NxGen Brands, Inc.
Announces Partnership with Digital Supply Chain and
Blockchain Developer to create a Proprietary Cloud based
Framework for Delivery Services
and Licensing to
MJ Dispensaries
Nationwide
The Global Medical
& Recreational Legal Marijuana
Market Size Is Expected to Reach
USD 73.6 Billion By 2027; The
US Will Account for About
73% Of the Global Cannabis Dispensing
Market In 2024
Ft
Lauderdale,
FL -- January 12, 2021 -- InvestorsHub NewsWire
-- NxGen Brands
Inc.
(OTC:NXGB)
("NXGB" or the "Company"), is pleased to
announce that it has partnered with a
digital supply
chain & blockchain developer to allow the Company to enter into
the rapidly growing U.S. cannabis dispensary delivery services
market. The partner, Bengala
Technologies LLC, is a nationally recognized
developer in this field located in West Palm Beach,
Florida.
The partnership
with Bengala Technologies LLC (https://bengalatech.io), will allow the company to
deliver its own proprietary brands of flower and
Leafywell™
products, and will
allow it to create a national network to provide
delivery services for dispensaries across the country. The sale and delivery for recreational
and
medicinal
cannabis
is projected to see
explosive growth through 2027 reaching $73.6B, and this transaction
allows the Company to be at the forefront of the projected
wave.
A cannabis
dispensary delivery provider must adhere to multiple local, state
and national regulations, including licensees, transportation and
delivery
requirements. The blockchain digital supply chain
technology apps to be developed for the
Company will
address these issues
and
allow the Company
to be compliant and adhere to the
regulations across
all national markets.
"Angel
Burgos, the Company CEO said: "Cannabis companies that provide
delivery services – including delivery operators and retailers –
are seeing a deluge of orders as customers stock up on marijuana
products in the wake of current pandemic concerns.
Our hope is that,
after opening projected operations
in
California,
Michigan and we will then do the same in
Florida. Initially for medicinal
delivery services
while awaiting pending recreational
approval. Internal research
has
demonstrated that faster delivery can spur
increased sales and help to increase revenues."
Bengala
Technologies LLC, achieved excellence in the
field of blockchain consulting and development by creating and
deploying custom decentralized blockchain and supply apps including Supply Chain,
Blockchain and Smart Contract Development applications.
Mr.
Arnaldo
Detres, the Managing Director
of Bengala
Technologies
LLC said:
"There are so many variants of regulations in the cannabis delivery
services and blockchain can meet these regulatory and
supply side needs from available inventory and supply to
delivery for
the proposes of local authentication and
validation
rules. Blockchain can enable more transparent and
accurate end-to-end tracking in the supply chain organizations can digitize
physical assets and create a decentralized immutable record of all
transactions, making it possible to track assets from production to
delivery to end user."
According to a
recent report by ArcView Market Research and
BDS Analytics, the global licensed dispensary sales of cannabis
will reach $40.6 billion by 2024, registering a
CAGR of 24.5%. The US will account for
about $30 billion or 73% of the global cannabis
dispensing market in 2024. It is projected that by 2024, the retail dispensing sales
of legal recreational cannabis will cross $26.7 billion, whereas the revenue
generated from the sales of medical cannabis will reach
$13.9 billion. The retail sales of
THC containing products from licensed dispensaries across the US
will feature growth of nearly 300%, i.e., from $8.4 billion in 2018 to more
than $24.7 billion in 2024.
The partnership
will allow NxGen Brands
to produce and
ship via its proprietary
direct
delivery network with the software
and
technical
technologies created by Bengala
Technologies
LLC, both existing
CBD based
SKU's and
cannabis-based
products. This will allow
the Company
to market
throughout the states which have recreational and/or medical and
continue to establish and grow the Leafywell™ branded products. The transaction
also aims at
interacting with other companies and expanding the licensing deal
possible
focusing on
combining its brands with medical licensed producers, to
shape how future cannabis brands operate in the United States.
For more
information, customers can sign up at www.nxgenbrands.com or www.leafywell.com to be among the first notified
when our
offering becomes available.
For more
information on Bengala Technologies LLC
go to:
https://bengalatech.io
About NxGen Brands, Inc.
NxGen Brands,
Inc. is a
diversified portfolio company compromising business
lines directed at
serving consumer products demands in a variety of markets and
across a broad spectrum of industries. NxGen Brands,
Inc. maneuvers its proprietary companies through
critical stages of market development, including conceptualization,
go-to-market strategies, engineering, product integration and
distribution efficiency protocols. NxGen Brands, Inc. is
partnered with a well-known software development and
consulting
company, Bengala
Technologies LLC, which is developing significant enhancements in the
supply chain management space. In collaboration with our
partners, we seek to provide an infrastructure that meet
anticipated marketplace needs on both large and small
scale
volume
levels. One of our principal aims is our pursuit to leverage
equity, acquire, merge and or joint venture with early-stage
companies in emerging industries, to stimulate growth,
cash
flow , and increase
broader distribution channels.
NxGen Brands, Inc
created and owns a subsidiary, NxGen Brands LLC
dba: Leafywell™. Our websites can be
viewed at www.leafywell.com and www.nxgenbrands.com.
NxGen Brands
Inc. newly
added proprietary and licensed formulated products included in the
commercial, industrial, and residential cleaning supplies,
disinfectants, and sanitizers can be seen at http://www.nxgenbrands.com or www.leafywell.com and for
more information or to make bulk purchases, please contact
sales@nxgenbrands.com.
For more
information on "NXGB" the corporation, please visit the corporate
website at https://www.nxgenbrands.com.
To be added to the
Company investor email list, please email
info@nxgenbrands.com with "NXGB" in the subject
line.
FORWARD-LOOKING
STATEMENTS:
This press release
contains forward-looking statements as defined within Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These statements
relate to future events, including our ability to raise capital, or
to our future financial performance, and involve known and unknown
risks, uncertainties and other factors that may cause our actual
results, levels of activity, performance, or achievements to be
materially different from any future results, levels of activity,
performance or achievements expressed or implied by these
forward-looking statements. 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 our control and which could, and likely will, materially
affect actual results, levels of activity, performance or
achievements. Any forward-looking statement reflects our current
views with respect to future events and is subject to these and
other risks, uncertainties and assumptions relating to our
operations, results of operations, growth strategy and liquidity.
We assume 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.
For a discussion of these risks
and uncertainties, please see our filings with the OTC Markets
Group Inc. Our public filings with the OTC Markets Group Inc are
available from commercial document retrieval services and at the
website maintained by the OTC Markets at: https://otcmarkets.com/stock/NXGB/disclosure
Contact:
info@nxgenbrands.com
Phone: (888)
315-6339
SOURCE NxGen Brands
Inc.
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