol CBDW will provide market recognition of these goals and the company's business model.
'It's always been a critical component of trading on the public markets for companies to utilize a stock symbol that reinforces the mission of the company. We purposefully requested the ticker symbol 'CBDW' because that ticker represents us as a business. Our core focus is on buying companies with great wellness products and brands that embody the benefits of CBD, and the ticker says all of that in just four letters.' said Greg Lambrecht, CEO, and Chairman of 1606 Corp.
1606 Corp (OTC: CBDW) has signed a letter of intent (LOI) to purchase 51% of Brio Nutrition's ( / ), a profitable CBD development and distribution company. Brio Nutrition's has agreed to an LOI with 1606 Corp and filed for an audit on September 30th, 2022, which is still pending. Upon completion of the audit, a combination of stock and cash, totaling USD 600,000.00, will be transferred, and the transaction will be complete.
Brio Nutrition Revenue (unaudited)
2021 $763,079 2020 $1,116,336
'Brio Nutrition's is the first of many acquisitions we intend on closing this year. The CBD market is quite fragmented and growing so we're on a mission to consolidate the industry by purchasing companies with strong product brands and established distribution. We'll use these accumulated outlets to cross-pollinate our product line. It's going to be the key to our success' Said Greg Lambrecht CEO of 1606 Corp DBA CBD Inc.
About Brio Nutrition;
Brio Nutrition is a premium CBD product developer, supplier, and wellness company focused on providing the highest quality hemp derivatives and formulations for people and pets. Brio Nutrition develops and supplies CBD gummies, topicals, capsules, topicals and oils to assist.in treating pain, anxiety, sleep performance, and depression for all those in need. The products developed and distributed by Brio provide holistic solutions designed to ensure a higher quality of life for all living beings.
About 1606 Corporation Management;
Greg Lambrecht has successfully taken three companies public. He is starting with premium cigars International which went to the NASDAQ in 1997. Again in 2011, Mr. Lambrecht took Singlepoint public on the OTC Markets. Singlepoint is pursuing a move up the NASDAQ as well. He will take the knowledge and expertise learned in both these endeavors into the new public entity 1606 Corp.
About 1606 Corp;
In April 2021, 1606 Corp. was spun off from Singlepoint Inc. (OTCQB: SING).1606 has been able to develop smokable hemp brands to add to 1606 original, including Truz and CBD Singlez ( ) The company intends to acquire Companies in the CBD, including brands, distribution, retail outlets, and manufacturing. 1606 Corp. was awarded the ticker symbol CBDW on January 12th, 2022.
The Cannabidiol (CBD) market accounted for USD 12.8 billion in 2021 and is estimated to grow with a 21.7% CAGR between 2022 and 2028, according to Grand view research (link) . The global cannabidiol (CBD) market size was valued at $5.18 billion in 2021 and is expected to expand, at a compounded annual growth rate (CAGR) of 16.8% from 2022 to 2030. Cannabidiol (CBD) is a chemical compound that is found in the cannabis Sativa plant, and is extracted from hemp or cannabis, generally from hemp due to its naturally high cannabidiol (CBD) content..
This press release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief, or current expectations of 1606 Corp (the 'Company'), its directors, or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words 'may,' 'would,' 'will,' 'expect,' 'estimate,' 'can,' 'believe,' 'potential' and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and actual results may differ materially from those projected in the forward-looking statements as a result of various factors. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties, and other factors, which are, in some cases, beyond the Company's control and which could, and likely will materially affect actual results, levels of activity, performance, or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the company's expectations include, but are not limited to, those factors that are disclosed under the heading 'Risk Factors' and elsewhere in documents filed by the company from time to time with the United States Securities and Exchange Commission and other regulatory authorities.