- “Oki” product line includes iced teas and flavored water
- Nutritional supplements to be sold as capsules and tinctures
- Hemp extract market projected to reach $2.1 billion by 2020, according to company officials
Phivida Holdings Inc. (CSE: VIDA) (OTCQX: PHVAF), a food and beverage company that produces hemp-infused products, has announced the launch of a new line of drinks and supplements featuring hemp extracts into the mainstream market.
According to a company press release (http://cnw.fm/UmR4p), the Oki line of products, which includes food supplements and flavored functional beverages containing active hemp extracts, is to be available in up to 2,400 retail outlets across the United States. Oki beverages include two main varieties – iced teas and flavored water – sold in 16oz bottles, each containing 10 mg of hemp extract. The supplements are packaged as capsules and tinctures.
In keeping with the company’s focus on holistic health and nature-based foods, the Oki products are organic and vegan-friendly, containing only non-genetically-modified, plant-based ingredients, and are sold in glass bottles that may be recycled.
“We created the Oki line as a powerful new offering that restores balance and focus to our everyday lives when we need it most – whether during recovery from a workout or getting ready for the day ahead,” Phivida President and CEO Jim Bailey said in a news release. “Following the success of our Vida+ line of full spectrum hemp oil extracts and capsules targeting the clinical market, the Oki launch is the next milestone in our journey to bring premium products to broader consumer and retail audiences.”
Mike Cornwell, Phivida’s Chief Marketing Officer, said that the Oki brand comes to the market at an exciting period of high growth. “The size of the functional beverage market is estimated to be approximately $14 billion and the hemp extract market is poised to explode to $2.1 billion by 2020,” he added. “We’re proud to be able to offer consumers a new line of products that could benefit them, using formats like beverages and supplements, which are relatively unchartered by other companies in our category. We truly are in the midst of very exciting times.”
Phivida conducted extensive consumer research before the Oki product launch, during which it was able to align the product line with the ethos, habits and attitudes of its target market. The research revealed that consumers of active hemp extracts prioritize healthy lifestyles and seek out functional beverages. They are more likely to reject drinks that contain large amounts of sugar and processed ingredients, and value hemp extract for its positive effects on anxiety and its ability to boost relaxation.
The research was paramount in advancing and validating Phivida’s product design, according to Cornwell. Oki beverages are completely aligned with the preferences of functional beverage consumers, as indicated by product testing scores as high as 80 percent with a sample group of 1,200 individuals.
As part of its distribution plan, Phivida has an exclusive agreement with Natural Specialty Sales, through which it has access to several operators in the quality natural products space, including Whole Foods, Sprouts Farmers Market and National Co-op Grocers.
For more information, visit the company’s website at www.Phivida.com
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