Canadian firm Abacus Health Products (OTCMKTS:ABAHF) said that it received its first purchase orderfrom a major U.S. retail chain.
The company will supply its CBDMEDIC products for the first time to consumers in a retail store format. The products are expected to be on the shelves of select stores in the coming weeks, the company said in a statement.
“This purchase order marks an important milestone in our growth strategy of securing major US retail chains to distribute our products,” Abacus CEO Perry Antelman stated. “These stores are an initial step toward our ultimate goal of distributing our Over-The-Counter (OTC) registered products through major retail chains from coast to coast and represents a major inflection point in the accessibility of CBDMEDIC to the American market.”
The company did not disclose the name of the U.S. retail chain.
Abacus CBD Products
Abacus has developed a range of products which combine natural and organic ingredients including a cannabinoid-rich hemp extract containing CBD from the Cannabis sativa L plant.
The company designed these OTC-registered medications for the large and growing markets for topical pain relief and therapeutic skincare.
The American Academy of Pain Medicine has estimated that chronic pain affects approximately 100 million Americans.
According to the American Academy of Dermatology Association, more than 84.5 million Americans are impacted by a form of skin disease and the total estimated cost of skin diseases include $15 billion in prescription drugs and $10 billion in OTC products.
Abacus is engaged in the development and commercialization of over-the-counter registered topical medications with pharmaceutical and natural ingredients, including a cannabinoid-rich hemp extract containing CBD.
The company is betting on the rapidly-growing markets for topical pain relief and therapeutic skincare. It currently offers two lines of products: CBD CLINIC marketed to the professional practitioner market, and CBDMEDIC marketed to the consumer market.
Also, Abacus is developing a pipeline of other CBD products to address additional medical indications and target the health and wellness segments.