Why Kaival Brands Stock Is Soaring

Kaival Brands Innovations Group Inc KAVL shares are trading significantly higher Tuesday after the company reached an agreement with Phillip Morris for international electronic nicotine delivery system product development and distribution.

The agreement allows Phillip Morris to manufacture, promote and sell Bidi Vapor's BIDI Stick internationally. The companies believe this agreement promotes their joint vision of a smoke-free future. Kaival is the U.S. distributor of all products manufactured by Bidi Vapor.

"While Bidi Vapor continues to pursue the U.S. Food and Drug Administration premarket tobacco product authorization, cooperation with a major multi-national company like PMI, a leader in scientifically substantiated smoke-free products, opens doors on a global scale," said Niraj Patel, CEO of Kaival Brands.

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KAVL Price Action: Kaival has traded between $17 and 48 cents over a 52-week period.

The stock was up 36.7% at $2.37 at press time, according to data from Benzinga Pro.