WOONSOCKET, R.I.--(BUSINESS WIRE)--
Abacus Health Products, Inc. (ABCS.CN) (ABAHF) (“Abacus” or the “Company”) today announced the addition of Matrix Distributors, Inc. (“Matrix Distributors”) as a distributor of its CBDMEDIC™ products. The Company has also announced the expansion of retail stores carrying its products with both new and existing retail partners.
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Matrix Distribution Partnership:
Matrix Distributors, Inc., which serves over 1,000 independent pharmacies will initially roll out 9 CBDMEDIC™ products, including 6 unique pain relief SKUs, Acne Treatment Cream and Cleanser, and Eczema Treatment, to up to 250 locations across New York, New Jersey and Pennsylvania during 2019, with further roll-outs planned for 2020.
Expansion of Retail Presence with New and Existing Retail Chains; Debut of Acne Products:
Abacus is also pleased to announce the expanded distribution of approximately 225 stores in the Midwest and California. A new retail chain partner, with over 200 locations in California, will roll out to 125 stores during 2019. An existing retail partner will roll out to an additional 100 stores across the Midwest. These retail chains will offer consumers a variety of pain relief and skincare SKUs and the products will be placed in-line in the stores in which they are carried (in-line is where products are sold on the shelf according to their applicable category section).
Additionally, Abacus is pleased to report that it has received a first order from a retail partner for its Acne Treatment and Facial Wash products. These products are expected to be rolled out to several hundred stores over the next few months. The Company has received significant interest in its new line of Acne products from a broad group of retailers and expects these products to be available at an increasing number of retailers over the next two quarters.
“Matrix Distributors is a highly respected company with many years of operating experience, and we look forward to working together with them,” said Perry Antelman, CEO of Abacus. “Our existing partners’ decision to expand distribution of our products to additional stores as well as expansion of the number of SKUs, including our Acne products, is consistent with the staged roll out strategy undertaken in the industry, and we look forward to further expansion by our retail partners over the coming months.”
With the addition of these stores over the next several months CBDMEDIC™ products will be available in approximately 3,000 leading Food, Drug and Mass (FDM) retail stores. The Company maintains its guidance that it will reach 4,000 retail locations by the end of Q3 2019, and will continue to provide updates on its retail location progress.
About Abacus Health Products, Inc.
Abacus is a company engaged in the development and commercialization of over-the-counter (OTC) registered topical medications with active pharmaceutical ingredients and which contain organic and natural ingredients, including a cannabinoid-rich hemp extract containing CBD from Cannabis sativa L plant. Abacus’ products are aimed at the rapidly growing markets for topical pain relief and therapeutic skincare and are based on proprietary patent-pending technologies developed by Abacus. Abacus’ formulations combine advanced science with organic and natural ingredients to provide safe relief. Abacus currently offers two lines of products: (i) CBD CLINIC™, marketed to the professional practitioner market, and (ii) CBDMEDIC™, marketed to the consumer market. Abacus’ products are offered across the United States and are produced by a contract manufacturer in a cGMP compliant and audited manufacturing facility.
To learn more about Abacus, visit www.abacushp.com.
This news release contains forward-looking statements or information (collectively, "forward-looking statements") within the meaning of applicable securities legislation. The forward-looking statements contained in this news release include, without limitation, statements relating to the Company’s expansion and the execution of its growth strategy.
Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements, including assumptions regarding the Company's ability to efficiently operate its business, market and economic conditions, business prospects or opportunities, future plans and strategies, anticipated events and trends, and regulatory changes that may affect the Company and its customers and industry. There can be no assurance that actual results will not differ materially from those expressed or implied in forward-looking statements. Undue reliance should not be placed on forward-looking statements. Additional information about these risks, uncertainties and assumptions is contained under "Risk Factors and Uncertainties" in the Company’s annual information form dated April 12, 2019, which is available under the Company’s SEDAR profile at www.sedar.com. Each forward-looking statement speaks only as of the date hereof, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.