PHOENIX, Feb. 28, 2023 /PRNewswire/ -- 1606 Corp (OTC: CBDW), an acquisition-based CBD company, updates shareholders after completing the first thirty days of trading under the ticker symbol CBDW.
- On January 17th, 2022, 1606 Corp (OTC | CBDW), a spin-off of Singlepoint Inc, began trading.
- Around Feb 15th the company received delivery of enough inventory for an additional 2500 stores, and is in the process of fulfilling orders for retail customers…
- The company has signed an LOI with Brio Nutritionals to purchase 51% of the company and with terms verbally agreed to, 1606 Corp is only waiting for Brio's signature.
- 1606 management attended the premiere CBD product showcase on February 24th at the Las Vegas Convention Center, the Total Product Expo, and are now in talks with several companies regarding acquiring their businesses.
"It's only been a little more than a month, and we've already come so far as a company. I'm pleased that we have access to $20,000,000 in financing to draw from which we're excited to use to acquire CBD companies. The support from shareholders has been amazing and we want to thank our core investors who've made all this possible. I can't wait to share what we've got going on next! " Said Greg Lambrecht, CEO & Chairman of 1606 Corp
About 1606 Corp;
In April 2021, 1606 Corp. was spun off from Singlepoint Inc. (OTCQB: SING).1606 has been able to develop smokable hemp brands to add to 1606 original, including Truz and CBD Singlez () The company intends to acquire Companies in the CBD, including brands, distribution, retail outlets, and manufacturing. 1606 Corp. was awarded the ticker symbol CBDW on January 12th, 2022.
Industry Information;
Rates of cannabidiol (CBD) usage in the United States are projected to surge in 2023, according to Stirling CBD. With recent studies suggesting as high as a 10% year-over-year (YoY) increase in usage, Stirling CBD predicts that 2023 will be a pivotal year for the industry as the widespread adoption of CBD-infused products is set to take place across the health and wellness, beauty, and food and beverage industries.
Data from 2022 provides insight into the widespread nature of CBD-infused products. The Center for Advancing Health (CFAH) reported that 26% of Americans used CBD in 2022, and according to ClevelandClinic.org, 42% of people who take CBD use it for sleep-related reasons. It is also often marketed toward individuals struggling with anxiety, depression, quitting smoking, fitness recovery, and post-traumatic stress disorder (PTSD).
Forward-Looking Statements
This press release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief, or current expectations of 1606 Corp (the "Company"), its directors, or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and actual results may differ materially from those projected in the forward-looking statements as a result of various factors. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties, and other factors, which are, in some cases, beyond the Company's control and which could, and likely will materially affect actual results, levels of activity, performance, or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the company from time to time with the United States Securities and Exchange Commission and other regulatory authorities.
Company Websites;
SOURCE 1606 Corp