Shares of CBD company Chill Brands (LON: CHLL) have fallen Wednesday after the company said in a trading update that international logistics issues have been impacting its US product rollout.
The company said sales to its US distributor for ‘Chill’ branded products totalling over $0.5 million were recorded between 1 July and 30 September, with all previously announced targets remaining in place despite international logistics issues impacting the rollout speed.
“While the Group’s efforts are focused on making a success of its US product rollout, the pace of the programme has been influenced by the widespread international logistical delays. The Board of Directors are proactively seeking to mitigate the effects of these delays, and all previously announced targets, distribution agreements, and partnerships remain in place,” the company stated.
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Trevor Taylor, Co-CEO of Chill, said: “We are pleased that the Group’s US rollout continues to generate significant sales. While it is regrettable that logistics issues have impacted on the pace of the rollout in the short-term, we are confident that previously announced targets are realistic and achievable.
Market participants reacted negatively to the announcement, with Chill Brands shares falling 20% to 12p per share. However, they are trading above the 9.28p low of the day.
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