Endexx Corporation (OTCMKTS:EDXC) shares rose 13.43% on Wednesday to $0.0760 and an additional 1.45% in after-hours trading to $0.0771. The company has a market cap of $8.61 million at 128.54 million shares outstanding. Share prices have been trading in a 52-week range of $0.01 to $0.09 so it is approaching the highs.
Endexx Corporation is a provider of innovative phyto-nutrient based food and nutritional products. Along with its collaborative partners and medical industry consultants, the company develops and distributes several consumable product lines derived from industrial hemp.
Among its products is Phyto-Bites, which are CBD-infused soft chews for dogs formulated to promote health and support the reduction of separation anxiety, pain and inflammation. It also has two technology products and services that launched in 2014: M3hub and Autospense. These provide essential solutions to promote regulatory compliance and full accountability through inventory management and an “End of Sale” technology integration. M3hub is the first standardized software solution that maintains compliance with federal, state and local regulations while Autospense is a commercial grade inventory control and dispensing device that provides up-to-the-minute accounting details and ensures both product and patient security.
In a press release this week, Endexx Corporation announced that it started production for the delivery of 30,000 units of CBD-infused gourmet tea beverages. This product is called Third Eye Chai, which is a masala chai tea that will be available in pillow brew bags for individual use in multi-packs.
Tea drinkers are a large segment of the population and tea sales are in the multi-billions per year. We believe that Third Eye Chai™ will be a nice addition to the CBD Unlimited product selection and beneficial to the consumer. The first batch will be over 150 lbs., and will produce 30 thousand tea bags. We have completed the processing and testing phase. The batch has been prepared and is headed to production, with anticipated completion by early March. The Mad Hatter Coffee & Tea Co., is a brand known for its cannabis-infused tea beverages for the legal Marijuana industry and is a great partner and fit for us. We’ve already received huge demand for our “Chai Tea CBD”© and the reception has been phenomenal,” remarked Todd Davis, CEO of Endexx Corporation.
A few months back, Endexx Corporation announced a license and distribution agreement with The Mad Hatter Coffee & Tea Co., which has led the niche market of cannabis-infused gourmet organic coffee and tea beverages since 2007, for CBD rich beverages that will be available globally. It is a pioneer in cannabis-infused edible brands with beverage products currently available in 7 legalized states and over 2000 stores in the U.S.
In 2013, the global tea market was worth US$38.84 bn and is projected to reach a valuation of US$47.20 bn by the end of 2020. The market is expected to exhibit a 2.80% CAGR between 2014 and 2020,” projected Transparency Market Research.
Meanwhile, market research firm Packaged Facts estimates that by 2020 retail sales of tea in the U.S. will reach almost $9 billion. The cannabis market is expected to grow to $1.7 billion this year and to $20 billion by the year 2020.
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