Zoetic International PLC - London-based cannabidiol company - Says it has reached an agreement with a distributor in the Czech Republic and Slovakia for its Chill brand of tobacco alternative CBD products. Does not name the distributor but says it is an established player in the growing Eastern European tobacco alternative market. Adds it has terminated its joint venture with former chief executive Nick Tulloch. The JV was formed to build the company's brands in Europe, however the company believes that with the sustained expansion of Chill into foreign markets, the Zoetic brand will benefit from the synergy of combining both product distribution and executive decision making under the management of Co-CEOs Antonio Russo and Trevor Taylor.
"We are thankful to Nick for his service to the company, but we have mutually agreed that now is the right time for the company's UK operations to be under full Zoetic control. We are enthusiastic to continue the growth of the Zoetic branded products in the UK and elsewhere," Taylor said.
Current stock price: 9.15 pence
Year-to-date change: up 61%
By Ife Taiwo; ifetaiwo@alliancenews.com
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