VERUS INTERNATIONAL REPORTS STRONG PACHYDERM SALES AND GROWING BACKLOG

Gaithersburg, MD, Nov. 09, 2020 (GLOBE NEWSWIRE) -- Verus International, Inc. (“Verus” or the “Company”) (OTC Pink: VRUS) is pleased to provide this update on the strong growth trends in its Pachyderm Labs division (“Pachyderm”). The Company is excited to report that it has sold out the majority of its CBD product inventory and now has a backlog of orders that will be fulfilled following the next production run.

As previously reported, Pachyderm recently attended a major industry expo in Florida, its first trade show in many months. The team primarily used this trade show as a networking event to show off newly designed packaging to potential customers. Feedback of the new branding was overwhelmingly positive. Even without a booth presence, the team secured three large initial orders totaling close to $200,000, in addition to smaller starter orders. As a result, Pachyderm now has an unfilled backlog of approximately $100,000 in new orders, with potential reorders on the horizon from existing customers and new business from ongoing geographic expansion.

Based on current trends and customer feedback, Pachyderm believes that it has the right product lineup in place to continue its stair-step growth strategy. This approach is designed to enable continued growth while minimizing inventory risk during the roll-out phase, with a goal to build a larger in-stock inventory as the brand gains traction. Following the success of this return to the trade show circuit, the Pachyderm team is making plans to attend additional events, preferably with a booth presence in the future.

“We are extremely pleased with the reaction to our new branding,” explained Verus CEO Anshu Bhatnagar. “One of the misconceptions about the CBD space is that it is already saturated, but it is no different than any other growing consumer products category. High quality products with attractive presentation stand out and are sought after by wholesalers and retailers. We had strong proof of that from this latest show and are really encouraged by the feedback on our new packaging. We have the capacity in our Texas facility for much larger order flow without near-term investment, so we are looking forward to reaching the kind of scale that will really begin to impact the bottom line. This is a prudent approach to growing our business, scaling up our production, and expansion in tandem. We will fill those empty shelves in Texas in short order and be ready for the next step in what we believe is an open-ended growth plan.”