A fast-growing Richmond vaping company is ramping things up so its customers can chill out.
Avail Vapor, a Chesterfield-based maker and seller of e-liquids, is launching a new business line to grab an early share of the fast-growing cannabidiol market.
Its new line of CBD products will debut under the brand Leafana Wellness, marking Avail's departure from selling third-party CBD products, which started in February. The Leafana CBD products will be available at its 100 retail stores in 12 states, and it will offer the complete product line to U.S. distributors.
CBD is a non-psychoactive compound found in cannabis and hemp plants that is used to relieve pain, anxiety and stress, though studies on its medicinal effect are early. The Avail products will be available in two forms: a liquid for vaping and tinctures – oil concentrates that are taken orally.
“The products have been developed in direct response to needs our customers have shared with us," CEO James Xu said in a statement. "Leafana Wellness products provide the highest-quality natural self-care options for both our vaping and non-vaping customers.”
The vape liquids include Fresh Melon, Smooth Custard, Tropical Breeze and Bramble Berry flavors and come in 500 mg and 1,000 mg strengths, and tinctures include Spearmint, Orange Crème, Lemon Curd and Crisp Apple and are available in 500 mg, 1,000 mg and 1,500 mg strengths.
All CBD used by Avail is sourced from U.S. farms, and it plans to manufacture all the products in house. Leafana products are third-party-tested and non-psychoactive, according to the company, and will be comprised of less than 0.3 percent of THC, as required by the 2018 Farm Bill.
Avail's business includes retail, sciences and manufacturing, and research and development, but this is the first time it's expanding beyond nicotine-based liquids. Coinciding with the expansion, the company raised $5.2 million in an equity raise from six investors, according to SEC filings.
“Expanding into the wellness category with CBD is a logical move," COO Russ Rogers said in a statement. "We are confident that this move will add an entirely new segment of customers to our business who rely on our products to make their lives better.”
The move follows a recent push by Richmond tobacco giant Altria beyond traditional cigarettes, as demand for alternatives climbs and the cannabis industry takes off. It bought a 35 percent stake in e-cig maker Juul in December, closed a deal to acquire 45 percent of marijuana grower Cronos Group in March, and last month snagged a majority stake of a Swiss maker of oral nicotine products, Burger Söhne Holding.
