Nevada-based cannabis consumer packaged goods company, 1933 Industries Inc. TGIF TGIFF announced on Wednesday that Day One Beverages, Inc. has been named the exclusive and "Official CBD Partner of USA Pickleball," America's fastest-growing sport, for a three-year term.
The news comes on the heels of 1933 Industries inking a binding letter of intent to acquire all shares of Day One Beverages Inc, known for its portfolio of CBD-infused sparkling water products, in an all-stock transaction. The closing of the transaction is anticipated on or around January 31st, 2022 and is subject to regulatory approval as well as other customary closing conditions.
Why It Matters
Day One's alignment with USA Pickleball offers the CBD drinks brand the opportunity to reach a large and growing audience of professional and amateur players as the sport continues to gain popularity.
In 2020, Pickleball participation grew 21%, with the rapid growth continuing in 2021.
"This partnership comes at an exciting time as the sport continues to grow at an exponential rate and more than 5 million players seek the best products to aid in their athletic performance to keep them healthy and active on the courts," Stu Upson, USA Pickleball CEO said.
Chris Clifford, founder and CEO of Day One said he is thrilled to partner with USA Pickleball.
"Day One is excited to introduce its efficacious & delicious line of CBD beverages with Pickleball athletes seeking post-match refreshment and recovery products," Clifford commented. "This is only just the beginning of our partnership with the Pickleball community. We are here to serve players around the country and look forward to releasing additional recovery products as our partnership expands."
More recent news from 1933 Industries:
1933 Industries: Consistent Profitability, Cost Reduction, 8% YoY Drop In Q1 Revenue
1933 Hits Sales Milestone In January
TGIFF Price Action
1933 Industries' shares traded 2.04% higher at $0.04 per share at the time of writing on Wednesday.
Photo: Courtesy of Frankie Lopez on Unsplash
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