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Chill Brands Group PLC (LON: CHLL) shares surged 17.9% after hiring Viridian Capital Advisors to help it craft and implement its transformation plan over the next year.
Chill Brands, formerly known as Zoetic International, changed its corporate identity on August 17, 2021, when it became Chill brands.
The name change was a strategic move after the cannabis company focused on its CBD product line through its Chill branded Cannabinoid products.
The company is focused on growing its global presence through its Chill.com website, given the growing popularity of CBD products across the globe.
Trevor Taylor, Chill Brands, Co-CEO, said: “Our CBD and TFN tobacco alternative lifestyle brands will continue to serve as a firm foundation for the company's future growth strategy, but it is our intention to actively pursue the extension and diversification of the group's interests within its market niche.”
Chill Brands is focused on expanding its product range after launching a new product line to complement its existing CBD products last week.
The new tobacco-free nicotine flavour pouches were licensed from Next Generation Labs. They will be available alongside its CBD products within its extensive US retail stores and its Chill.com website.
The company recently hired Tim Ransom and Thomas Hensey as strategic advisors. It will tap into their expertise, launching over 1,000 bands globally, including Jimmy Dean, Red Bull, Coppertone and the NFL.
Cannabis industry experts opine that the industry has become recession-proof after being classified as an essential good in the Netherlands, Canada and the US. The experts also pointed to the rising medical cannabis prescriptions in the UK as another sign of the industry’s resilience.
From a technical perspective, Chill Brands shares have been falling since March 2021 amid a broader selloff in the cannabis industry, and many will be hoping that the shares are now ready to rally and recoup some of their losses.
*This is not investment advice.
Chill Brands share price.
Chill Brands share price surged 17.92% to trade at 21.52p, rising from Thursday’s closing price of 18.25p.
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