Sep 15, 2021 (Baystreet.ca via COMTEX) -- The heat-not-burn (HNB) market could be big. In fact, consider this. One, heat-not-burn is the fastest growing category in the adult smoking industry. Two, HNB is a new way of consuming tobacco in which the tobacco isn’t burned, but rather is heated to precise temperatures to generate nicotine-containing aerosols without the smoke. Three, Philip Morris International (NYS:PM) , for example, is leading the HNB market with its IQOS product, which sold about 85 billion HNB sticks in 2020. Four, potentially fueling more upside, Philip Morris believes that HNB products can almost entirely replace traditional cigarettes within 20 years. Poda Lifestyle and Wellness Ltd. (CNQ:CA:PODA) (OTC:PODAF) is also well positioned to gain significant market share in the rapidly expanding global HNB market. Other cigarette companies to keep an eye on include RLX Technology Inc. (NYS:RLX) , Universal Corporation (NYS:UVV) , and Vector Group Ltd. (NYS:VGR) .
Poda Announces Proposed Name Change and Proposed New Structure
Poda Lifestyle and Wellness Ltd. just announced that its Board of Directors has approved a change of the Company’s name from “Poda Lifestyle & Wellness Ltd.” to “Poda Holdings, Inc.” to better reflect the Company’s current and future business interests. The proposed name change remains subject to the approval of the Canadian Securities Exchange.
There is no consolidation of the Company’s share capital in connection with the planned name change. The proposed name change will not affect the Company’s share structure or the rights of the Company’s shareholders. No action is required from shareholders in connection with the proposed name change.
In addition to the intended name change, the Company is also pleased to announce plans for a new corporate structure, whereby the Company will create six strategic subsidiaries, each focused on specific growth areas of the Company. The proposed names for the six subsidiaries are as follows: Poda (Tobacco), Inc., Poda (Alternatives), Inc., Poda (Therapeutics), Inc., Poda (THC), Inc., Poda (CBD), Inc., and Poda (Research and Development), Inc.
Poda’s CEO, Ryan Selby, commented, “This proposed name change is consistent with our business objectives and our long-term strategy. Our valuable intellectual property has applicability across a wide-ranging scope of applications, and I believe the name Poda Holdings, Inc. more accurately serves the over-arching vision the Board has for the Company. In addition to the name shift, creating the six new subsidiaries will provide strategic focus and strong growth opportunities in each of the target opportunities. I look forward to sharing more information about our customized strategies for each subsidiary over the coming weeks.”
Other related developments from around the markets include:
Phillip Morris announced, “ We remain on-track for an excellent performance in 2021, underpinned by better combustible volumes and continued strong demand for IQOS,” said Jacek Olczak, CEO. “We are today reaffirming our full-year EPS forecast and now expect to be toward the upper end of our 12% to 14% organic growth range. While the increased impact of the global semiconductor shortage is currently limiting our ability to realize the full potential of IQOS, the underlying momentum of the brand is clear – as evidenced by the positive early results for IQOS ILUMA in Japan following the launch last month.”
RLX Technology Inc.,a leading branded e-vapor company in China, announced its unaudited financial results for the second quarter ended June 30, 2021. Net revenues were RMB2,541.4 million (US$393.6 million), representing an increase of 6.0% from RMB2,398.5 million in the first quarter of 2021. Gross margin was 45.1%, compared to 46.0% in the first quarter of 2021. U.S. GAAP net income was RMB824.3 million (US$127.7 million), compared with U.S. GAAP net loss of RMB267.0 million in the first quarter of 2021. Non-GAAP net income was RMB651.8 million (US$100.9 million), representing an increase of 6.8% from RMB610.5 million in the first quarter of 2021.
Universal Corporation’s George C. Freeman, III, Chairman, President, and Chief Executive Officer of Universal Corporation (NYS:UVV) , announced that the Company's Board of Directors declared a quarterly dividend of seventy-eight cents ($0.78) per share on the common shares of the Company, payable November 1, 2021, to common shareholders of record at the close of business on October 11, 2021.
Vector Group Ltd. announced that its Board of Directors has declared a regular quarterly cash dividend on its common stock of $0.20 per share. The quarterly cash dividend will be payable on September 29, 2021 to holders of record as of September 15, 2021.
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