International CBD company Zoetic International (LON: ZOE) continued to give investors reasons to be optimistic in its latest trading update, showing progress in the US and UK.
Most notably it highlighted that its US distribution agreement for its Chill brand of tobacco alternative CBD products is showing promising signs. Distribution has started in 125 new stores in the first week and it is currently planning for a bigger roll out.
It added that distribution sales will be reported soon and they expect repeat orders – online orders are also up 190% in October:
“As we watch and learn from our distribution partners, we couldn’t be any happier with the progress of this further roll out. We now seek to accelerate our distribution plans and look forward to reporting on the continued success of the Chill brand in the US and across the world.“Trevor Taylor
The second main point of note is that its Chill brand CBD gummies has made progress in a novel foods application to the UK Food Standards Agency. It is working with well-known law firm CMS and confident of having a novel food application completed ahead of of a deadline of 31 March 2021:
“As we move towards the submission of a novel foods application to the FSA, we are pleased with the progress that has been made. This process has enabled us to further refine and improve our products, and the interest shown in them throughout demonstrates their popularity amongst consumers. We look forward to restocking our full range of even better tasting gummies in the very near future.“Antonio Russo